SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

On November 10, 2015, the Company issued a Notice of Redemption with respect to its 8.15% junior subordinated debentures due June 30, 2033 relating to the outstanding 8.15% Cumulative Trust Preferred Securities (the “Trust Securities”) issued by First Preferred Capital Trust IV (the “Trust”), and which are guaranteed on a subordinated basis by the Company. An aggregate principal amount of junior subordinated debentures of $47.4 million is expected to be redeemed on December 31, 2015, plus accrued and unpaid interest to the redemption date. As a result of the notice from the Company, the Trust has issued a Notice of Redemption with respect to the Trust Securities, which are expected to be redeemed on December 31, 2015 to the extent of applicable proceeds from the contemporaneous redemption of the junior subordinated debentures, including accrued and unpaid distributions to the redemption date. In connection with the redemption, the Company expects that the Trust Securities will be delisted from the New York Stock Exchange pursuant to a Form 25 and to effect deregistration of its reporting obligations with the U.S. Securities and Exchange Commission pursuant to a Form 15.