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Business Combination and Branch Sale
12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Business Combination and Branch Sale
Business Combination and Branch Sale

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, or approximately $24.75 million in the aggregate. LNB served the northeastern Ohio market with two branches located in Mentor, Ohio. On July 15, 2016, the transaction closed and the Corporation began including LNB’s results of operations in its consolidated results. The two LNB offices now operate as part of the ERIEBANK division of the Bank.

As disclosed in the accompanying consolidated statement of income, the Corporation incurred merger costs of $486 for the twelve months ended December 31, 2016. All merger costs have been expensed as incurred.

On May 19, 2017, the Bank completed its previously announced sale of its Mt. Hope, Ohio branch to First Federal Community Bank. The Bank transferred loans totaling $7,800, fixed assets totaling $100, and deposits totaling $7,400 in conjunction with the sale of the branch and realized a gain of $536 based on the 8% deposit premium paid by First Federal Community Bank.