FORECLOSED ASSETS

9 Months Ended

Sep. 30, 2013

Repossessed Assets [Abstract]

Foreclosed Assets [Text Block]

5. FORECLOSED ASSETS

Foreclosed asset activity:

	September 30,		September 30,
	2013		2012
Beginning of year	$	2,806,781	$	3,276,838
Additions		614,485		1,243,347
Reductions from sales		(593,498)		(1,249,206)
Direct write-downs		(141,531)		(277,448)
End of period	$	2,686,237	$	2,993,531
Expenses related to foreclosed assets include:
Operating expenses, net of rental income	$	189,268	$	199,278