Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events

Subsequent Events

12) Subsequent Events

Subordinated Debt

        In July 2012, the Company provided notice to the holders that it intends to redeem the Company's 10.875% fixed-rate subordinated debentures in the amount of $7,000,000 issued to Heritage Capital Trust I, the related common securities of $217,000 and premium charge of $304,500, and the Company's 10.60% fixed-rate subordinated debentures in the amount of $7,000,000 issued to Heritage Statutory Trust I, and the related common securities of $206,000 and premium charge of $296,800 (collectively referred to as the "Fixed-Rate Sub Debt"). The redemption of the 10.60% fixed-rate subordinated debentures is expected to be completed on September 7, 2012, and the 10.875% fixed-rate subordinated debentures on September 8, 2012. Additionally, the Company will pay its regularly scheduled interest payments on the Fixed-Rate Sub Debt totaling approximately $752,000 on the respective redemption dates. The Company will use available cash and proceeds from a $15,000,000 distribution from HBC to HCC for the redemptions.