Central Kentucky Federal Savings and Loan Association conversion to stock form approved.DANVILLE, Ky.--(BUSINESS WIRE)--Nov. 17, 1994--John H. Stigall, president and chief executive officer of Central Kentucky Central Kentucky is sometimes considered the Central and Southern part of the Bluegrass region, the Far Upper Western Eastern Mountain Coal Fields, and the Far Upper Eastern Pennyroyal regions. Its major cities include Lexington and Frankfort. Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. (Central Kentucky Federal or the Association), Danville, Ky., announced today that Central Kentucky Federal has received approval from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. in Washington, D.C. to convert from a federally chartered mutual savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. to a federally chartered stock savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. to be known as Central Kentucky Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks . In connection with the conversion, the Central Kentucky Federal has formed a company, CKF CKF Canadian Kendo Federation (Stouffville, Ontario, Canada) CKF Chronic Kidney Failure Bancorp Inc., to serve as the holding company of Central Kentucky Federal. Under the plan of conversion, CKF Bancorp Inc. is offering up to 1,150,000 shares of its common stock, subject to adjustment, at a price of $10 per share. Certain account holders and borrowers of the Savings Bank will have a preferred opportunity to purchase stock through a Subscription Offering that closes on Dec. 20, 1994. Concurrent with the Subscription Offering, stock will be offered to the general public in a Community Offering with first preference given to natural persons or trusts of natural persons who permanently reside in Boyle, Garrard, Lincoln, Mercer and Casey Counties, Kentucky. The Subscription and Community Offering will be managed by Trident Securities Inc. of Raleigh, N.C. Prospectuses describing the plan of conversion will be mailed to customers and certain local community members on or about Nov. 17, 1994. As a result of the Conversion, Central Kentucky Federal will be structured in the stock form as are all commercial banks and an increasing number of savings institutions and will be a subsidiary of CKF Bancorp Inc. According to Mr. Stigall, "Our day to day operations will not change as a result of the conversion and deposits will continue to be insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). up to the applicable legal limits." Customers with questions concerning the stock offering should call Central Kentucky Federal's Stock Information Center at 606/236-1319, or visit Central Kentucky Federal's main office in Danville. -0- This is neither an offer to sell nor a solicitation to an offer to buy the stock of CKF Bancorp Inc. The offer is made only by the Prospectus. The shares of common stock are not deposits or savings accounts and will not be insured by the Federal Deposit Insurance Corp., or any other governmental agency. CONTACT: Central Kentucky Federal Savings and Loan Association,
Danville
John H. Stigall, 606/236-4181
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