Note 18 - Related Party Transactions

12 Months Ended

Dec. 31, 2019

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,
	2019		2018
Beginning balance	$	-	$	-
New loans		-		500,000
Repayments		-		(500,000	)

Ending balance	$	-	$	-

Fees and bonuses paid to directors during the period	$	218,475	$	244,125

Deposits from related parties held by the Bank at end of period	$	2,392,225	$	2,470,696

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.