Or more correctly, a leveraged employee stock ownership plan
is about to become the proud possessor of your organization .
The 2001 period included a one-time pre-tax charge of approximately $492,000 due to the acceleration of principal payments associated with the Company's internally leveraged Employee Stock Ownership Plan
133(a) allows a bank to exclude from gross income 50% of the interest received on loans to leveraged employee stock ownership plans
(ESOPs) or their sponsoring corporations, to the extent that the loan proceeds are used to acquire employer securities for the plan.
During 1994, new accounting requirements became effective for leveraged Employee Stock Ownership Plans
(ESOP's) which had acquired shares of the sponsor's common stock after December 31, 1992.