Condensed Financial Information of Parent Company Only Disclosure

12 Months Ended

Dec. 31, 2012

Notes

Condensed Financial Information of Parent Company Only Disclosure

12.  CONSOLIDATED FINANCIAL INFORMATION—PARENT COMPANY ONLY

Condensed Balance Sheets

(Dollars in thousands)	2012	2011
Assets:
Cash and cash equivalents	-	$20
Investment in United Bank of Philadelphia	4,240	5,241
Total assets	$4,240	$5,261
Shareholders’ equity:
Series A preferred stock	1	1
Common stock	11	11
Additional paid-in capital	14,750	14,750
Accumulated deficit	(10,556)	(9,540)
Net unrealized holding gains on securities available-for-sale	34	39
Total shareholders’ equity	$4,240	$5,261

Condensed Statements of Operations

Years ended December 31,
(Dollars in thousands)	2012	2011
Other Expenses	$(20)	$(50)
Equity in net loss of subsidiary	(996)	(981)
Net loss	$(1,016)	$(1,031)

Condensed Statements of Cash Flows

Years ended December 31,
(Dollars in thousands)	2012	2011
Cash flows from operating activities:
Net loss	$(1,016)	$(1,031)
Adjustments:
Equity in net loss of subsidiary	996	981
Net cash used in operating activities	(20)	(50)
Cash and cash equivalents at beginning of year	20	70
Cash and cash equivalents at end of year	-	$20