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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
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