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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Quarterly Cash Dividend

        On July 24, 2020, the Corporation’s Board of Directors declared a cash dividend of $0.25 per share, payable on August 14, 2020 to shareholders of record on August 7, 2020.

Sale of SBA PPP loan portfolio

On July 21, 2020, the Company entered into an agreement to sell its entire $1.13 billion SBA PPP loan portfolio to a seasoned and experienced non-bank lender and servicer of SBA loans. The sale closed on July 28, 2020, resulting in improved balance sheet liquidity and a gain on sale of approximately of $18.9 million, net of net deferred origination fees and purchase discounts.

Branch Consolidations

        Following the Opus acquisition, the Company notified the Federal Reserve Bank of San Francisco that it intends to consolidate and close twenty (20) Bank branch offices located throughout California, Arizona and Washington (the “Branch Consolidations”). The Branch Consolidations reflect the Company’s ongoing cost reduction initiatives and undertakings to further improve the overall efficiency of its operations, and are expected to be consummated in October 2020.