FEDERAL HOME LOAN BANK BORROWINGS

3 Months Ended

Mar. 31, 2014

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 $2,936,501. 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 carrying value of $4,776,972 pledged at March 31, 2014 and $3,709,600 pledged at year-end 2013. The Bank had no outstanding borrowings with the FHLB at either March 31, 2014 or December 31, 2013.