Subsequent Events

3 Months Ended

Mar. 31, 2013

Subsequent Events

Subsequent Events

Note 14.  Subsequent Events

Effective April 24, 2013, The FDIC and DFI, terminated their MOU with the Bank, signifying full resolution of all open matters raised as part of their examination in 2010 and recognition of the improved financial health of the Bank.  As such the Bank will no longer be subject to the MOU’s 10% Leverage Ratio requirement, as well as the other provisions of the MOU.  Upon receipt of the notice of termination of the MOU, the Bank filed a request with the DFI for approval to dividend $25 million from the Bank to the Company, to facilitate the repurchase of the 21,000 shares of Series A Preferred Stock and related warrant to purchase 611,650 shares of the Company’s Common Stock.  The Company simultaneously filed a request with the FRB to receive the dividend from the Bank and to use such funds to complete the repurchase.