23. Warrants
In connection with their financing of the start-up activities of the Company, the organizing shareholders of the Company received warrants for 162,500 shares of common stock with an exercise price of $10 per share. The warrants are exercisable immediately and have an expiration date of 10 years. No charge was made to income in connection with the warrants. During 2013, 37,500 shares of the organizing shareholders of the Company’s warrants were exercised. As of December 31, 2013, a total of 125,000 organizer warrants remained outstanding. In connection with the acquisition of Dryades Bancorp, Inc. in 2010, the Company issued 87,509 warrants at $19.50 per share, 9,633 shares of these warrants were exercised during 2013, and 77,426 remained outstanding as of December 31, 2013.