Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition of Grandpoint Capital, Inc.

On July 2, 2018, the Company announced that it had completed the acquisition, effective as of July 1, 2018, of Grandpoint Capital, Inc. ("Grandpoint"), the holding company of Grandpoint Bank, a California-chartered bank corporation headquartered in Los Angeles, California, with 14 regional offices in Southern California, Arizona and Vancouver, Washington.

Pursuant to the terms of the merger agreement, each outstanding share of Grandpoint common stock was converted into the right to receive 0.4750 shares of Corporation's common stock. The value of the total transaction consideration was approximately $629 million, which included approximately $28.0 million in aggregate cash consideration payable to holders of unexercised options exercisable for shares of Grandpoint common stock, and the issuance of 15,758,089 shares of the Corporation's Common Stock, which had a value of $38.15 per share, which was the closing price of the Corporation's common stock on June 29, 2018, the last trading day prior to the consummation of the acquisition.

The Company expects to record goodwill arising from the acquisition consisting largely of synergies and cost savings resulting from combining the operations of the companies. The amount of goodwill is not expected to be deductible for tax purposes. The fair value of intangible assets and acquired assets and liabilities will be determined as of the acquisition date but are still being evaluated as of the date of these financial statements.