Stockholders Equity

6 Months Ended

Jun. 30, 2013

Issuance of Common and Preferred Stock [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Conversion ofPreferred Stock

On February 7, 2013,all 1,804,566 shares of the Company's Mandatorily Convertible Non-Voting Preferred Stock, Series B were converted into 1,804,566 shares of the Company's non-voting common stock.

Series A Preferred Stock Issued under TARP

On December 5, 2008, as part of the U.S. Department of the Treasury's (“Treasury”) Troubled Asset Relief Program Capital Purchase Program, the Company issued and sold 31,260 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), and a warrant to purchase up to 543,337 shares of the Company's common stock at an exercise price of $8.63 per share to the Treasury.  On August 29, 2012, the Treasury completed the auction and sale of its investment in the Company's Series A Preferred Stock to private investors.  The Company received no proceeds from the auction. On September 19, 2012, the Company repurchased the warrant from the Treasury for approximately $940,000. The warrant has been cancelled.

On April 29, 2013, the Company redeemed all 31,260 shares of the Company's Series A Preferred Stock that were issued under the Treasury's Troubled Asset Relief Program Capital Purchase Program. The redemption was made using cash on hand and the proceeds of a $30.0 million term loan that was obtained in April 2013. See further discussion of the terms of the loan agreement at Note 9.