SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 25—SUBSEQUENT EVENTS

On January 30, 2013, the Company, the Bank and Premier Service Bank announced that they jointly agreed to terminate that certain Agreement and Plan of Merger dated February 27, 2012, as amended, among the parties. Under the terms of the Merger Agreement the transaction was to be accomplished by December 31, 2012. As the parties were unable to accomplish the transaction by that date, the parties mutually determined that it was in the best interest of both companies to terminate the Merger Agreement. The termination agreement entered into between the parties includes mutual general releases of all claims.

On February 13, 2013, the Company committed to a plan to wind down the operations of the EPS division of the Bank. The Company determined that operating the EPS division was no longer consistent with the Company’s strategic plan. As part of the wind down of the EPS division, the Bank will terminate its membership in card processing networks and will no longer issue payment cards. The Company has targeted December 31, 2013 for substantial completion of its wind down of the EPS division. Therefore, the results of operations of the EPS division will be presented as “discontinued operations” in future filings.