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Related Party Transactions
12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 13 – Related Party Transactions

In the ordinary course of business, the Bank has granted loans to senior officers and directors and their affiliated companies amounting to $739 thousand and $1.5 million at December 31, 2015 and 2014, respectively. One new loan was approved during 2015 of which no additional borrowings were utilized. During 2015, subsequent advances totaled $8.7 million and payments of $9.1 million were received. The difference in related borrowings amounted to $440 thousand, net reduction. Deposits of directors, executive officers and companies in which they have a direct or indirect ownership as of December 31, 2015 and 2014, amounted to $26.3 million and $26.1 million, respectively.