Acquisitions

6 Months Ended

Jun. 30, 2011

Acquisitions [Abstract]

Acquisitions

Note I  Acquisitions

On March 10, 2011, the Company completed its acquisition of David Holmes Agency, Inc., an insurance agency operating in Utica, New York.  The Bank paid $361,718 in cash and established a note payable for $361,718 to be paid over 24 months with interest at 3.00% per annum for fixed assets and other intangible assets.  Goodwill in the amount of $586,000 and intangible assets in the amount of $137,000 was recorded in conjunction with the transaction.  David Holmes Agency, Inc. has been subsequently merged into Bailey and Haskell Associates, Inc.