BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2016

Business Combinations

BUSINESS COMBINATIONS

15.  BUSINESS COMBINATIONS

The Corporation completed its acquisition of The First National Bank of Eagle River (“Eagle River”) in April 2016.  Eagle River had three branch offices and approximately $125 million in assets as of April 29, 2016.  In accordance with the terms of the stock purchase agreement, the Corporation acquired all of the outstanding stock of Eagle River in an all cash transaction for a fixed price of $12.500 million.  Due to the timing of the acquisition, the Corporation has not yet completed its determination of the fair values of assets aquired and liabiltiies assumed and the purcahse price allocation.