First Corbin Bancorp in Corbin, Ky., has beat out a rival banking company for the right to acquire Eagle Fidelity Inc. of Williamstown, Ky.
The $156 million-asset Eagle Fidelity agreed May 31 to sell itself to Community Trust Bancorp Inc. in Pikeville, Ky., for $37 million in cash and stock. Three weeks later, First Corbin made an unsolicited bid to buy Eagle Fidelity for $40.8 million in cash.
Roger Alsip, the chief financial officer at the $849 million-asset First Corbin, told American Banker late Tuesday that Eagle Fidelity has accepted its all-cash offer.
In a news release Tuesday, $3 billion-asset Community Trust said that it terminated its agreement to buy Eagle Fidelity after deciding not to raise its offer. It also said that it would ask for a $1.25 million termination fee from Eagle Fidelity.
