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Other Borrowings
12 Months Ended
Dec. 31, 2012
Other Borrowings and Subordinated Debentures and Trust Preferred Securities [Abstract]  
OTHER BORROWINGS

NOTE H – OTHER BORROWINGS

Other borrowings at December 31, 2012 and 2011 included $1,039,000 and $6,117,000, respectively, of advances from the Federal Home Loan Bank (FHLB) of Indianapolis. Advances outstanding at December 31, 2012 require payments through December 31, 2013 with fixed interest rates ranging from 4.29% to 4.57%, with a weighted average rate of 4.30%. Principal is due at maturity for the advances.

All of the advances are secured by blanket collateral agreements with the FHLB, which gives the FHLB an unperfected security interest in certain one-to-four family mortgage, home equity, and commercial real estate loans. Eligible FHLB loan collateral at December 31, 2012 and 2011 was approximately $66,870,000 and $75,048,000, respectively.

On December 29, 2009, the Company entered into a Business Loan agreement with Great Lakes Bankers Bank (GLBB), consisting of a $3,000,000 term loan, subject to sub-participation of at least $2,100,000 with banks mutually acceptable to both parties, maturing in five years with a variable rate equal to the New York Prime, as published in the Wall Street Journal, with a floor of four and one-half (4.5%) percent and monthly principal and interest payments amortized over five years. Outstanding borrowings under the loan amounted to $1,439,000 at December 31, 2011. In December 2012, the loan was fully paid off without penalty.

Other borrowings at December 31, 2011 also included a loan from a local community bank with a balance of $195,000. In December 2012, the loan was fully paid off without penalty.