Farmers Capital Bank, a Kentucky-based bank holding company, has announced that it is in the preliminary stages of merging two of its subsidiary bank charters.
The merger plan includes combining Farmers Bank & Capital Trust, Frankfort, Kentucky (Farmers Bank) and Lawrenceburg Bank & Trust, Lawrenceburg (Lawrenceburg Bank). The merged bank is expected to have assets of $874m and deposits of $677m based on September 30, 2009 figures and plans to operate under the Farmers Bank charter. Beneficial consolidation of operations will occur resulting in cost savings as certain functions are combined.
The Farmers Capital Bank anticipates a seamless transition for customers, both on an operational and personal banking level. It is expected to seek formal approval for the merger by the appropriate regulatory agencies during the fourth quarter of 2009, with the closing of the merger to take effect in the first quarter of 2010.
