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Subsequent Events And Other Matters | 9 Months Ended
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Sep. 30, 2013
Subsequent Events And Other Matters [Abstract] |
Subsequent Events And Other Matters | NOTE 1 6- SUBSEQUENT EVENTS AND OTHER MATTERS On October 7, 2013, the Company filed a Current Report on Form 8-K and a press release announcing that, subject to regulatory approval, the Company, expected to finalize the sale of its Fairlawn office building during October, which would clear the way to allow CFBank to upgrade its services available for its Fairlawn, Ohio customers and in addition establish a banking presence in the Cleveland market. CFBank expects to open an office in Cleveland in January 2014 and is currently seeking to locate in the Chagrin Blvd. area of Cleveland. In conjunction with the sale of the Fairlawn office building, CFBank will relocate its main office branch into a banking office roughly 200 yards away from its current location. This new branch provides drive thru banking capabilities along with a drive up ATM, and the short move allows CFBank to further enhance its customer service capabilities for its local Fairlawn, Ohio customers. Based on the pending transaction, the Company classified the net book value of the building and land, amounting to $2.1 million, as assets held for sale on the balance sheet. On October 22, 2013, the holding company received regulatory non-objection to the sale as mentioned above, and also approval to downstream approximately $1.5 million of capital into the Bank from the proceeds. On October 29, 2013, the transaction was completed and the Company received proceeds of approximately $3.2 million and as a result, is expecting to recognize a gain on sale of assets of approximately $1.0 million during the fourth quarter. The remaining depreciation on the books that would be accelerated due to the sale is not material. This transaction did not occur with a related party.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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