Sale of Equity Investment

6 Months Ended

Jun. 30, 2014

Sale of Equity Investment [Abstract]

Sale of Equity Investments Disclosure

Note  11. Sale of Equity Investment

On April 17, 2014, NBT Capital Corp., a wholly-owned subsidiary of NBT, sold to LendingClub Corporation, its 20% ownership interest in Springstone Financial, LLC, which NBT originally acquired in exchange for a $3 million investment, as part of LendingClub’s acquisition of all of the outstanding equity in Springstone.  In total, LendingClub paid the group of selling equityholders a purchase price equal to $140 million in cash and preferred stock.  As a result of this sale, the Company recognized a gain of $19.4 million during the second quarter of 2014.