XML 45 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - Sale of Credit Card Loan Receivables and Credit Card Issuing Business for QCBT
3 Months Ended
Mar. 31, 2013
Sale Of Credit Card Loan Receivables And Issuing Business [Text Block]
NOTE 7 – SALE OF CREDIT CARD LOAN RECEIVABLES AND CREDIT CARD ISSUING OPERATIONS AT QCBT

On January 31, 2013, QCBT entered into an agreement to sell its credit card loan receivables totaling $10,179,318. This transaction closed on February 15, 2013 and resulted in a pre-tax gain of $495,405.  As part of the agreement, QCBT also agreed to sell its credit card issuing operations to the purchaser.  The gain recognized on this transaction was $355,268.  QCBT incurred pre-tax expenses related to these transactions of $257,476 for the three months ended March 31, 2013, resulting in a net pre-tax gain on the transactions of $593,197.