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Note 9: Note Payable | 12 Months Ended
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Jun. 30, 2019
Notes |
Note 9: Note Payable | NOTE 9: Note Payable In June 2017, the Company entered into a revolving, reducing line of credit with a five-year term, initially providing available credit of $15.0 million. The line of credit bears interest at a floating rate based on LIBOR, which is due and payable monthly, and is secured by the stock of the Bank. Available credit under the line is reduced by $3.0 million on each anniversary date of the line of credit. The balance outstanding under the line was $3.0 million at June 30, 2019 and 2018, and the total available credit under the line was $9.0 million and $12.0 million, respectively, with remaining available capacity of $6.0 million and $9.0 million, respectively, at June 30, 2019 and 2018. The proceeds from this line of credit were used, in part, to fund the cash portion of the Tammcorp merger.

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