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Note 4 - Borrowings
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Text Block]  
Debt Disclosure [Text Block]

NOTE 4 – BORROWINGS


On May 17, 2013 we instituted a two year $10 million revolving line of credit agreement at a variable rate of prime rate plus 0.125% on the outstanding balance of the line. We borrowed $8 million on the line in June to facilitate the redemption of our preferred stock. At June 30, $8 million was outstanding on the line of credit. The line of credit is subject to standard industry covenants and required pledging of the stock in our two banking affiliates as collateral for the loan and requires quarterly interest payments.