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Subsequent Event - Acquisition of Lake National Bank | 6 Months Ended
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Jun. 30, 2016
Subsequent Events [Abstract] |
Subsequent Event - Acquisition of Lake National Bank |
2. | SUBSEQUENT EVENT – ACQUISITION OF LAKE NATIONAL BANK
On December 30, 2015, the Corporation announced the signing of a definitive merger agreement to acquire Lake National Bank (“LNB”) of Mentor, Ohio for $22.50 per share in cash. The transaction closed on July 15, 2016 and resulted in consideration paid to LNB shareholders of $24.75 million. Following completion of the merger, the two branches of LNB in Mentor, Ohio are operating as part of the ERIEBANK division of CNB Bank. As disclosed in the accompanying consolidated statements of income, the Corporation incurred merger costs of $173 thousand and $215 thousand for the three and six months ended June 30, 2016. All merger costs have been expensed as incurred. As of the date the Corporation’s second quarter 2016 consolidated financial statements are issued, all of the information required to be disclosed by Accounting Standards Codification No. 805 was not available since, given the short period between the July 15, 2016 acquisition date and the financial statement issuance, the calculation of the fair value of all material LNB assets acquired and liabilities assumed had not yet been completed.

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- Definition The entire disclosure for pro forma information for significant acquisitions or disposals that occurred or are probable to occur after the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314020-165662 + Details
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