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Business Combinations | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Business Combinations | Business Combinations: On August 30, 2019, the Company and Maple Leaf Financial, Inc. (“Maple Leaf”), the parent company of Geauga Savings Bank, with branches located in Cuyahoga and Geauga Counties in Ohio, entered into an Agreement and Plan of Merger pursuant to which Maple Leaf will merge with and into the Bank. This transaction is subject to receipt of Maple Leaf shareholder approval and the customary regulatory approvals and is expected to close during the first quarter of 2020. Pursuant to the terms of the Merger Agreement, each outstanding share of common stock, without par value, of Maple Leaf will be converted to the right to receive $640.00 in cash or 45.5948 common shares, without par value, of the Company, at the election of the Maple Leaf shareholders and subject to proration provisions in the Merger Agreement that provide for a targeted aggregate split of total consideration consisting of 50% cash and 50% Company Common Shares. Holders of outstanding and unexercised warrants to purchase Maple Leaf Common Shares will be entitled to receive an amount in cash equal to the excess of $640.00 over $370.00, the exercise price of such warrants. As of June 30, 2019, Maple Leaf had total assets of $277.8 million, which included gross loans of $186.4 million, deposits of $191.0 million and equity of $32.9 million.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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