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Note Payable | 12 Months Ended
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Jun. 30, 2020
Note Payable |
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. Available credit under the line was reduced by $3.0 million on each anniversary date of the line of credit. At June 30, 2020, the balance of the line was fully repaid and the line was terminated. At June 30, 2019, the balance of the line was $3.0 million, with remaining available credit of $6.0 million. The line of credit bore interest at a floating rate based on LIBOR, which was due and payable monthly, and was secured by the stock of the Bank. The proceeds from this line of credit were used, in part, to fund the cash portion of the Tammcorp merger.

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