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Securities Sold Under Agreement to Repurchase
12 Months Ended
Dec. 31, 2011
Securities Sold Under Agreement to Repurchase [Abstract]  
Securities Sold Under Agreement to Repurchase
11. Securities Sold Under Agreement to Repurchase

Securities Sold Under Agreement to Repurchase are used as secured borrowing alternatives to FHLB Advances or FRB Borrowings, and totaled $60 million at December 31, 2011 and December 31, 2010.

On March 13, 2008, the Bank entered into a $40 million term repurchase agreement with Citigroup. The repurchase agreement pricing rate is 3.20% with an embedded 3 year cap tied to 3 month Libor with a strike price of 3.3675%. The repurchase agreement matures March 13, 2013 and is secured by investments in Agency pass through securities. 

On May 30, 2008, the Company entered into a $20 million term repurchase agreement with Citigroup.  The repurchase agreement pricing rate is 4.19% with an embedded 3 year cap tied to 3 month Libor with a strike price of 3.17%. The repurchase agreement matures June 5, 2013 and is secured by investments in Agency pass through securities.