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Other Benefit Plans
 12 Months Ended
Dec. 31, 2011
Other Benefit Plans

Note 12. Other Benefit Plans

 

The Bank has life insurance contracts on several officers and is the sole owner and beneficiary of the policies. Cash value totaled $8,433,155, $7,954,062, and $7,702,656 at December 31, 2011, 2010, and 2009, respectively. Income on their insurance investment totaled $239,524, $251,406, and $268,083 for 2011, 2010, and 2009, respectively.

 

The Bank has an unfunded grantor trust, as part of a change in control severance plan, covering substantially all employees. Participants in the plan are entitled to cash severance benefits upon termination of employment, for any reason other than just cause, should a “change in control” of the Company occur.