Stockholders' Equity

9 Months Ended

Sep. 30, 2011

Stockholders Equity [Abstract]

Stockholders Equity

6.     Stockholders' Equity

In August 2011, the Company repaid $20.0 million in Series A Preferred Stock issued to the Treasury under the Capital Purchase Plan (“CPP”) with funds from the U.S. Treasury's Small Business Lending Fund (“SBLF”) authorized by Congress under the Small Business Jobs Act of 2010.  Repayment of the 20,000 shares of Series A Preferred Stock under the CPP resulted in accelerated accretion of discount on the preferred stock of approximately $444,000 in the third quarter of 2011.  As a result of the repurchase of the Series A Preferred Stock, all of the TARP limitations affecting the Company were removed.  In connection with the SBLF, the Company issued $32.0 million in Series B Preferred Stock to the Treasury.  The dividend rate on the Series B Preferred Stock will be between 1% and 5% based on the level of qualified small business loans through the end of the ninth dividend period ending September 30, 2013.  Beginning with the tenth dividend period and under certain conditions, the dividend rate could be as high as 9%.