Note 17 - Related Party Transactions

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE

1

7

– RELATED PARTY TRANSACTIONS

The Bank periodically enters into transactions with its executive officers, directors, significant stockholders, and their affiliates (related parties).

There were

no

 loans to such related parties in

2017

or 

2016.

  Fees paid to directors and related party deposits were as follows:

	Years Ended December 31,
	2017		2016
Fees and bonuses paid to directors during the period	$	216,000	$	216,000
Deposits from related parties held by the Bank at end of period	$	1,755,885	$	2,139,216

In management

’s opinion, all transactions with related parties, including loans, 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.