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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2020
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | NOTE 10 — RELATED PARTY TRANSACTIONS Deposits from principal officers, directors, and their affiliates at year-end 2020 and 2019 were $4.5 million and $566,000, respectively. A promissory note of $780,000 was made to an executive officer of the Bank during 2016. The note has a fixed interest rate of 2.1% per annum (determined by reference to the 5-year LIBOR rate in effect on the note date, plus 100 basis points) and interest is payable on the last day of each calendar quarter. The note has a balloon payment term and the due date is August 15, 2021, with no prepayment penalty. The outstanding balance of the subject loan was $780,000 as of December 31, 2020 and 2019.

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