Asset Purchase

6 Months Ended

Jun. 30, 2011

Asset Purchase [Abstract]

ASSET PURCHASE

NOTE 3 ASSET PURCHASE

On July 9, 2010, the Bank completed its purchase of a branch office in Hicksville, Ohio from First Place Bank. Deposits of close to $28 million and loans of $14 million were included in the purchase. The new office is located within the Bank’s current market area, shortening the distance between offices in the Ohio and Indiana market area. The following table summarizes the estimated values of the assets acquired and the liabilities assumed:

	(In Thousands)
Cash	$	114
Loans, Net of Discount		13,792
Accrued Interest on Loans		64
Premises and Equipment		1,803
Core Deposit Intangible		1,087
Other Assets		11
Total Assets Acquired	$	16,871
Deposits	$	27,749
Accrued Interest on Deposits		13
Other Liabilities		10
Total Liabilities Assumed		27,772
Net Liabilities Assumed	$	10,901

In connection with the purchase, the Bank recognized an addition to core deposit intangible by $1.1 million, which is being amortized on a straight line basis over the estimated remaining economic life of the deposits of 7 years. Amortization of these core deposit intangibles is scheduled to be as follows:

	(In Thousands)
2011	$	234
2012		312
2013		312
2014		312
2015		155
Thereafter		235
Total Core Deposit Intangible	$	1,560