As part of the purchased agreement, the acquirer will get nearly $93.9m in deposits and almost $100.1m in assets, but other real estate of First Federal Bank will not be impacted from this transaction.
Subject to an asset purchase discount of $5.85m, this transaction is independent of a loss share agreement.
Commenting on the acquisition, Your Community Bank president and chief executive officer Kevin Cecil said that the acquisition is a natural expansion opportunity due to its similarity with existing locations in Louisville and Bardstown, Kentucky, and Southern Indiana.
The acquired banking offices will reopen on 22 April as branches of Your Community Bank, while the depositors of the acquired lender and their deposits remain protected by the FDIC up to the legal limit.
The acquirer said that the customers can continue to use existing account numbers, checks, ATM/debit cards, and online banking login, until deposit accounts will not be converted to Your Community Bank’s deposit account.
Established in 1991, Community Bank Shares is the holding company for Your Community Bank and The Scott County State Bank.
