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The $794 million-asset Kentucky Bancshares will pay $7.2 million, or $32.50 a share, in stock for the $121 million-asset Madison.
January 21 -
Citizens National in Paintsville, Ky., has acquired Peoples Security Bancorp in Louisa, Ky.
December 23 -
Poage Bankshares in Kentucky disclosed that its chairman has died.
November 20
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.