Community banking

Community Bank Shares in Indiana Cuts Cost Estimates for Kentucky Deal

By Paul Davis August 26, 2013, 1:07 p.m. EDT 1 Min Read

Community Bank Shares (CBIN) in New Albany, Ind., has lowered its cost estimates for integrating First Federal Bank in Lexington, Ky.

The $838 million-asset company said in a regulatory filing Friday that it expects to spend up to $350,000 to integrate First Federal, with up to $250,000 of those expenses expected in the third quarter. The company had originally forecast in April that it could spend $800,000 to $1.3 million on the integration.

The company also said in the recent filing that it has already converted the accounts from First Federal to its own systems.

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