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Subsequent Events
3 Months Ended
Mar. 31, 2013
Subsequent Events

20. Subsequent Events

In April 2013, the Bank entered into a Transfer Agreement with Thomasville National Bank (“TNB”), a wholly-owned subsidiary of Thomasville Bancshares, Inc., to transfer designated trust-related accounts of the Bank to TNB. TNB will assume ownership of the accounts, certain employees of the Bank, and all operational and fiduciary responsibility for administering the transferred accounts under the underlying client account agreements. As of March 31, 2013, the Bank had trust-related assets under management of $239 million. Contemporaneously with entering into the Transfer Agreement, the Bank also agreed to enter into an Office Support and Referral Agreement (the “Support Agreement”) with TNB under which the Bank will provide office space and other support services in its existing facilities to the TNB employees who will provide the trust services. In exchange, the Bank will earn a percentage of the ongoing revenues generated from the assets under management in the transferred accounts owned by TNB and any new accounts referred to TNB in accordance with the Support Agreement. The Transfer Agreement is subject to customary closing conditions and is expected to close June 28, 2013, with the Support Agreement becoming effective at that time.

In April 2013, the Bank also entered into a Non-Deposits Investment Products Marketing Agreement (the “Marketing Agreement”) with Investment Professionals, Inc. (“IPI”). IPI will provide brokerage services to clients of the Bank, including as clearing agent, executing purchases and sales of securities products on behalf of and for the account of clients, and maintaining securities in client accounts as agent. At March 31, 2013, the Bank had brokerage assets under management of $197 million. Under the Marketing Agreement, the Bank will provide office space and other support services in its existing facilities to the IPI employees who will provide the brokerage services. In exchange, the Bank will earn a percentage of the ongoing revenues generated from the brokerage assets managed by IPI under the Marketing Agreement. The Marketing Agreement is subject to customary closing conditions and is expected to close August 1, 2013.