12. Consolidated Financial Information-parent Company Only

12 Months Ended

Dec. 31, 2013

Notes

12. Consolidated Financial Information-parent Company Only

12.  CONSOLIDATED FINANCIAL INFORMATION—PARENT COMPANY ONLY

	Condensed Balance Sheets
(Dollars in thousands)	2013	2012
Assets:
Cash and cash equivalents	$-	$-
Investment in United Bank of Philadelphia	3,210	4,240
Total assets	$3,210	$4,240
Shareholders’ equity:
Series A preferred stock	1	1
Common stock	11	11
Additional paid-in capital	14,750	14,750
Accumulated deficit	(11,225)	(10,556)
Net unrealized holding gains on securities available-for-sale	(327)	34
Total shareholders’ equity	$3,210	$4,240

Condensed Statements of Operations

Years ended December 31,
(Dollars in thousands)	2013	2012
Other Expenses	$-	$(20)
Equity in net loss of subsidiary	(669)	(996)
Net loss	$(669)	$(1,016)

Condensed Statements of Cash Flows
Years ended December 31,
(Dollars in thousands)	2013	2012
Cash flows from operating activities:
Net loss	$(669)	$(1,016)
Adjustments:
Equity in net loss of subsidiary	669	996
Net cash used in operating activities	-	(20)
Cash and cash equivalents at beginning of year	-	20
Cash and cash equivalents at end of year	$-	$-