Other Benefit Plans |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Investments, All Other Investments [Abstract] | |
| Other Benefit Plans | Note 11. 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 $9,357,712, $9,138,658, and $8,914,817 at December 31, 2015, 2014, and 2013, respectively. Income on their insurance investment totaled $219,054,$223,841, and $234,297 for 2015, 2014, and 2013, 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. |