Branch Purchase

6 Months Ended

Jun. 30, 2012

Branch Purchase [Abstract]

BRANCH PURCHASE

 

NOTE 2: BRANCH PURCHASE

                On April 2, 2012, the Bank entered into a Purchase and Assumption Agreement with Capital Bank, National Association to acquire certain assets and assume certain liabilities of one full-service branch office of Capital Bank located at 3915 Chichester Avenue, Boothwyn, Pennsylvania (the "Branch Acquisition").

                The Bank consummated the Branch Acquisition on June 11, 2012.  The Bank  purchased specified assets of the branch, including personal loans totaling $66,000,  real estate, furniture and equipment totaling $670,000 and  assumed approximately $15.9 million of  deposits.  The Branch Acquisition includes the payment to Capital Bank of $130,000 or a 0.82%  premium on the deposits.