56Chevy
10 years ago
Community Bank Shares of Indiana, Inc. To Acquire First Financial Service Corporation of Elizabethtown, Kentucky
Date : 04/22/2014 @ 8:28AM
Source : Business Wire
Stock : First Financial Service Corp. (MM) (FFKY)
Quote : $3.69 0.04 (1.10%) @ 1:59PM
Community Bank Shares of Indiana, Inc. (NASDAQ GM: CBIN), the holding company for Your Community Bank and The Scott County State Bank, and First Financial Service Corporation (NASDAQ GM: FFKY), the holding company for First Federal Savings Bank of Elizabethtown, jointly announced today they have entered into an agreement and plan of share exchange (the “Agreement”). Under the terms of the Agreement, Community Bank Shares of Indiana, Inc. will exchange all of the issued and outstanding common shares of First Financial Service Corporation for 0.153 shares of CBIN’s common stock, subject to potential adjustments at closing. Based on CBIN’s 20 trading day average common stock price of $22.33 per share, as of April 17, 2014, assuming no exchange ratio adjustments, the transaction is valued at approximately $17.9 million. As part of the transaction, FFKY’s outstanding preferred stock, all of which was issued in the Troubled Assets Relief Program, will be redeemed at or promptly following closing of the acquisition for approximately $12.3 million, plus accrued but unpaid interest. In addition, CBIN has entered into subscription agreements with investors to purchase approximately $25.0 million of CBIN common stock immediately prior to the consummation of the share exchange transaction at a price of $22.33 per share. The transaction is subject to receipt of FFKY shareholder approval, CBIN shareholder approval and customary regulatory approvals. We expect the transaction to close in the late third or fourth quarter of 2014.
Upon the consummation of the transaction, First Federal Savings Bank of Elizabethtown will be merged with and into Your Community Bank. At that time, First Federal Savings Bank of Elizabethtown offices will become branches of Your Community Bank. CBIN estimates it will have approximately $1.6 billion in assets and 41 branch offices throughout southeastern Indiana and Kentucky after the transaction closes. CBIN expects the transaction to be accretive to earnings per share in the first full year of operations, excluding any one-time restructuring charges, and that all subsidiary banks will exceed “well-capitalized” thresholds under all regulatory definitions.
James D. Rickard, President and CEO of Community Bank Shares of Indiana, stated, “We are excited to add to our presence in the Louisville and Bardstown markets, while expanding into Elizabethtown and neighboring communities. We believe this transaction creates a dynamic community banking franchise across the entire Louisville MSA. Community Bank Shares enjoys strong market share in the northern counties of Louisville and the addition of FFKY adds a strong presence in Louisville’s southern counties. The acquisition of FFKY is the second transaction we have undertaken in the last twelve months. These activities are part of an integrated strategy to drive shareholder returns through both organic and acquisition related growth.”
[....]
http://ih.advfn.com/p.php?pid=nmona&article=61912975
24 hours after the announcement this is where the individual stocks stand:
Markers: (mid-day)
First Financial Serv (FFKY)
$3.69 up 0.04 (1.10%)
Volume: 3,999
Community Bank Shares of Indi (CBIN)
$ 26.00 up 1.00 (4.00%)
Volume: 6,280
56Chevy
10 years ago
Marker:
First Financial Serv (FFKY)
$5.2 up 0.38 (7.88%)
Volume: 12,019
Price/Book: 1.61
*the bank did financially much better in the 2nd half of 2013 but imo remains way over-priced.
http://banktracker.investigativereportingworkshop.org/banks/kentucky/elizabethtown/first-federal-savings-bank-of-elizabethtown/
First Financial Service
http://banktracker.investigativereportingworkshop.org/tarp/kentucky/elizabethtown/first-financial-service/
Elizabethtown, KY
TARP Transactions
Original TARP investment amount: $20,000,000.00 (on Jan. 9, 2009)
Outstanding investment $0.00
Total cash back: $12,333,778.00 (May include dividends and interest payments not shown below)
Investment status: Sold, in full; warrants outstanding
Repayment of $10,842,200.00 on April 29, 2013 - realized loss of $9,157,800.00
Fees paid*: $-108,422.00 on May 31, 2013
Data current as of Oct. 16, 2013
Footnotes
* Fees Include: (i) placement fees in private auctions of a cash purchase program issuer’s securities where Treasury pays placement fees to the placement agents in an amount equal to a minimum of $50,000 (per issuer) or 1.00% of gross aggregate proceeds for each security and (ii) unreimbursed underwriting fees in public offerings. Placement fees in private auctions are paid approximately one month after settlement.
Not all transactions are shown; dividend and interest payments are omitted.
Penny Roger$
12 years ago
First Financial Service Corporation is the holding company for First Federal Savings Bank of Elizabethtown (the Bank). The Company offers a variety of financial services to its retail and commercial banking customers. These services include personal and corporate banking services and personal investment financial counseling services. The Company’s lending services include a range of residential mortgage products, both fixed and adjustable rate; consumer loans, including home equity lines of credit, auto loans, recreational vehicle, and other secured and unsecured loans; specialized financing programs to support community development; mortgages for multi-family real estate; commercial real estate loans; commercial loans to businesses, including revolving lines of credit and term loans; real estate development; construction lending, and agricultural lending. It also provides a range of deposit instruments.
http://www.google.com/finance?q=FFKY
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Sittingduck1
10 years ago
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