Central Bancshares, Lexington, Ky., has a deal to acquire Pioneer Financial Corp. for $20 million in cash.

The deal calls for $84 million-asset Pioneer, based in Winchester, Ky., to become part of Central Bank.

Luther Deaton Jr., president and chief executive officer of Central, said that in addition to Pioneer's two branches, the deal would give his company additional expertise. "Pioneer's experience in residential mortgage lending will be a tremendous asset for Central Bank," he said. Central has $607 million of assets and 13 branches. The deal is expected to close during the third quarter.

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