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BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 401k Plan overview

Plan NameBANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
Plan identification number 001

BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

BANK OF GRANITE has sponsored the creation of one or more 401k plans.

Company Name:BANK OF GRANITE
Employer identification number (EIN):560132080
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about BANK OF GRANITE

Jurisdiction of Incorporation: North Carolina Secretary of State
Incorporation Date:
Company Identification Number: 0188907

More information about BANK OF GRANITE

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012012-01-01DEBORAH B. AUMAN
0012011-01-01DEBORAH B. AUMAN
0012009-01-012010-07-14
0012009-01-01KAREN B. WARLICK KAREN B. WARLICK2010-07-14

Plan Statistics for BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST

401k plan membership statisitcs for BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST

Measure Date Value
2012: BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2012 401k membership
Total participants, beginning-of-year2012-01-01234
Total number of active participants reported on line 7a of the Form 55002012-01-010
Number of retired or separated participants receiving benefits2012-01-010
Number of other retired or separated participants entitled to future benefits2012-01-010
Total of all active and inactive participants2012-01-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2012-01-010
Total participants2012-01-010
Number of participants with account balances2012-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2012-01-010
2011: BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2011 401k membership
Total participants, beginning-of-year2011-01-01285
Total number of active participants reported on line 7a of the Form 55002011-01-01174
Number of retired or separated participants receiving benefits2011-01-015
Number of other retired or separated participants entitled to future benefits2011-01-0155
Total of all active and inactive participants2011-01-01234
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2011-01-010
Total participants2011-01-01234
Number of participants with account balances2011-01-01225
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2011-01-017
2009: BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2009 401k membership
Total participants, beginning-of-year2009-01-01359
Total number of active participants reported on line 7a of the Form 55002009-01-01210
Number of retired or separated participants receiving benefits2009-01-015
Number of other retired or separated participants entitled to future benefits2009-01-0196
Total of all active and inactive participants2009-01-01311
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-01311
Number of participants with account balances2009-01-01310
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-0119

Financial Data on BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST

Measure Date Value
2012 : BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2012 401k financial data
Total unrealized appreciation/depreciation of assets2012-07-10$0
Total transfer of assets from this plan2012-07-10$9,557,973
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2012-07-10$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2012-07-10$0
Total income from all sources (including contributions)2012-07-10$547,288
Total loss/gain on sale of assets2012-07-10$-569
Total of all expenses incurred2012-07-10$2,575,667
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2012-07-10$2,527,513
Total contributions o plan (from employers,participants, others, non cash contrinutions)2012-07-10$128,059
Value of total assets at end of year2012-07-10$0
Value of total assets at beginning of year2012-07-10$11,586,352
Total of administrative expenses incurred including professional, contract, advisory and management fees2012-07-10$48,154
Total interest from all sources2012-07-10$6,181
Total dividends received (eg from common stock, registered investment company shares)2012-07-10$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2012-07-10Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2012-07-10$0
Was this plan covered by a fidelity bond2012-07-10Yes
Value of fidelity bond cover2012-07-10$8,000,000
If this is an individual account plan, was there a blackout period2012-07-10No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2012-07-10$0
Were there any nonexempt tranactions with any party-in-interest2012-07-10No
Contributions received from participants2012-07-10$94,566
Participant contributions at end of year2012-07-10$0
Participant contributions at beginning of year2012-07-10$332,433
Administrative expenses (other) incurred2012-07-10$2,481
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2012-07-10No
Value of net income/loss2012-07-10$-2,028,379
Value of net assets at end of year (total assets less liabilities)2012-07-10$0
Value of net assets at beginning of year (total assets less liabilities)2012-07-10$11,586,352
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2012-07-10No
Were any loans by the plan or fixed income obligations due to the plan in default2012-07-10No
Were any leases to which the plan was party in default or uncollectible2012-07-10No
Investment advisory and management fees2012-07-10$7,010
Interest on participant loans2012-07-10$5,993
Value of interest in common/collective trusts at end of year2012-07-10$0
Value of interest in common/collective trusts at beginning of year2012-07-10$11,112,325
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2012-07-10$0
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2012-07-10$111,525
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2012-07-10$111,525
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2012-07-10$188
Net investment gain or loss from common/collective trusts2012-07-10$413,617
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2012-07-10No
Was there a failure to transmit to the plan any participant contributions2012-07-10No
Has the plan failed to provide any benefit when due under the plan2012-07-10No
Assets. Invements in employer securities at end of year2012-07-10$0
Assets. Invements in employer securities at beginning of year2012-07-10$30,069
Contributions received in cash from employer2012-07-10$33,493
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2012-07-10$2,527,513
Contract administrator fees2012-07-10$38,663
Did the plan have assets held for investment2012-07-10No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2012-07-10No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2012-07-10No
Aggregate proceeds on sale of assets2012-07-10$29,499
Aggregate carrying amount (costs) on sale of assets2012-07-10$30,068
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2012-07-10No
Opinion of an independent qualified public accountant for this plan2012-07-10Unqualified
Accountancy firm name2012-07-10DIXON HUGHES GOODMAN LLP
Accountancy firm EIN2012-07-10560747981
2011 : BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2011 401k financial data
Unrealized appreciation/depreciation of real estate assets2011-12-31$-6,746
Total unrealized appreciation/depreciation of assets2011-12-31$-6,746
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$0
Total income from all sources (including contributions)2011-12-31$447,730
Total loss/gain on sale of assets2011-12-31$4,224
Total of all expenses incurred2011-12-31$2,517,164
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2011-12-31$2,417,986
Total contributions o plan (from employers,participants, others, non cash contrinutions)2011-12-31$187,342
Value of total assets at end of year2011-12-31$11,586,352
Value of total assets at beginning of year2011-12-31$13,655,786
Total of administrative expenses incurred including professional, contract, advisory and management fees2011-12-31$99,178
Total interest from all sources2011-12-31$16,544
Total dividends received (eg from common stock, registered investment company shares)2011-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2011-12-31No
Was this plan covered by a fidelity bond2011-12-31Yes
Value of fidelity bond cover2011-12-31$8,000,000
If this is an individual account plan, was there a blackout period2011-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2011-12-31$0
Were there any nonexempt tranactions with any party-in-interest2011-12-31No
Contributions received from participants2011-12-31$187,342
Participant contributions at end of year2011-12-31$332,433
Participant contributions at beginning of year2011-12-31$375,691
Administrative expenses (other) incurred2011-12-31$4,373
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Value of net income/loss2011-12-31$-2,069,434
Value of net assets at end of year (total assets less liabilities)2011-12-31$11,586,352
Value of net assets at beginning of year (total assets less liabilities)2011-12-31$13,655,786
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2011-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2011-12-31No
Were any leases to which the plan was party in default or uncollectible2011-12-31No
Investment advisory and management fees2011-12-31$14,569
Income. Interest from loans (other than to participants)2011-12-31$16,321
Value of interest in common/collective trusts at end of year2011-12-31$11,112,325
Value of interest in common/collective trusts at beginning of year2011-12-31$13,123,238
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2011-12-31$111,525
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2011-12-31$111,760
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2011-12-31$111,760
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2011-12-31$223
Net investment gain or loss from common/collective trusts2011-12-31$246,366
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2011-12-31No
Was there a failure to transmit to the plan any participant contributions2011-12-31No
Has the plan failed to provide any benefit when due under the plan2011-12-31No
Assets. Invements in employer securities at end of year2011-12-31$30,069
Assets. Invements in employer securities at beginning of year2011-12-31$45,097
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2011-12-31$2,417,986
Contract administrator fees2011-12-31$80,236
Did the plan have assets held for investment2011-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2011-12-31No
Aggregate proceeds on sale of assets2011-12-31$12,271
Aggregate carrying amount (costs) on sale of assets2011-12-31$8,047
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2011-12-31No
Opinion of an independent qualified public accountant for this plan2011-12-31Unqualified
Accountancy firm name2011-12-31DIXON HUGHES GOODMAN LLP
Accountancy firm EIN2011-12-31560747981
2010 : BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2010 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2010-12-31$-3,798
Total unrealized appreciation/depreciation of assets2010-12-31$-3,798
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total income from all sources (including contributions)2010-12-31$1,375,854
Total loss/gain on sale of assets2010-12-31$20,080
Total of all expenses incurred2010-12-31$2,638,198
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2010-12-31$2,522,871
Total contributions o plan (from employers,participants, others, non cash contrinutions)2010-12-31$225,728
Value of total assets at end of year2010-12-31$13,655,786
Value of total assets at beginning of year2010-12-31$14,918,130
Total of administrative expenses incurred including professional, contract, advisory and management fees2010-12-31$115,327
Total interest from all sources2010-12-31$15,784
Total dividends received (eg from common stock, registered investment company shares)2010-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2010-12-31No
Was this plan covered by a fidelity bond2010-12-31Yes
Value of fidelity bond cover2010-12-31$8,000,000
If this is an individual account plan, was there a blackout period2010-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
Were there any nonexempt tranactions with any party-in-interest2010-12-31No
Contributions received from participants2010-12-31$225,728
Participant contributions at end of year2010-12-31$375,691
Participant contributions at beginning of year2010-12-31$335,424
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2010-12-31$9,522
Administrative expenses (other) incurred2010-12-31$4,338
Total non interest bearing cash at beginning of year2010-12-31$21
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Value of net income/loss2010-12-31$-1,262,344
Value of net assets at end of year (total assets less liabilities)2010-12-31$13,655,786
Value of net assets at beginning of year (total assets less liabilities)2010-12-31$14,918,130
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2010-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2010-12-31No
Were any leases to which the plan was party in default or uncollectible2010-12-31No
Investment advisory and management fees2010-12-31$14,784
Income. Interest from loans (other than to participants)2010-12-31$15,421
Value of interest in common/collective trusts at end of year2010-12-31$13,123,238
Value of interest in common/collective trusts at beginning of year2010-12-31$14,432,650
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2010-12-31$111,760
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2010-12-31$86,006
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2010-12-31$86,006
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2010-12-31$363
Net investment gain or loss from common/collective trusts2010-12-31$1,118,060
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2010-12-31No
Was there a failure to transmit to the plan any participant contributions2010-12-31No
Has the plan failed to provide any benefit when due under the plan2010-12-31No
Assets. Invements in employer securities at end of year2010-12-31$45,097
Assets. Invements in employer securities at beginning of year2010-12-31$54,507
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2010-12-31$2,522,871
Contract administrator fees2010-12-31$96,205
Did the plan have assets held for investment2010-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2010-12-31No
Aggregate proceeds on sale of assets2010-12-31$37,581
Aggregate carrying amount (costs) on sale of assets2010-12-31$17,501
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2010-12-31No
Opinion of an independent qualified public accountant for this plan2010-12-31Unqualified
Accountancy firm name2010-12-31DIXON HUGHES GOODMAN LLP
Accountancy firm EIN2010-12-31560747981
2009 : BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST

2012: BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2012 form 5500 responses
2012-01-01Type of plan entitySingle employer plan
2012-01-01Submission has been amendedNo
2012-01-01This submission is the final filingNo
2012-01-01This return/report is a short plan year return/report (less than 12 months)Yes
2012-01-01Plan is a collectively bargained planNo
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement - TrustYes
2011: BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2011 form 5500 responses
2011-01-01Type of plan entitySingle employer plan
2011-01-01Submission has been amendedNo
2011-01-01This submission is the final filingNo
2011-01-01This return/report is a short plan year return/report (less than 12 months)No
2011-01-01Plan is a collectively bargained planNo
2011-01-01Plan funding arrangement – TrustYes
2011-01-01Plan benefit arrangement - TrustYes
2009: BANK OF GRANITE EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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