ACQUISITIONS, ASSET SALES, AND DIVESTITURES Asset Sales In 2016, the Company sold two offices in the Southern California market, located in Granada Hills and Burbank, California. The sale consisted of certain assets and $104.0 million of deposits. This sale resulted in a gain of $2.9 million . The rationale for the sale was to better position the Companys resources within the Southern California market. Acquisitions On October2, 2014 , the Bank completed the acquisition of Banyan, a registered investment advisory firm headquartered in Palm Beach Gardens, Florida. At the time of acquisition, Banyan had approximately $4.3 billion in client assets and locations in New England; South Florida; Texas; California; Atlanta, Georgia; and Madison, Wisconsin. In the transaction, Boston Private Bank acquired 100% of certain assets and liabilities of Banyan through the issuance of approximately 1.7 million shares of the Companys stock, valued at $21.0 million , and $43.9 million in cash payments to Banyan shareholders, including $5.0 million in a holdback account for potential future claims. The total purchase price, including contingent consideration of $2.0 million , was $66.9 million . In 2015, due to the lower than initially estimated actual financial results for 2015 and projected financial results for 2016, the $2.0 million liability for the contingent consideration was reversed and recorded as Other Income. 2016 was the last year of any contingent consideration and the contractual minimum targets for contingent payments were not met. Goodwill of $41.9 million was recorded as a result of the transaction. Goodwill of $39.9 million is expected to be deductible for tax purposes, representing all of the goodwill except for the portion associated with the reversal of the contingent consideration. Intangible assets for advisory contracts of $23.9 million were also recorded and are expected to be amortized over 10 years . The rationale for the transaction was that by merging Banyan with the existing Boston Private Bank weal