Citizens First Corp. of Bowling Green, Ky., has agreed to buy the $110 million-asset Kentucky Banking Centers Inc. of Glasgow for $20 million in cash.
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Kentucky Banking Centers is one of seven banks owned by Farmers Capital Bank Corp. of Frankfort, Ky. The price is roughly 2.1 times book value.
Its three branches would move the $204 million-asset Citizens into Barren and Hart counties for the first time. Citizens has five branches.
The $1.7 billion-asset Farmers Capital will use the proceeds to restructure its balance sheet and add share in its markets, president Tony Busseni said in a press release. The deal was announced late Thursday and is expected to close this year.
