Central Bancshares Inc. of Lexington, Ky., has agreed to buy First Bank Inc. of Louisville for $13.5 million.
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The $180 million-asset First Bank, which has three branches, would become Central Bank Jefferson County, a subsidiary of the $1.3 billion-asset Central Bancshares, which now has three banks. The deal was announced Monday and is expected to close in the first quarter.
First Bank has had a year of problems and losses. It lost $4.8 million in the last quarter of 2003, after charging off dozens of fraudulent mortgages, and $1.8 million in the first three quarters of 2004, as chargeoffs continued.
