Short-Term Borrowings

6 Months Ended

Jun. 30, 2011

Short-Term Borrowings [Abstract]

Short-Term Borrowings

(8) Short-Term Borrowings

The Corporation has a line of credit for advances and discounts with the Federal Reserve Bank of Cleveland. The amount of this line of credit varies on a monthly basis. The line is equal to 50% of the balances of qualified home equity lines of credit that are pledged as collateral. At June 30, 2011, the Bank had pledged approximately $88,289 in qualifying home equity lines of credit, resulting in an available line of credit of approximately $44,145. No amounts were outstanding at June 30, 2011 or December 31, 2010. The Corporation also has a $4,000 line of credit with an unaffiliated financial institution. The balance of this line of credit was $0 as of June 30, 2011 and December 31, 2010.

Short-term borrowings include securities sold under repurchase agreements and Federal funds purchased from correspondent banks. Securities sold under repurchase agreements at June 30, 2011 and December 31, 2010 were $756 and $932, respectively. The interest rate paid on these borrowings was 0.25% at June 30, 2011 and December 31, 2010. No Federal Funds were purchased as of June 30, 2011 and December 31, 2010.