Letters of Credit

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Letters of Credit

NOTE M   LETTERS OF CREDIT

Standby Letters of Credit obligate the Bank to meet certain financial obligations of its clients, if, under the contractual terms of the agreement, the clients are unable to do so. These instruments are primarily issued to support public and private financial commitments, including commercial paper, bond financing, initial margin requirements on futures exchanges and similar transactions. Outstanding letters of credit were $90,120 as of December 31, 2011 and 2010. Of the $90,120 in letters of credit at December 31, 2011 and 2010, $57,700 was secured by real property, $7,420 was secured by cash and $25,000 was unsecured. All of the letters of credit are scheduled to mature in 2012.