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Notes Payable
12 Months Ended
Dec. 31, 2019
Notes Payable.  
Notes Payable

Note 9: Notes Payable

During 2016, the Company entered into a note payable with an unaffiliated financial institution that is secured by 100% of the stock of the Bank. The proceeds of the note were partially used to payoff existing notes payable. The note requires interest payments monthly and principal payments of $500 quarterly. Interest is accrued at a variable rate equal to 1‑month LIBOR plus 2.40% and matures in February 2021. The interest rate at December 31, 2019 and 2018, was 4.09% and 4.75%, respectively. The note contains several financial and reporting covenants. As of December 31, 2019 and 2018, the Company believes it was in compliance with all covenants. The unpaid principal balance of the note at December 31, 2019 and 2018, was $13,000 and $15,000, respectively.