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Acquisition
3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Acquisition
Note 15. Acquisition

On April 17, 2015, the Bank completed its acquisition of six branch banking operations located in Virginia from Bank of America, National Association. The Bank paid total consideration of $6.7 million, which included the purchase of premises and equipment for $2.2 million and an estimated deposit premium of $4.4 million for the assumption of $188 million of deposit liabilities. The estimated fair value of the acquired premises and equipment was $4.6 million and the deposit premium may be adjusted based on the final closing statement. No loans were acquired in the transaction. The transaction will be accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged will be recorded at estimated fair values on the acquisition date. The Bank engaged third party specialists to assist in valuing certain assets, including the real estate, core deposit intangible, and potential goodwill that may result from the acquisition. Due to the proximity of the acquisition date (April 17, 2015) and the date the Company’s financial statements were issued (May 15, 2015), the work of the third party specialists (including management’s review and approval) is not yet complete.