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Sale of Sturman Wealth Advisors Segment
12 Months Ended
Dec. 31, 2023
Sale of Sturman Wealth Advisors Segment [Abstract]  
Sale of Sturman Wealth Advisors Segment

Note 27 - Sale of Sturman Wealth Advisors Segment

 

Effective December 19, 2022, the Bank closed on the sale of the Sturman Wealth Advisors line of business to the individual running that business ("Buyer") pursuant to an asset purchase agreement for $1.0 million. The purchase agreement entitles Buyer to the future revenue for investment management, advisory, brokerage, and related services performed for the purchased relationships. In connection with this transaction, the Buyer signed a promissory note with the Bank as the creditor in the amount of $990 thousand, payable at a market rate of interest over a 7-year period. Goodwill of $372 thousand and unamortized intangible assets of $212 thousand related to the Sturman Wealth line of business were eliminated from the Consolidated Balance Sheet of the Company in December 2022, with a net gain of $404 thousand recognized in the Consolidated Statements of Income for the year ended December 31, 2022. The sale of this business line did not meet the requirements for classification of discontinued operations, as the sale did not represent a strategic shift in the Company's operations or plans and will not have a major effect on the Company's future operations or financial results.