Benefit Plans

12 Months Ended

Dec. 31, 2011

Benefit Plans [Abstract]

BENEFIT PLANS

NOTE 10 – BENEFIT PLANS

The Corporation has a 401(k) retirement plan that covers substantially all employees. The plan allows employees to contribute up to a predetermined amount, subject to certain limitations. Matching contributions may be made in amounts and at times determined by the Corporation. Total matching discretionary contributions made by the Corporation during 2011, 2010 and 2009 amounted to $54, $57 and $73.

The Corporation has an Employee Stock Purchase Incentive Plan for full-time and most part-time employees. Under the Plan, each employee is entitled to receive a cash payment equal to 20% of the purchase price of Corporation common stock acquired by the employee on the open market, up to a maximum of 100 shares per calendar year. Expenses recognized in 2011, 2010 and 2009 amounted to $1, $2 and $2.

The Corporation has a director retirement and death benefit plan for the benefit of all members of the Board of Directors. The plan is designed to provide an annual retirement benefit to be paid to each director upon retirement from the Board and attaining age 70. The retirement benefit provided to each director is an annual benefit equal to $1 for each year of service on the Board from and after August 24, 1994 until August 2007, when the Board voted to cease further benefits. In addition, each director has the option of deferring any portion of directors’ fees to a maximum of $5 per month until retirement.

Interest credited to participant accounts associated with the deferrals was $8, $8 and $9 in 2011, 2010 and 2009. The deferred directors’ fee liability was $164 at December 31, 2011 and $193 at December 31, 2010. Expense recognized in 2011, 2010 and 2009 for the director retirement and death benefit plan was $172, $79 and $25. The liability related to the plan was $849 at December 31, 2011 and $713 at December 31, 2010.