SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

On July 19, 2019, the Company entered into an agreement to sell the Company’s Los Angeles-based fixed income portfolio management team, a portion of the Capital Management reporting unit, to Lido Advisors, LLC and Oakhurst Advisors, LLC in exchange for cash consideration of $0.5 million and contingent consideration. The contingent consideration is based on certain percentages of asset-based revenues generated over three to five years subsequent to the closing date, subject to quarterly minimum and maximum amounts.

The Company expects the sale to benefit the Company by optimizing the cost structure and freeing up capital and resources to strengthen the Wealth Management and Mortgage reporting units.  The transaction is expected to close in the third quarter of 2019.