SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 22 - SUBSEQUENT EVENTS

Due to our significant growth and evolution as a bank since 2009, including raising more than $100 million in equity, increasing assets to over $2 billion and significantly increasing our equity base, in February 2012 the Compensation Committee recommended and the board of directors approved a restricted stock reward program that provided for the grant of restricted stock units to certain directors and senior executives of the Bancorp and the Bank.  Pursuant to the program, restricted stock units for 185,185 shares of our common stock and 211,640 shares of our Class B Non-Voting common stock were granted on February 16, 2012 pursuant to the 2004 Plan.  Of this amount, our executive officers received restricted stock units for 126,984 shares of common stock and 211,640 shares of Class B Non-Voting common stock in the aggregate and our non-employee directors received 15,876 shares of common stock in the aggregate.  One requirement for vesting is that the recipient of the restricted stock units remains an employee or director through December 31, 2016, subject to earlier vesting upon a change in control resulting in any one shareholder owning more than 24.9% of the outstanding stock of the Bancorp.  The second vesting requirement for each award (both must be met to vest) is that our common stock trades at a price greater than $18.90 per share (adjusted for any stock splits or stock dividends) for at least 5 consecutive trading days during the five year period ending DEcember 31, 2016.  If the restricted stock units vest, the recipient will receive shares of our common stock on December 31, 2016.  The fair value of this award at the date of grant is $5 million and will be expensed over the requisite service period of 5 years.