Subsequent Events |
9 Months Ended |
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Sep. 30, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
Management has evaluated subsequent events through the date of issuance of the financial data included herein. Except for disclosure included in the following paragraph, there have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q for the period ended September 30, 2016, or would be required to be recognized in the Consolidated Financial Statements (Unaudited) as of September 30, 2016.
On October 27, 2016, the Bank acquired certain leases of Irvine, California-based Banc of California ("Banc"). As part of the transaction, the Bank acquired $209 million of equipment leases diversified across the U.S. with concentrations in California, Georgia and Texas. An additional $25 million of equipment leases are expected be transferred prior to year-end 2016. The Bank will retain most of Banc's former Commercial Specialty Finance employees and the unit will operate from its headquarters located in Irvine, California, as the Company’s Commercial Equipment Leasing Division.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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