Poage Bankshares (PBSK) in Ashland, Ky., has completed an acquisition that incensed one of its biggest investors.
The $289 million-asset company said in a press release Tuesday that it had purchased the $150 million-asset Town Square Financial. The company now has $439 million in assets and 10 branches.
"We are pleased to ... enter a new market area with our acquisition of Town Square Bank's Jessamine County branch" in Kentucky, Ralph Coffman Jr., Poage's president and chief executive, said in the release. "We are confident that this partnership will benefit existing and new shareholders and customers."
The $15 million deal, announced in October, quickly drew the ire of activist investor Joseph Stilwell. His fund, which owns about 9.5% of Poage's stock, recently nominated Ashland lawyer Stephen Burchett to run for a board seat at the company, and Stilwell has made it clear that he prefers to see Paoge sell itself.
Poage also said in its release that Bruce VanHorn, Town Square's president and CEO, had become president of its bank. Jane Gilkerson, the seller's chief financial officer, was named Poage's CFO. The company also added two Town Square directors Thomas Burnette and John Stewart Jr. to its board.