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Note 12: Structured Repurchase Agreements
6 Months Ended
Jun. 30, 2014
Notes  
Note 12: Structured Repurchase Agreements

NOTE 12: STRUCTURED REPURCHASE AGREEMENTS

 

In September 2008, the Company entered into a structured repurchase borrowing transaction for a total of $50 million.  This borrowing bears interest at a fixed rate of 4.34%, matures September 15, 2015, and had a call provision that allows the repurchase counterparty to call the borrowing quarterly.  The Company pledged investment securities to collateralize this borrowing.

 

In June 2014, the Company elected to repay this structured repurchase borrowing.