-The Bank of Kentucky to acquire United Kentucky Bank.
Global Banking News - 01 July 2011
Crestview Hills, Kentucky-based the Bank of Kentucky Financial Corporation (NASDAQ: BKYF) has said that its subsidiary, The Bank of Kentucky, Inc, has signed a purchase and assumption agreement with the United Kentucky Bank of Pendleton County, Inc.
Under the agreement, The Bank of Kentucky will assume nearly USD26m of deposit liabilities, and purchase certain assets, including United Kentucky Bank's Falmouth, Kentucky office and ATM, and USD14m in selected loans, from United Kentucky Bank.
Upon closing the transaction, The Bank of Kentucky will pay a USD300,000 deposit premium for the deposit liabilities. The transaction, which is subject to regulatory approval and customary closing conditions, is expected to close during the fourth quarter of 2011.
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