MERGERS AND ACQUISITIONS (Table)

6 Months Ended

Jun. 30, 2012

Piedmont Investment Disclosure [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table summarizes the Piedmont Investment and the Successor Company’s opening balance sheet:

	Preliminary		Measurement			Adjusted
	Balances at		Period			Balances at
	Nov. 18, 2011		Adjustments			Nov. 18, 2011
Fair value of assets acquired:
Cash and cash equivalents	$	226,126,051	$	-		$	226,126,051
Investment securities available for sale		89,342,932		-			89,342,932
Mortgage loans held for sale		4,587,862		-			4,587,862
Loans		561,911,272		(1,484,986	)		560,426,286
Federal Home Loan Bank stock		8,669,300		-			8,669,300
Premises and equipment		10,325,392		-			10,325,392
Deferred tax asset, net		30,267,925		1,326,731			31,594,656
Bank owned life insurance		19,169,460		-			19,169,460
Foreclosed assets		10,584,003		(405,131	)		10,178,872
Goodwill		20,015,193		2,115,379			22,130,572
Other intangibles		2,260,262		-			2,260,262
Other assets		10,092,656		-			10,092,656
Total assets acquired		993,352,308		1,551,993			994,904,301
Fair value of liabilities assumed:
Deposits		678,289,539		-			678,289,539
Borrowings		164,801,131		-			164,801,131
Other liabilities		7,110,828		1,551,993			8,662,821
Total liabilities assumed		850,201,498		1,551,993			851,753,491
Net assets	$	143,150,810	$	-		$	143,150,810
Non-controlling interests at fair value:
Preferred stock		24,408,999		-			24,408,999
Common stock warrants		1,325,372		-			1,325,372
Common stock		42,416,439		-			42,416,439
Total non-controlling interests		68,150,810		-			68,150,810
Purchase price	$	75,000,000	$	-		$	75,000,000