RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 18 – 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:

	Year Ended
	December 31,
	2015			2014
Beginning balance	$	1,745,920		$	1,846,432
New loans		223,920			-
Repayments		(1,969,840	)		(100,512	)
Credit line, net activity		-			-
Ending balance	$	-		$	1,745,920
Fees and bonuses paid to directors during the period	$	207,000		$	159,000
Deposits from related parties held by the Bank at end of period	$	2,480,334		$	1,545,341

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.