BRANCH CLOSURES

3 Months Ended

Mar. 31, 2013

BRANCH CLOSURES.

BRANCH CLOSURES

NOTE 13 — BRANCH CLOSURES

In January 2013, the Board of Directors approved the closure of eight branch offices in the following locations effective in the second quarter of 2013: Redkey, Fortville, Cambridge City, Fountain City, Trafalgar, East Enterprise, and Covington, Indiana and Troy, Ohio.  The Company currently operates three offices in Troy, Ohio, but intends to consolidate those offices into two locations.  In total, the eight branches being closed represent approximately $85,000 in deposits.  Included in the first quarter of 2013 operating results are $150 of severance costs, $550 of impairment costs for the affected properties, and $50 of other costs related to the closing of the branches.