STOCKHOLDERS EQUITY

9 Months Ended

Sep. 30, 2011

STOCKHOLDERS EQUITY [Abstract]

STOCKHOLDERS EQUITY

NOTE 8 - STOCKHOLDERS' EQUITY

On September 30, 2011, the Bancorp sold 419,000 shares of common stock and 565,848 shares of Class B Non-Voting Common Stock at $13.20 per share with total proceeds of $13 million.  During the first quarter 2011, the Bank sold shares of its common stock and Class B Non-Voting Common Stock to certain Lead Investors.  Giving effect to the reorganization, the Bancorp (as successor to the Bank) issued, in connection with this transaction, 1,031,667 shares of common stock and 342,167 shares of Class B Non-Voting Common Stock at $12.00 per share and 864,524 shares of common stock and 167,143 shares of Class B Non-Voting Common Stock to the Bancorp's Lead Investors at $10.50 per share.  The proceeds, net of offering costs were $15,527.