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DEPOSITS

12 Months Ended

Dec. 31, 2012

5. DEPOSITS

The following is a summary of interest-bearing deposits:

	December 31,

	2012		2011
NOW and money market accounts	$	92,671,544	$	94,313,635
Savings accounts		32,770,028		31,483,819
Time deposits of $100,000 or more		121,223,645		120,235,638
Other time deposits		34,585,918		37,416,314

	$	281,251,135	$	283,449,406

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 $14,963,966 and $17,819,248 in CDARS deposits at December 31, 2012 and 2011, respectively.

At December 31, 2012, maturities of time deposits are approximately as follows:


2013	$	123,827,406
2014		5,989,407
2015		3,901,807
2016		3,128,203
2017 and thereafter		18,962,740

	$	155,809,563

- 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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