Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On November 1, 2013, the Corporation privately placed $65 million of 6.75 percent fixed-to-floating rate subordinated notes due in 2028 and $5 million of 5 percent fixed-to-floating rate senior unsecured notes due in 2028 through U.S. Bancorp Investments, Inc. The funds were used to refinance the Corporation's $55.0 million credit facility with Bank of America, N.A., which consisted of a $50.0 million subordinated debenture and a $5.0 million term loan, both of which were scheduled to mature in February 2015.

The Corporation intends to apply the remaining funds from the placement to the redemption of the remaining 34,043 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series B (the "Series B Preferred Stock") held by the U.S. Department of the Treasury (the "Treasury") at an aggregate redemption price of $34,043,000, plus accrued but unpaid dividends. The Series B Preferred Stock was issued to the Treasury in September of 2011 as part of the Corporation's participation in the Small Business Lending Fund Program.