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Senior Subordinated Notes
12 Months Ended
Dec. 31, 2014
Senior Subordinated Notes [Abstract]  
Senior Subordinated Notes

NOTE 12           Senior Subordinated Notes

 

During 2013, PSB issued $4,000 of 3.75% Senior Subordinated Notes (the “Notes”) that along with $1,000 in cash and a $2,000 bank stock term loan repaid $7,000 of 8% Notes issued during 2009. The $4,000 Notes require only interest payments and mature on July 1, 2018. The Notes are held by related parties including directors and a significant shareholder. Total interest expense on senior subordinated notes was $150 during 2014, $184 during 2013, and $578 during 2012.