Subsequent Event

12 Months Ended

Dec. 31, 2011

Subsequent Event (Abstract)

Subsequent Event

NOTE 21 – SUBSEQUENT EVENT

Subsequent to December 31, 2011, the Company participated in a federally assisted acquisition. The acquisition is described as follows:

Central Bank of Georgia, Ellaville, Georgia

On February 24, 2012, the Bank purchased substantially all of the assets and assumed substantially all the liabilities of Central Bank of Georgia ("CBG") from the FDIC, as Receiver of CBG. CBG operated five branches in Ellaville, Buena Vista, Cusseta, Butler and Macon, Georgia. The Company's agreement with the FDIC included a loss-sharing agreement which affords the Bank significant protection from losses associated with loans and OREO. Under the terms of the loss-sharing agreement, the FDIC will absorb 80% of losses and share 80% of loss recoveries during the term of the agreement. The term for loss sharing on residential real estate loans is ten years, while the term for loss sharing on all other loans is five years.

The Company's bid to acquire CBG included a discount on the book value of the assets totaling $33.9 million. The Bank's bid resulted in a cash payment from the FDIC totaling $31.9 million. The Company's gain on the acquisition is estimated to be less than $11.4 million, after tax. The Company is not able to make the remaining disclosures required by purchase accounting standards as management has not yet completed the initial accounting for this business combination.