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 $8,914,817, $8,680,519, and $8,433,155 at December 31, 2013, 2012, and 2011, respectively. Income on their insurance investment totaled $234,297, $247,364, and $239,524 for 2013, 2012, and 2011, 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.
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