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Subordinated Debt
9 Months Ended
Sep. 30, 2012
Subordinated Debt

NOTE 10 — Subordinated Debt

The Bank entered into a transaction that includes the issuance of a $2.5 million in subordinated debt on June 15, 2012. The debt has a maturity of nine (9) years and is due in full on June 14, 2021. The note carries an 8.00% interest rate with interest being paid quarterly.