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Other Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Other Benefit Plans |
Other Benefit Plans | Note 11. Other Benefit Plans The Company is the owner and beneficiary of BOLI policies on certain current and former employees. Cash value totaled $8.0 million and $7.9 million at December 31, 2019 and 2018, respectively. Income on their insurance investment totaled $0.2 for years ended 2019 and 2018. During 2018, the Bank recognized gains on the redemption of life insurance contracts in the amount of $0.3 million. 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.

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- Definition The entire disclosure for corporate (COLI) or bank (BOLI) owned life insurance including the amount of cash surrender value that could be received as of the date of the statement of financial position, any restrictions on the company's ability to obtain the value of the life insurance policy on surrender, or any other additional information desired to be disclosed. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 + Details
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