NOTES TO FINANCIAL STATEMENTS 16.  PREFERRED STOCK (Continued) 17.  SUBSEQUENT EVENTS Management has reviewed all events occurring from December 31, 2011 through March 19, 2012,  the date the financial statements were available to be issued, and no subsequent events occurred  requiring accrual or disclosure. The Series A Preferred Stock qualified as Tier 1 capital and paid non-cumulative dividends quarterly  at a rate of 5% per annum until redemption. The Series B Preferred Stock qualified as Tier 1 capital  and paid non-cumulative dividends quarterly at a rate of 9% per annum until redemption.  Costs incurred by the Bank for the issuance of the Series A and Series B Preferred Stock totaled  $54,230, and upon redemption are shown as an increase to accumulated deficit within shareholder’s  equity for the year ended December 31, 2011. 48 California Bank of Commerce Capital Purchase Program (“CPP”) (continued)