Kentucky First Federal Bancorp Announces Merger of Subsidiary Banks
02 Febbraio 2015 - 4:15PM
Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company
for First Federal Savings and Loan Association of Hazard, Kentucky
and First Federal Savings Bank of Frankfort, Kentucky, announced
today that the two subsidiary banks will merge, subject to
regulatory approval.
Tony D. Whitaker, Chairman of the Company, stated that the banks
had decided to merge in order to make various support and
back-office functions more efficient. There will eventually be some
cost savings as those efficiencies are realized. Lou Ella
Farler, currently president and CEO of First Federal Savings and
Loan of Hazard, will serve as the Hazard Area President of First
Federal Savings Bank, alongside R. Clay Hulette who is Frankfort
Area President and William H. Johnson who is Danville-Lancaster
Area President. All employees of First Federal of Hazard will
be retained and all directors of First Federal of Hazard will be
offered a seat on the board, subject to regulatory approval.
After the merger, First Federal Savings Bank will operate from
seven offices in Kentucky. It will have assets of
approximately $304 million, net loans of approximately $244
million, deposits of approximately $209 million, and shareholder's
equity of approximately $62 million (with tangible equity of
approximately $49 million).
This press release may contain statements that are
forward-looking, as that term is defined by the Private Securities
Litigation Act of 1995 or the Securities and Exchange Commission in
its rules, regulations and releases. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. All forward-looking statements are based on current
expectations regarding important risk factors including, but not
limited to, real estate values, the impact of interest rates on
financing, changes in general economic conditions, legislative and
regulatory changes that adversely affect the business of the
Company and the ability of First Federal MHC to waive dividends and
changes in the securities markets. Accordingly, actual results may
differ from those expressed in the forward-looking statements, and
the making of such statements should not be regarded as a
representation by the Company or any other person that results
expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First
Federal Savings and Loan Association, which operates one banking
office in Hazard, Kentucky and First Federal Savings Bank, which
operates six banking offices in Kentucky, including three in
Frankfort, two in Danville, and one in Lancaster. Kentucky First
Federal Bancorp shares are traded on the NASDAQ National Market
under the symbol KFFB. At December 31, 2014, the Company had
approximately 8,457,515 shares outstanding of which approximately
55.9% was held by First Federal MHC.
CONTACT: Kentucky First Federal Bancorp
Don Jennings, President
Clay Hulette, Vice President
(502) 223-1638
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