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TARP Repurchase | 9 Months Ended
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Sep. 30, 2012
TARP Repurchase [Abstract] |
TARP Repurchase |
(8) | TARP Repurchase
On July 3, 2012, the Company purchased 12,530 shares of the Company's 25,054 outstanding shares of preferred stock from the UST, which was issued to UST in connection with the Company's participation in the CPP under the TARP in 2008. The shares were purchased for $933.36 per share, for a total purchase price of $11,778,575.90, including $83,575.10 accrued and unpaid dividends on the preferred stock. The Company retired the 12,530 shares purchased. The $834,999.20 difference between the $12,530,000 face value of the preferred stock retired and the $11,695,000.80 purchase price of the preferred stock retired was credited to retained earnings. On August 8, 2012, the Company completed its repurchase of the warrant (the "Warrant") to purchase 357,234 shares of the Company's common stock that was issued to the UST on December 23, 2008 as part of the CPP under TARP. The Company repurchased the Warrant for a total price of $425,000.

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- Definition The entire disclosure for TARP Repurchase. + References No definition available. + Details
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