Note 17 - Related Party Transactions

12 Months Ended

Dec. 31, 2018

NOTE

– 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,
	2018			2017

Beginning balance	$	-		$	-
New loans		500,000			-
Repayments		(500,000	)		-

Ending balance	$	-		$	-

Fees and bonuses paid to directors during the period	$	244,125		$	216,000

Deposits from related parties held by the Bank at end of period	$	2,470,696		$	1,755,885

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.