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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

Acquisition of Office Premises

On October 2, 2015, the Bank entered into an Agreement and Purchase of Sale (the Agreement) with The Realty Associates Funds IX, L.P. (the Seller), pursuant to which the Bank will purchase from the Seller certain real property located at 3 MacArthur Place, Santa Ana, California (the Property).

Subject to adjustment by all prorations as provided for in the Agreement, the purchase price for the Property will be approximately $77.0 million in cash. The Bank initially deposited $750 thousand into escrow, and deposited an additional $1.0 million into escrow before the end of the Bank’s feasibility study period, which ended on October 12, 2015. The Agreement contains customary representations and warranties, covenants, closing conditions and termination provisions. The Agreement contemplates a closing date of November 12, 2015.