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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
Appointment of New President and Chief Executive Officer
On April 24, 2017, Douglas H. Bowers was appointed as the Company’s and the Bank's President and Chief Executive Officer and as a director of the Bank effective May 8, 2017. The Company’s Board also appointed Mr. Bowers as a director of the Company, his term as a Company director is expected to commence upon completion of the Company’s 2017 Annual Meeting of Stockholders and expire in 2020. The terms of Mr. Bowers’ employment agreement with the Company require him to resign as a director of the Company and the Bank in the event of the termination of his employment.
The Company evaluated events from the date of the consolidated financial statements on March 31, 2017 through the issuance of these consolidated financial statements included in this Quarterly Report on Form 10-Q and determined that no significant events, other than the events disclosed above and the credit agreement amendment disclosed in Note 9, were identified requiring recognition or disclosure in the consolidated financial statements.