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Business Combinations Business Combinations
 6 Months Ended
Jun. 30, 2014
Business Combinations [Abstract]  
Business Combination Disclosure
Business Combinations

On May 22, 2014, the Corporation entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Aslin Group, Inc., a Delaware corporation (“Aslin Group”), and AGI Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of the Corporation (the “Merger Sub”).

The Merger Agreement contemplates that the Merger Sub will be merged with and into Aslin Group (the “Merger”), with Aslin Group continuing as the surviving corporation of the Merger, and each outstanding share of common stock of Aslin Group (other than shares held in the treasury of Aslin Group, owned by the Corporation or any subsidiary of the Corporation, or subject to validly exercised appraisal rights) will cease to be outstanding and will be converted into the right to receive a combination of shares of common stock of the Corporation and cash, as described in more detail below. Immediately following the Merger, Aslin Group will be merged with and into the Corporation in a second merger, with the Corporation continuing as the surviving corporation. As a result of the mergers, Aslin Group's wholly-owned subsidiary, Alterra Bank, will become a wholly-owned subsidiary of the Corporation. The separate corporate existence of Aslin Group will cease as of the effective time of the second merger.

Under the terms of the Merger Agreement, stockholders of Aslin Group will receive, in the aggregate, approximately $16.6 million of the Corporation’s common stock plus approximately $13.5 million in cash. The number of shares of the Corporation’s common stock to be issued to Aslin Group stockholders will be determined based on the volume-weighted average closing price of the Corporation’s common stock on The NASDAQ Global Select Market according to the Bloomberg VWAP Price and Volume Dashboard during the 10 consecutive trading days ending on and including the third trading day immediately prior to the date the Merger closes; provided however that such price will be limited to a maximum of approximately $51 per share and a minimum of $34 per share. The mergers are subject to regulatory approvals, approval by Aslin Group stockholders and certain other customary closing conditions and are expected to close in late 2014. The Corporation anticipates that the acquisition of Aslin Group will not be considered a significant business combination, as defined in accordance with Regulation S-X, and, accordingly, pro-forma financial information is not required.