Kentucky First Federal Bancorp in Hazard, Ky., has is acquiring CKF Bancorp Inc. in Danville, Ky., in a deal that would expand its branch network into two new markets in its home state.

Based on Kentucky First's closing price of $6.40 per share Thursday, the deal is valued at about $10.8 million, or roughly 0.83 times the seller's book value, according to Tony Whitaker, Kentucky First's chairman and chief executive. The sale, announced late Thursday, is expected to close during the second or third quarter of 2012.

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