BUSINESS COMBINATIONS

9 Months Ended

Sep. 30, 2012

BUSINESS COMBINATIONS [Abstract]

BUSINESS COMBINATIONS

NOTE 17 – BUSINESS COMBINATIONS

On July 2, 2012, the Company purchased certain assets of The Securance Group, an independent insurance agency with locations in Brewton, Montgomery and Troy, Alabama. Consideration paid to complete this transaction consisted of cash paid to The Securance Group shareholders in the aggregate amount of approximately $6,750,000. The provisions of the agreement also provide for additional aggregate consideration of up to $2,000,000 in cash to be paid in three annual installments if certain performance criteria are met. This acquisition was not material to the financial position or results of operations of the Company.