Community Trust Bancorp Inc. in Pikeville, Ky., has a deal to buy the $156 million-asset Eagle Bank Inc. of Williamstown, Ky., for roughly $37 million in cash and stock.
The deal, announced late Thursday and expected to close in the fourth quarter, would add five branches to the $3.1 billion-asset Community's network of 79 in Kentucky and West Virginia.
"We see this opportunity as a logical step for Community Trust as we expand our service into northern Kentucky," Jean R. Hale, Community's chairman, president, and chief executive officer said in a press release.
Community is the largest banking company headquartered in Kentucky. The purchase would be its first since it bought the $94 million-asset Heritage Community Bank in Danville, Ky., in June 2005.
