BUSINESS COMBINATION

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

BUSINESS COMBINATION

14. BUSINESS COMBINATION

On January 29, 2016, the Company completed the purchase of Forge Financial Services, Inc. d/b/a James & Sons Insurance Company of Youngstown, Ohio.  James & Sons Insurance is engaged in the business of selling insurance including auto, commercial, homeowners and life-health insurance.  Under the purchase agreement, the Company paid $1.5 million in stock and $360,000 in cash in connection with this acquisition.  There were no acquisition related costs recognized for the three months ended March 31, 2016.  The fair value of the 262,705 common shares issued, as part of the consideration paid for James & Sons Insurance, was determined based on the closing price per share for the 20 consecutive trading days ending five business days prior to January 29, 2016.  Total assets purchased was $2.3 million, including $1.6 million in goodwill and other intangible assets.  The Company is waiting for independent valuations to separate other intangible assets from goodwill.