Note 9 - Sales of Certain Branches of CNB and Merger of CNB into CRBT

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 9 – SALES OF CERTAIN BRANCHES OF CNB AND MERGER OF CNB INTO CRBT

On October 4, 2013, the Company finalized the sale of certain assets and liabilities of the two Mason City, Iowa branches of CNB. The detail of the assets and liabilities sold, and resulting gain on sale, is as follows: 

	As of
ASSETS	October 4, 2013
Cash	$	29,905,991
Loans receivable		22,709,735
Premises and equipment		776,782
Core deposit intangible		910,415
Other assets		68,456
Total assets sold	$	54,371,379
LIABILITIES
Deposits	$	55,191,930
Other liabilities		53,422
Total liabilties sold	$	55,245,352
Gain on sale, pre-tax	$	873,973

On October 11, 2013, the Company finalized the sale of certain assets and liabilities of the two Austin, Minnesota branches of CNB. The detail of the assets and liabilities sold, and resulting gain on sale, is as follows:

	As of
ASSETS	October 11, 2013
Cash	$	519,627
Loans receivable		31,749,135
Premises and equipment		1,597,040
Core deposit intangible		480,347
Other assets		70,443
Total assets sold	$	34,416,592
LIABILITIES
Deposits	$	35,830,168
Other liabilities		46,668
Total liabilties sold	$	35,876,836
Gain on sale, pre-tax	$	1,460,244

On October 26, 2013, the remaining branch offices of CNB merged with and into CRBT. CNB’s merged branch offices will operate as a division of CRBT under the name “Community Bank & Trust.”