PIKEVILLE, Ky. Community Trust Bancorp has entered a definitive agreement to acquire the assets of Bank of Mt. Vernon, a unit of Premier Financial Bancorp of Georgetown, Ky.
In an announcement Thursday, Pikeville-based Community Trust said the offices to be acquired, in Mount Vernon, Somerset, Richmond, and Berea, Ky., have deposits totaling about $115 million and loans totaling about $102 million.
Community Trust is to pay a 9.5% premium on the deposits as of the closing date, plus about $1.9 million for fixed assets, subject to adjustment. The deal is subject to approval from federal and state regulatory agencies.
Community Trust said it expects the deal to add to earnings in the first year. It has $2.2 billion of assets, and it earned $16.6 million, or $1.38 a share, for the nine months that ended Sept. 30.