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CONTINGENT LIABILITIES | 9 Months Ended
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Sep. 30, 2012
CONTINGENT LIABILITIES | NOTE 15 – CONTINGENT LIABILITIES CFBank participates in a multi-employer contributory trusteed pension plan. On August 10, 2011, CFBank was notified by the trustees of the plan that, due to CFBank’s financial performance and the CFBank Order, it was required to make a contribution or provide a letter of credit in the amount of the funding shortfall plus estimated cost of annuitization of benefits in the plan, which was determined to be $579. CFBank obtained a letter of credit from the FHLB for this amount. The cost of obtaining the letter of credit was $1. On July 25, 2012, CFBank was notified by the trustees of the plan that, due to an increase in the funding shortfall and an amendment to the plan’s regulations for the amount of the contribution or letter of credit, it was required to make a contribution or provide a letter of credit in the amount of $908. CFBank obtained a letter of credit from one of its correspondent banks for this amount. The cost of obtaining the letter of credit was $9. A cash deposit of $908 at the correspondent bank is pledged as collateral for this letter of credit at September 30, 2012. CFBank may be required to make additional contributions or provide additional amounts via an expanded letter of credit if the funding shortfall increases in the future. If CFBank’s financial condition should worsen in the future, the trustee may execute the letter of credit, resulting in a charge to CFBank.

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