FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Of Interest Rate Lock Commitments Table [Text Block]

	Interest Rate Lock Commitments
	Level 3
	Successor			Predecessor
	Fair Value			Fair Value
Balance, December 31, 2011 and 2010	$	211,622		$	53,185
(Gains) losses included in earnings		(799,263	)		(257,713	)
Transfers in - applications		65,992,688			21,788,651
Transfers out – closed and cancelled		(64,802,301	)		(21,492,407	)
Balance, June 30, 2012 and 2011	$	602,746		$	91,716

Fair Value And Measurement Level Of Assets And Liabilities Table [Text Block]

The following tables summarize information about assets and liabilities measured at fair value at June 30, 2012 and December 31, 2011:

				Fair Value Measurements at
				June 30, 2012, Using
				Quoted Prices		Significant
				in Active		Other			Significant
	Assets/(Liabilities)			Markets for		Observable			Unobservable
	Measured at			Identical Assets		Inputs			Inputs
Description	Fair Value			(Level 1)		(Level 2)			(Level 3)
Securities available for sale:
Residential mortgage-backed securities – GSE	$	40,011,636		$	-	$	40,011,636		$	-
Commercial mortgage-backed securities – private		6,825,181			-		6,825,181			-
Collateralized mortgage obligations – GSE		50,457,746			-		50,457,746			-
Municipals – non-taxable		15,940,346			-		15,940,346			-
Municipals – taxable		1,647,508			-		1,647,508			-
Corporate bonds		35,828,703			-		35,828,703			-
Marketable equity securities		718,475			718,475		-			-
Impaired loans		1,161,518			-		-			1,161,518
Foreclosed assets		4,743,268			-		-			4,743,268
Interest rate lock commitments		602,746			-		-			602,746
Derivative liabilities		(191,866	)		-		(191,866	)		-

				Fair Value Measurements at
				December 31, 2011, Using
				Quoted Prices		Significant
				in Active		Other			Significant
	Assets/(Liabilities)			Markets for		Observable			Unobservable
	Measured at			Identical Assets		Inputs			Inputs
Description	Fair Value			(Level 1)		(Level 2)			(Level 3)
Securities available for sale:
Residential mortgage-backed securities - GSE	$	19,364,344		$	-	$	19,364,344		$	-
Collateralized mortgage obligations		82,094,869			-		82,094,869			-
Municipals – non-taxable		13,513,891			-		13,513,891			-
Corporate bonds		27,966,102					27,966,102
Marketable equity securities		564,642			564,642		-			-
Foreclosed assets		9,422,056			-		-			9,422,056
Interest rate lock commitments		211,622			-		-			211,622
Derivative liabilities		(330,114	)		-		(330,114	)		-

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at
	June 30, 2012		Valuation Technique	Unobservable Input	Range
Recurring measurements:
Interest Rate Lock Commitments	$	602,746	Pricing model	Pull through rates	80-85%
Impaired loans		1,161,518	Discounted appraisals	Collateral discounts	15-50%
Nonrecurring measurements:
Foreclosed assets		4,743,268	Discounted appraisals	Collateral discounts	15-50%

Fair Carrying Value And Measurement Level Of Financial Assets And Liabilities Table [Text Block]

The following tables summarize the carrying amounts and estimated fair values of the Company’s financial instruments, none of which are held for trading purposes, at June 30, 2012 and December 31, 2011:

	June 30, 2012
	Carrying		Estimated
	amount		fair value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	55,613,851	$	55,613,851	$	55,613,851	$	-	$	-
Investment securities		151,429,595		151,429,595		718,475		150,711,120		-
Federal Home Loan Bank stock		2,931,200		2,931,200		-		2,931,200		-
Mortgage loans held for sale		3,226,180		3,226,180		-		3,226,180		-
Loans, net		506,171,299		508,399,299		-		-		508,399,299
Accrued interest receivable		5,290,481		5,290,481		-		5,290,481		-
Financial liabilities:
Deposits		659,508,174		662,064,174		-		662,064,174		-
Long-term debt		12,288,258		12,410,257		-		-		12,410,257
Interest rate swaps		191,866		191,866		-		191,866		-
Accrued interest payable		871,398		871,398		-		871,398		-

	December 31, 2011
	Carrying		Estimated
	amount		fair value
Financial assets:
Cash and cash equivalents	$	25,361,937	$	25,361,937
Investment securities		143,503,848		143,503,848
Federal Home Loan Bank stock		8,669,300		8,669,300
Mortgage loans held for sale		3,841,412		3,841,412
Loans, net		552,650,060		552,650,060
Accrued interest receivable		2,801,634		2,801,634
Financial liabilities:
Deposits		674,418,586		674,418,586
Long-term debt		12,215,901		12,215,901
Interest rate swaps		330,114		330,114
Accrued interest payable		779,784		779,784