FORECLOSED ASSETS

9 Months Ended

Sep. 30, 2012

Repossessed Assets [Abstract]

Foreclosed Assets [Text Block]

5.  FORECLOSED ASSETS

Foreclosed asset activity for the nine months ended was as follows:

	September 30,		September 30,
	2012		2011
Beginning of year	$	3,276,838	$	3,382,594
Additions		1,243,347		876,597
Reductions from sales		(1,249,206)		(515,305)
Direct write-downs		(277,448)		(1,038,725)
End of period	$	2,993,531	$	2,705,161
Expenses related to foreclosed assets include:
Operating expenses, net of rental income	$	199,278	$	102,292