Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events

Note 11. Subsequent Events

In April 2011, the Company's Board of Directors voted to redeem $10.3 million in outstanding subordinated debt securities due 2034. Interest on the subordinated debt securities accrues at a floating rate equal to the three-month LIBOR rate plus a marginal rate, and was equal to 4.4% at June 30, 2011. The securities were redeemed in July 2011, with the redemption funded from available capital.