Note T - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

Note T – Subsequent Events

On

March 10, 2020,

the Bank announced it has entered into a settlement agreement relating to the previously disclosed litigation the Bank had filed against a

third

-party tax software product provider. The Bank filed the litigation as a result of the

third

party’s early termination of its tax processing contract with the Bank at the end of

2018.

Under the settlement agreement, the

third

-party has agreed to make a

$2,000

payment to the Bank during the

first

quarter

2020.

In addition, the Bank has entered into a new agreement with the

third

-party to process future electronic refund checks and deposits presented for payment on behalf of taxpayers through accounts containing taxpayer refunds. The new agreement provides that the Bank will process refunds for

five

tax seasons, beginning with the

2021

tax season and going through the

2025

tax season. The settlement agreement is subject to the court’s entering a dismissal of the litigation.