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T Bancshares, Inc.
|
10-K
Mar 29, 3:52 PM ET
T Bancshares, Inc. 10-K
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Contents
5
NOTE 13. RELATED PARTIES
The Company purchased corporate insurance through an insurance agency in which one of its principals is also a director and organizer of the Company. Premiums paid totaled $126,000 and $135,000 for the years ended December 31, 2016 and 2015, respectively. In management’s opinion, such transactions were made in the ordinary course of business and were made on substantially the same terms as those prevailing at the time for comparable transactions with other persons.
The Company purchased employee benefit insurance through an insurance agency in which one of its principals is also a director and organizer of the Company. During the years ended December 31, 2016 and 2015 those premiums totaled $573,000 and $456,000 respectively. In management’s opinion, such transactions were made in the ordinary course of business and were made on substantially the same terms as those prevailing at the time for comparable transactions with other persons.
At December 31, 2016 and 2015, certain officers, directors and their affiliated companies had depository accounts with the Bank totaling approximately $11.9 million and $6.9 million, respectively. None of those deposit accounts have terms more favorable than those available to any other depositor.
The Company had no loans to officers, directors and their affiliated companies during 2016 and 2015.