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JUNIOR SUBORDINATED DEBT SECURITIES
12 Months Ended
Dec. 31, 2016
JUNIOR SUBORDINATED DEBT SECURITIES [Abstract]  
JUNIOR SUBORDINATED DEBT SECURITIES

(11) JUNIOR SUBORDINATED DEBT SECURITIES 

Pursuant to the merger with Business Holding Corporation on December 31, 2004, the Company assumed the liability for $6.2 million in Junior Subordinated Debt Securities issued to Business Holding Company Trust I, a statutory trust.  Business Holding Company Trust I used the proceeds from the issuance of 6,000 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities.  The Junior Subordinated Debt Securities and the trust preferred securities pay a per annum rate of interest, reset quarterly, equal to the three-month London Interbank Offered Rate (“LIBOR”) plus 2.85%. The Company redeemed the $6.2 million in Junior Subordinated Debt Securities and the $6.0 million of related trust preferred securities issued to Business Holding Company Trust I at par on January 9, 2017.

 Pursuant to the merger with American State Bank Corporation on December 1, 2005, the Company assumed the liability for $6.7 million in Junior Subordinated Debt Securities issued to American State Capital Trust I, a statutory trust.  American State Capital Trust I used the proceeds from the issuance of 6,500 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities.  The Junior Subordinated Debt Securities and the trust preferred securities pay a per annum rate of interest, reset quarterly, equal to the three-month LIBOR plus 2.80%.  The Company redeemed the $6.7 million in Junior Subordinated Debt securities and the $6.5 million of related trust preferred securities issued to American State Capital Trust I at par on January 9, 2017.

Pursuant to the merger with City Bancorp on March 1, 2007, the Company assumed the liability for $8.2 million in Junior Subordinated Debt Securities issued to Signature Bancshares Preferred Trust I, a statutory trust.  Signature Bancshares Preferred Trust I used the proceeds from the issuance of 8,000 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities.  The Company redeemed the $8.2 million in Junior Subordinated Debt Securities and $8.0 million of the related trust preferred securities at par on January 8, 2014.

Pursuant to the merger with City Bancorp on March 1, 2007, the Company also assumed the liability for $10.3 million in Junior Subordinated Debt Securities issued to City Bancorp Preferred Trust I, a statutory trust.  City Bancorp Preferred Trust I used the proceeds from the issuance of 10,000 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities.  The Company redeemed the $10.3 million in Junior Subordinated Debt Securities and the $10.0 million of related trust preferred securities at par on December 14, 2016.