Annual report pursuant to Section 13 and 15(d)

FEDERAL FUNDS PURCHASED

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FEDERAL FUNDS PURCHASED
12 Months Ended
Dec. 31, 2011
FEDERAL FUNDS PURCHASED

NOTE 8.             FEDERAL FUNDS PURCHASED

 

At December 31, 2011, The Company had $79.3 million in federal funds purchased from its respondent banks that are clients of its correspondent banking unit. The Company was paying an interest rate of 0.25% on these balances at December 31, 2011.

 

At December 31, 2011, the Company had available lines of credit totaling approximately $140 million with various financial institutions for borrowing on a short-term basis, with no amount outstanding. These lines are subject to annual renewals with varying interest rates.