Kentucky First Federal Bancorp is merging its two banks.
The combined bank formed by merging First Federal Savings Bank and Loan Association in Hazard, Ky., and First Federal Savings Bank in Frankfort, Ky. will have roughly $304 million in assets, $244 million in loans and $209 million in deposits.
Tony Whitaker, chairman of Kentucky First Federal Bancorp, said in a Monday press release that the merger is designed to make support and back-office functions more cost efficient.
First Federal Savings Bank in Frankfort, the surviving bank, will have seven branches. All employees of First Federal in Hazard will be retained; all directors will be offered board seats.