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Note 10 - Subsequent Events
3 Months Ended
Mar. 31, 2013
Subsequent Events [Text Block]
Note 10: Subsequent Events

On April 29, 2013, the Treasury completed a private auction of its entire $12.0 million interest in the Company’s Series A Preferred Stock to entities unrelated to the Company.  All material terms of the Certificate of Designations for the Series A Preferred Stock continue with the new entities.  In accordance with the terms of its Securities Purchase Agreement, the Company has notified Treasury of its intent to repurchase the outstanding Warrant at its estimated fair market value which will be negotiated between the Company and the Treasury.

On May 10, 2013, in a series of transactions, the Company sold approximately $1.7 million of Missouri income tax credits at a gain of approximately $1.4 million and subsequently used the proceeds, along with available cash, to prepay one repurchase agreement totaling $15 million, incurring a prepayment penalty of approximately $1.5 million.  The transactions allow the Company to significantly reduce higher cost, non-core funding liabilities and to reduce the Company’s interest rate risk position.  After the transaction, the Company had $10 million in repurchase agreements remaining bearing a fixed rate of 2.61%.