FEDERAL HOME LOAN BANK BORROWINGS

9 Months Ended

Sep. 30, 2013

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank, Advances [Text Block]

9. FEDERAL HOME LOAN BANK BORROWINGS

The Bank is a member of the Federal Home Loan Bank (“FHLB”) of Indianapolis. Based on its current FHLB stock holdings and collateral, the Bank has the capacity to borrow $2,839,659. Each borrowing requires a direct pledge of securities and or loans. To support potential borrowings with the FHLB, the Bank had residential loans with a fair market value of $3,549,574 pledged at September 30, 2013. The Bank had no outstanding borrowings with the FHLB at either September 30, 2013 or December 31, 2012.