SUBSEQUENT EVENT

6 Months Ended

Jun. 30, 2013

SUBSEQUENT EVENT

SUBSEQUENT EVENT

NOTE 14 — SUBSEQUENT EVENT

On July 10, 2013, the Company notified the remaining holders of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A issued under the United States Treasury’s Capital Purchase Program (“CPP Preferred Stock”) that it intended to redeem all 15,100 outstanding shares.  The effective date for the redemption will be August 12, 2013. The shares are being redeemed from third-parties that purchased the CPP Preferred Stock from the United States Department of the Treasury in a modified Dutch auction last year.  The purchase price for shares of the Company’s CPP Preferred Stock in the redemption will be the stated liquidation value of $1,000.00 per share, plus any accrued or unpaid dividends that have been earned thereon up to, but not including, the date of redemption. The Company anticipates the total cost of redeeming the remaining shares of CPP Preferred Stock will be approximately $15.3 million. The Company has received all necessary regulatory approvals to complete the planned redemption. Following the redemption, no shares of the Company’s CPP Preferred Stock will remain outstanding.