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.

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