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Repurchase Agreement
9 Months Ended
Mar. 31, 2012
Repurchase Agreement [Abstract]  
Repurchase Agreement

NOTE 9 — REPURCHASE AGREEMENT

In March 2006, the Company entered into a $50 million repurchase agreement with another institution (Citigroup) collateralized by mortgage-backed securities and securities. The repurchase was for a five-year term and matured in March 2011. Interest was adjustable quarterly during the first year based on the three-month LIBOR rate minus 100 basis points. After year one, the rate adjusted to 4.99% and the repurchase agreement became callable quarterly at the option of the issuer.

On March 21, 2011, the repurchase agreement matured and the Company repurchased the securities for $50 million utilizing cash on deposit at the Federal Reserve Bank of Cleveland.