Community Bank Shares Completes Merger
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowNew Albany-based Community Bank Shares of Indiana Inc. (Nasdaq: CBIN) has wrapped up its acquisition of First Financial Service Corp (Nasdaq: FFKY) in Kentucky. The deal was first announced in April and brings the total number of Community Bank Shares locations to more than 40 in the two states. Community Bank Shares of Indiana, Inc. Announces Completion of Merger with
First Financial Service Corporation of Elizabethtown, KY
January 2, 2015
News Release
NEW ALBANY, Ind. – Community Bank Shares of Indiana, Inc. (NASDAQ: CBIN), the holding company for Your Community Bank and The Scott County State Bank, announced today that it has successfully completed its acquisition of First Financial Service Corporation (NASDAQ: FFKY).
As part of the agreement, First Federal Savings Bank of Elizabethtown, a wholly-owned subsidiary of First Financial Service Corporation, merged with and into Your Community Bank. The former locations of First Federal Savings Bank of Elizabethtown will be operated as financial centers of Your Community Bank under the name of First Federal Savings Bank until system conversions are completed in March of 2015.
The acquisition was first announced on April 22, 2014. CBIN and FFKY shareholders approved the acquisition on December 16, 2014, and all regulatory approvals were completed that same month.
With the acquisition, CBIN now has 41 financial centers throughout southeastern Indiana and Kentucky and estimated total assets of approximately $1.6 billion.
James D. Rickard, President and CEO of Community Bank Shares of Indiana commented, “Community Bank Shares is stronger than ever, and we're eager to provide our outstanding menu of products and services to new customers in the region. With this merger, we are increasing our market presence in the Louisville and Bardstown areas, and creating new opportunities in Bullitt, Hardin, Hart and Meade counties. Culturally and geographically, this is a fit, and it aligns with our vision for growth.”
About Community Bank Shares of Indiana, Inc.
Community Bank Shares of Indiana, Inc. is a bank holding company headquartered in New Albany, Indiana. It includes two wholly owned, state-chartered subsidiary banks, Your Community Bank and The Scott County State Bank. The Company operates 41financial centers in Indiana and Kentucky. The Banks are engaged primarily in the business of attracting deposits from the general public and using such funds for the origination of commercial business and real estate loans and secured consumer loans such as home equity lines of credit, automobile loans, and recreational vehicle loans. Additionally, the Banks originate and sell into the secondary market mortgage loans for the purchase of single-family homes. For more information visit www.yourcommunitybank.com and www.scottcountystatebank.com.
Community Bank Shares of Indiana Inc.