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DEPOSITS

12 Months Ended

Dec. 31, 2011

5. DEPOSITS

The following is a summary of interest-bearing deposits:

	December 31,

	2011		2010
NOW and money market accounts	$	94,339,313	$	96,412,271
Savings accounts		31,458,141		31,840,525
Time deposits of $100,000 or more		120,235,638		108,609,961
Other time deposits		37,416,314		42,198,144

	$	283,449,406	$	279,060,901

The Company participates in the Certificate of Deposit Account Registry Services ("CDARS"), a program that allows its customers the ability to benefit from the FDIC insurance coverage on their time deposits over the $250,000 limit. The Company had $17,819,248 and $14,813,000 in CDARS deposits at December 31, 2011 and 2010, respectively.

At December 31, 2011, maturities of time deposits are approximately as follows:


2012	$	138,602,851
2013		11,665,988
2014		2,802,294
2015		3,052,066
2016 and thereafter		1,528,753

	$	157,651,952

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

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