Forcht Bancorp in Lexington, Ky., has agreed to buy Grant County Bancorp of Williamstown, Ky.
Financial terms of Forcht's agreement to buy the $79 million-asset Grant Country Bancorp were not disclosed.
"We're excited about the opportunity to unite two great community banks that are passionate about providing excellent customer service and giving back to the community," Tucker Ballinger, Forcht Bancorp's president, said in the release. Grant County Bancorp "has served this community since 1882 and has the same vision and mission as we do."
The purchase will expand the $938 million-asset Forcht's presence along the I-75 corridor between Lexington, Ky., and Cincinnati, where Grant County Bancorp has four branches. Forcht has 30 branches in Kentucky.
Details on management changes for combined bank are still being negotiated, Ballinger said in an interview, adding that the bank wants to take its time to consider the impact on Grant County Bancorp's employees and customers. "We're going to have individual meetings with every employee in the bank," he said.
This is Forcht's first acquisition since 2007. Before then, the company purchased nine community banks in Kentucky, according to the Federal Deposit Insurance Corp. It's also the bank's second acquisition in Williamstown. Included in its 2007 string of acquisitions was the $149 million-asset Eagle Bank, which was also based in a small town.
"I think it's an exciting time for our bank and for others that are looking to expand," he said. Ballinger said the deal, which was first reported by the Grant County News and Express, should close in the next four months.
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Corrected June 18, 2014 at 8:17AM: An earlier version credited the wrong publication to first report the deal.