Payment Plan Receivables and Other Assets Held for Sale

3 Months Ended

Mar. 31, 2017

Payment Plan Receivables and Other Assets Held for Sale [Abstract]

Payment Plan Receivables and Other Assets Held for Sale

15.  Payment Plan Receivables and Other Assets Held for Sale

On December 30, 2016 Mepco executed an Asset Purchase Agreement (the “APA”) with Seabury Asset Management LLC (“Seabury”).  Pursuant to the terms of the APA, Mepco is selling its payment plan processing business, payment plan receivables ($32.3 million and $30.6 million at March 31, 2017 and December 31, 2016, respectively), commercial loans ($0.6 million and $0.8 million at March 31, 2017 and December 31, 2016, respectively) and certain other assets ($1.9 million and $2.0 million at March 31, 2017 and December 31, 2016, respectively) to Seabury, who also is assuming certain liabilities ($1.4 million and $0.7 million at March 31, 2017 and December 31, 2016, respectively) of Mepco.  These assets and liabilities are categorized as “held for sale” in our March 31, 2017 and December 31, 2016 Condensed Consolidated Statements of Financial Condition.  This transaction is expected to close during the second quarter of 2017.  These assets and corresponding liabilities held for sale are carried at the lower of cost or fair value on an aggregate basis.  Fair value adjustments, if any, are recorded in current earnings.