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Junior Subordinated Debentures and Senior Debt | 12 Months Ended
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Dec. 31, 2014
Junior Subordinated Debentures and Senior Debt |
Junior Subordinated Debentures and Senior Debt | Note 11—Junior Subordinated Debentures and Senior Debt On March 17, 2004, the Company issued $6.0 million of Debentures in a private placement to a trust that was capitalized to purchase subordinated debt and preferred stock of multiple community banks. Interest on the Debentures is payable quarterly at a rate per annum equal to the 3-Month LIBOR plus 2.54%. The interest rate is determined as of each March 17, June 17, September 17, and December 17, and was 2.78% at December 31, 2014. The Company stopped paying interest on the Debentures in September 2010 and was not able to pay the principal or accrued interest on the Debentures at their March 17, 2014 maturity date. Under the Cease and Desist Order applicable to the Company, the Company is not permitted to make payments on its debt without prior notice to and receipt of written notice of non-objection from the FRB. In addition, under the terms of the Debentures, the Company is not allowed to make payments on the Debentures if the Company is in default on any of its senior indebtedness, which term includes the senior debt described below. As described in Note 2, the Company completed the modification of the Debentures and related transactions on October 16, 2014, on which date the Company concurrently consummated private placements of 8,829,549 shares of common stock, including 6,973,320 shares of non-voting common stock, for gross proceeds of $9.7 million, made payments of $900 thousand of principal and approximately $805 thousand of accrued interest on Debentures, executed a Supplemental Indenture for the Debentures that extended the maturity of the Debentures to March 17, 2024, and modified the payment terms of the remaining $5.1 million principal amount thereof and repaid the outstanding defaulted senior debt of $2.4 million, together with all accrued interest thereon. The modified terms of the Debentures require quarterly payments of interest only for the next five years at the original rate of 3-Month LIBOR plus 2.54%. Starting in June 2019, the Company will be required to make quarterly payments of equal amounts of principal, plus interest, until the Debentures are fully amortized on March 17, 2024. The Debentures may be called for redemption at any time by the Company. As described in Note 2, on August 22, 2013, the Company completed the Recapitalization, pursuant to which the Company exchanged shares of common stock in settlement of $2.6 million of the principal amount of its $5.0 million senior debt, and modified the terms for the remaining $2.4 million principal amount of the senior debt to include, among others items, an extension of the maturity of the senior debt to February 22, 2019, and elimination of the default rate. In addition, the interest rate on the remaining loan was increased to the Wall Street Journal Prime Rate plus 2%, with a floor (minimum) rate of 6%, from the original loan interest rate of the Wall Street Journal Prime Rate plus 1%, with a floor rate of 6%. The repayment schedule specified six quarterly payments of interest only beginning three months following the closing of the Recapitalization, followed by 48 monthly payments of principal and interest on the loan beginning 19 months after the closing of the Recapitalization; provided, that each payment on the loan must receive prior approval from the FRB. The Company obtained approval from the FRB and paid the interest payments due in November 2013, February 2014, May 2014 and August 2014. In October 2014, the Company repaid the full amount of the outstanding senior debt and related accrued interest using proceeds from the private placement described above.

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- Definition The entire disclosure for subordinated and other borrowings, including both short-term and long-term debt arrangements but excluding Federal Home Loan Bank Advances. + References No definition available. + Details
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- Details
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