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MANDATORILY REDEEMABLE PREFERRED SECURITIES | 9 Months Ended
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Sep. 30, 2015
MANDATORILY REDEEMABLE PREFERRED SECURITIES [Abstract] |
MANDATORILY REDEEMABLE PREFERRED SECURITIES |
NOTE G: | MANDATORILY REDEEMABLE PREFERRED SECURITIES
The Company sponsors two business trusts, Community Statutory Trust III and Community Capital Trust IV, of which 100% of the common stock is owned by the Company. The trusts were formed for the purpose of issuing company-obligated mandatorily redeemable preferred securities to third-party investors and investing the proceeds from the sale of such preferred securities solely in junior subordinated debt securities of the Company. The debentures held by each trust are the sole assets of that trust. Distributions on the preferred securities issued by each trust are payable quarterly at a rate per annum equal to the interest rate being earned by the trust on the debentures held by that trust and are recorded as interest expense in the consolidated financial statements. The preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into agreements which, taken collectively, fully and unconditionally guarantee the preferred securities subject to the terms of each of the guarantees. The terms of the preferred securities of each trust are as follows:
Trust | Issuance Date | Par Amount | Interest Rate | Date | Call Price
III | 7/31/2001 | $24.5 million | 3 month LIBOR plus 3.58% (3.88%) | 7/31/2031 | Par
IV | 12/8/2006 | $75 million | 3 month LIBOR plus 1.65% (1.99%) | 12/15/2036 | Par

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- Definition The entire disclosure for mandatorily redeemable preferred securities due to sponsorship of business trusts. + References No definition available. + Details
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