XML 40 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
NOTE 17 – RELATED PARTY TRANSACTIONS
 
The Bank has entered into transactions with its executive officers, directors, significant stockholders, and their affiliates (related parties).
  
The activity of loans to such related parties is as follows:
 
 
 
Years Ended December 31,
 
 
 
2016
 
2015
 
 
 
 
 
 
 
Beginning balance
 
$
-
 
$
1,745,920
 
New loans
 
 
-
 
 
223,920
 
Repayments
 
 
-
 
 
(1,969,840)
 
 
 
 
 
 
 
 
 
Ending balance
 
$
-
 
$
-
 
 
 
 
 
 
 
 
 
Fees and bonuses paid to directors during the period
 
$
216,000
 
$
207,000
 
 
 
 
 
 
 
 
 
Deposits from related parties held by the Bank at end of period
 
$
2,139,216
 
$
2,480,334
 
 
In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features.