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Capital Notes
12 Months Ended
Dec. 31, 2017
Capital Notes [Abstract]  
Capitol Notes

Note 10 – Capital notes

On January 25, 2017, Financial closed a private placement of unregistered debt securities (the “2017 Offering”) pursuant to which Financial issued $5,000,000 in principal of notes (the “2017 Notes”).  The 2017 Notes bear interest at the rate of 4% per year with interest payable quarterly in arrears.  The 2017 Notes are to mature on





Note 10 – Capital notes (continued)

January 24, 2022, but are subject to prepayment in whole or in part on or after January 24, 2018 at Financial’s sole discretion on 30 days written notice to the holders.  A portion of the proceeds from the sale of the 2017 Notes will be used to provide additional capital to the Bank.