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Related Party Transactions
12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

11. RELATED PARTY TRANSACTIONS

 

The ESOP held 300,809 shares of the Corporation’s stock as of December 31, 2015, of which 24,597 shares have been pledged. In the normal course of business, the Bank has made loans at prevailing interest rates and terms to directors and executive officers of the Corporation and its subsidiaries, and to their affiliates. The aggregate indebtedness to the Bank of these related parties approximated $1,209,000 and $1,411,000 at December 31, 2015 and 2014, respectively. During 2015, approximately $1,952,000 of such loans were made, and repayments totaled approximately $1,866,000. None of these above mentioned loans were restructured, nor were any related party loans charged off during 2015 or 2014. Also, during 2015 and 2014, directors and executive officers had approximately $2,586,000 and $3,394,000, respectively, in deposits with the Bank.