ACQUISITION (SUBSEQUENT EVENT)

12 Months Ended

Dec. 31, 2015

Acquisition (Subsequent Event) [Abstract]

Acquisition (Subsequent Event)

2.ACQUISITION (SUBSEQUENT EVENT)

Effective October 6, 2015, the Company and Cornerstone Bancorp, Inc. (“Cornerstone”), the parent company of Cornerstone Community Bank (“CCB”), entered into an Agreement and Plan of Merger (the “Agreement”) pursuant to which the Company will acquire Cornerstone, with CCB merging into RB&T.  Cornerstone and CCB are headquartered in St. Petersburg, Florida.

Under the terms of the Agreement, the Company will acquire all of Cornerstone’s outstanding common stock in an all-cash transaction, resulting in a total cash payment to Cornerstone’s existing shareholders and stock option holders of approximately $32.3 million.  The Company will fund the cash payment through existing resources on-hand.

The acquisition is expected to close during the first half of 2016.  On December 31, 2015, Cornerstone operated four banking centers in the Tampa, Florida metropolitan statistical area, with approximately $250 million in total assets, approximately $190 million in loans and approximately $200 million in deposits.