BRANCH CLOSURES

3 Months Ended

Mar. 31, 2012

BRANCH CLOSURES

BRANCH CLOSURES

NOTE 12 — BRANCH CLOSURES

In March 2012, the Board of Directors approved the closure of six branch offices in the following locations effective in the third quarter of 2012: Potomac, Illinois, and Frankton, Charlestown, Liberty, Jeffersonville and Anderson, Indiana.  The Company currently operates two offices in Anderson, Indiana but intends to consolidate those offices into a single location.  In total, the six branches being closed represent approximately $54 million in deposits.  Included in the first quarter of 2012 operating results are $200 thousand of severance costs, $400 thousand of impairment costs for the affected properties, and $100 thousand of other costs related to the closing of the branches.