Chairman of Community Trust Bancorp, Inc. Plans to Retire on December 31, 2004; Community Trust Bancorp, Inc. Declares 10% Stock Dividend and 5% Increase in Its Cash Dividend.PIKEVILLE, Ky. -- Burlin Coleman today announced his retirement as Chairman and member of the Boards of Directors of Community Trust Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CTBI CTBI Churches Together in Britain and Ireland ) and its wholly owned bank subsidiary effective December 31, 2004 in accordance with the Corporation's retirement policy, which he fully supports. "I will be 76 years of age prior to our annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. in April 2005 and I appreciate the board's previous waiver of the retirement age, but my decision is appropriate and right for the Corporation," said Coleman. "My 55 years with Community Trust have been a great experience for which I will be eternally grateful. It's time for a new chapter in the life of our institution. I will retire with confidence in management and the board to lead it safely into the future and I will continue my full support of the Corporation in every way possible," said Coleman. The Boards of Directors designated Jean R. Hale as Coleman's successor effective with his retirement. Ms. Hale, who has been serving as Vice Chairman since April 2001, will continue as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Corporation. The Corporation today announced the declaration of a 10% stock dividend to shareholders of record on December l, 2004. The dividend will be distributed on December 15, 2004. The Corporation also increased the cash dividend to $0.24 per share, which will be paid on January 1, 2005, to shareholders of record on December 15, 2004. This represents an increase of 15% in the quarterly cash dividend after adjusting for the stock dividend. Community Trust Bancorp, Inc., with assets of $2.7 billion, is headquartered in Pikeville, Kentucky and has 71 banking locations across eastern, northern, central and south central Kentucky South Central Kentucky is a cultural region of 22 Kentucky counties located roughly between I-65 in the Bowling Green area and I-75 around the London area, but within three counties of the Tennessee border and south of the "Golden Triangle" (the areas around Louisville, Lexington, , 5 banking locations in southern West Virginia Southern West Virginia is a culturally and geographically distinct region in the U.S. state of West Virginia. Generally considered the heart of Appalachia, Southern West Virginia is known for its coal mining heritage and Southern affinity. , 2 Loan Production Offices in Kentucky and 5 trust offices across Kentucky. |
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