Junior Subordinated Debentures

3 Months Ended

Mar. 31, 2012

Junior Subordinated Debentures

Junior Subordinated Debentures

Note 12.  Junior Subordinated Debentures

In the second quarter of 2010, the Company elected to defer interest payments on $8.2 million junior subordinated debentures to comply with the terms of the Written Agreement entered into between the Company and the Federal Reserve Bank of San Francisco.  As a result, the Company has accrued for but has not paid approximately $0.3 million in interest payments on these debentures, as of March 31, 2012, associated with payments due on these debentures since June 2010. For more information concerning the Written Agreement, please refer to Note 11. Regulatory Order and Written Agreement of these condensed consolidated financial statements.  For such time as the Company continues to the deferral of interest, it will be prevented from, among other things, paying dividends on its preferred and common stock.