PREMISES HELD FOR SALE

6 Months Ended

Jun. 30, 2015

PREMISES HELD FOR SALE [Abstract]

PREMISES HELD FOR SALE [Text Block]

15.   PREMISES HELD FOR SALE

The Bank owns certain real estate located in the Williamsburg section of Brooklyn, New York, presently being utilized as the corporate headquarters and primary back office operations center of the Company that, commencing in May 2015, became marketed for sale pursuant to a competitive bidding process, subject to a reserve price set by the Bank.  The competitive bidding process is currently expected to be completed during the quarter ending September 30, 2015, at which time the terms of any executed sale agreement would be disclosed, including the anticipated impact upon periodic earnings and equity to be realized at final closing.

There can be no assurance that the Bank will locate a purchaser or, if a purchaser is located, that a sale will close.

In accordance with GAAP, the real estate presently marketed for sale have been re-classified as premises held for sale, having satisfied all requisite criteria for such reclassification. The aggregate recorded balance of premises held for sale was $8,799 at June 30, 2015, representing the lower of the historical cost or market value.