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Note 23 - Preferred Stock
12 Months Ended
Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]  
Preferred Stock [Text Block]

23. Preferred Stock


On January 9, 2009, as part of the U.S. Department of Treasury’s (“Treasury”) Capital Purchase Program (“CPP”), the Company issued 30,000 shares of Series A, no par value cumulative perpetual preferred stock to the Treasury for $30.0 million. The Company also issued a warrant to the Treasury as part of the CPP. In June 2012, the Treasury conducted an auction in which it sold all of its investment in the Company’s Series A preferred stock to private investors. The Company received no proceeds as part of the transaction. In July 2012, the Company repurchased the warrant it issued to the Treasury. Upon settlement of the warrant repurchase, the Treasury had no remaining equity stake in the Company.


The Company redeemed 20,000 shares of its outstanding preferred stock during 2014 at its stated liquidation value of $1 thousand per share, plus accrued dividends. The shares were approved and redeemed in two separate partial redemptions of 10,000 shares each, one of which occurred in second quarter and the other in the fourth quarter.


On June 8, 2015, the Company redeemed the final 10,000 shares of its Series A preferred stock. The shares were redeemed at the stated liquidation value of $1 thousand per share, plus accrued dividends. The redemption was the third and final partial redemption of the original shares issued. No additional debt or equity was issued in connection with any of the shares redeemed.