Farmers Capital Bank Corp. of Frankfort, Ky., is buying Citizens Bancorp of Newport for $38 million in cash and stock.
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Citizens is the $184 million-asset parent of Citizens Bank of Northern Kentucky, which has six branches in Kenton and Campbell counties. Farmers is a $1.1 billion-asset multibank holding company with 27 branches in Kentucky.
The deal would bring Farmers into the Cincinnati suburbs for the first time and would be its second recent acquisition of a bank named Citizens. Last year the company bought the $80 million-asset Citizens Bank in Georgetown for $14.5 million.
