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Business Combination
12 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
Business Combination

Note 19. Business Combination

The following table sets forth the business combination activity for the year ended December 31, 2014 and 2013:

 

     2014      2013  

Branches purchased

     1         2   

Branches merged into existing offices

     —           —     
  

 

 

    

 

 

 

Net new offices

     1         2   
  

 

 

    

 

 

 

Tangible assets:

     

Net finance receivables

   $ 96       $ 211   

Property and equipment

     —           11   

Other

     —           —     

Intangible assets:

     

Customer list

     32         —     

Goodwill

     —           353   
  

 

 

    

 

 

 

Total purchase price

   $ 128       $ 575   
  

 

 

    

 

 

 

 

The Company evaluates each acquisition to determine if it meets the definition of a business combination. The Company accounts for a transaction as a business combination if it meets the definition, which typically occurs when it assumes the lease, retains the location as a new branch, and offers employment to the existing employees. All other transactions are accounted for as a purchase of assets.

For transactions accounted for as a business combination, the purchase price for assets acquired is allocated to the estimated fair value of the tangible and intangible assets acquired. The remainder is allocated to goodwill.

The Company records acquired finance receivables at fair value, which is determined using discounted cash flow methodologies. Property and equipment are valued at the mutually agreed upon purchase price, which management believes approximates fair value.

On August 18, 2014, the Company purchased the assets of one branch in a business combination with a consumer loan company in the state of Texas for a cash purchase price of $128. The Company offered employment to the existing employees of the location. This acquisition was completed to expand the Company’s operations in the state of Texas. On April 5, 2013, the Company purchased the assets of two branches in a business combination with a consumer loan company in the state of Georgia for a cash purchase price of $575. The Company offered employment to the existing employees of such locations. This acquisition was completed to expand the Company’s operations in the state of Georgia.

The results of all business combinations have been included in the Company’s Consolidated Financial Statements since the respective acquisition dates. The pro forma impact of these purchases as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported.