Consolidated Financial Information-Parent Company Only

12 Months Ended

Dec. 31, 2011

Consolidated Financial Information-Parent Company Only:

Consolidated Financial Information-Parent Company Only

11.  CONSOLIDATED FINANCIAL INFORMATION—PARENT COMPANY ONLY

	Condensed Balance Sheets
		December 31,
(Dollars in thousands)		2011			2010
Assets:
Cash and cash equivalents		$	20		$	70
Investment in United Bank of Philadelphia			5,241			6,227
Total assets		$	5,261		$	6,297
Shareholders’ equity:
Series A preferred stock			1			1
Common stock			11			11
Additional paid-in capital			14,750			14,750
Accumulated deficit			(9,540	)		(8,509	)
Net unrealized holding gains on securities available-for-sale			39			44
Total shareholders’ equity		$	5,261		$	6,297
Total liabilities and shareholders’ equity		$	5,261		$	6,297

	Condensed Statements of Operations
Years ended December 31,
(Dollars in thousands)		2011			2010
Other Expenses		$	(50	)	$	(47	)
Equity in net loss of subsidiary		$	(981	)	$	(1,181	)
Net loss		$	(1,031	)	$	(1,228	)
Condensed Statements of Cash Flows
Years ended December 31,
(Dollars in thousands)			2011			2010
Cash flows from operating activities:
Net loss		$	(1,031	)	$	(1,228	)
Adjustments:
Equity in net loss of subsidiary			981			1,181
Net cash used in operating activities			(50	)		(47	)
Cash and cash equivalents at beginning of year			70			117
Cash and cash equivalents at end of year		$	20		$	70