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Capital Purchase Program
3 Months Ended
Jun. 30, 2011
Capital Purchase Program [Abstract]  
Capital Purchase Program
Note 15 – Capital Purchase Program
Pursuant to the Capital Purchase Program (“CPP”), Treasury, on behalf of the U.S. government, purchased the Corporation’s preferred stock, along with warrants to purchase the Corporation’s common stock. The preferred stock has a dividend rate of 5% per year, until the fifth anniversary of Treasury’s investment and a dividend of 9% thereafter. During the time Treasury holds securities issued pursuant to this program, the Corporation is required to comply with certain provisions regarding executive compensation and corporate governance. Participation in the CPP also imposes certain restrictions upon the Corporation’s dividends to common shareholders and stock repurchase activities. The Corporation elected to participate in the CPP and received $110 million. The Corporation has deferred nine dividend payments on the Series B Preferred Stock held by the U.S. Treasury. The Treasury has indicated to the Corporation that it intends to exercise its right to appoint two directors to the Board of Directors of the Corporation. At June 30, 2011 and March 31, 2011, the cumulative amount of dividends in arrears not declared was $14.0 million and $12.5 million, respectively.