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Note 13 - Preferred Stock and Warrants | 12 Months Ended
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Dec. 31, 2015
Disclosure Text Block Supplement [Abstract] |
Preferred Stock [Text Block] | Note 13 – Preferred Stock and Warrants On July 14, 2011, the Company entered into and consummated a Securities Purchase Agreement (the “Purchase Agreement”) with the Secretary of the Treasury of the United States (the “Secretary”) under the Small Business Lending Fund program. Pursuant to the Purchase Agreement, the Company issued 56,600 shares of the Series B Preferred Stock for a total purchase price of $56,600,000. The Series B Preferred Stock was entitled to receive non-cumulative dividends beginning October 1, 2011 of one percent (1%). Pursuant to the Merger Agreement, each of the 15,300 shares of Virginia Heritage Series A Preferred Stock was exchanged for one share of the Company’s Senior Series C Preferred Stock, which ranks equally with and has substantially identical terms and conditions as the Company’s Series B Preferred Stock. On November 2, 2015, the Company redeemed all of the 56,600 shares of the Series B Preferred Stock, and all of the 15,300 shares of the Company’s Series C Preferred Stock. The aggregate redemption price of the Series B Preferred Stock and Series C Preferred Stock was approximately $71.96 million, including dividends accrued but unpaid through, but not including the redemption date. On November 18, 2011 under provisions of the TARP Capital Purchase Program the Company issued to the U.S. Department of the Treasury warrants for 423,977 shares (as adjusted reflect the 10% stock dividend paid on June 14, 2013) of Company common stock at $6.76 per share (as adjusted for the 10% stock dividend paid on June 14, 2013). The warrants have an expiration date of December 8, 2018. Upon exercise, which is at the option of the holder, the Company will issue a number of shares of Company common stock in exchange for the warrants equal to the number of shares subject to the warrant less the number of shares determined by multiplying the number of shares subject to the warrant by the strike price and dividing the result by the current share price.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References No definition available. + Details
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