Merger of Farmers Capital Bank Corporation Affiliates Completed
November 03 2008 - 9:18AM
PR Newswire (US)
FRANKFORT, Ky., Nov. 3 /PRNewswire-FirstCall/ -- The merger of
Farmers Bank & Trust Company, Georgetown, Citizens Bank of
Jessamine County, Nicholasville, and United Bank & Trust Co.,
Versailles into "United Bank" was finalized November 1, 2008. The
merged entity has an asset base of $762 million and deposits of
$549 million. United Bank now has 14 branch locations and 39 ATMs
in Fayette, Scott, Woodford, and Jessamine counties. This includes
21 free-standing ATMs located in Fayette County that may be
utilized by our customers at no cost through our affiliation with
Bluegrass Cash at participating Shell Food Mart stores. The three
banks have been affiliates of the Farmers Capital Bank Corporation
(NASDAQ:FFKT) family for years. Farmers Capital is one of the
oldest and largest banking groups in the state. The merger of the
three banks, which are in contiguous counties, now allows customers
to access their accounts at more locations. While the majority of
existing employees will remain in their current positions and
locations, cost savings should be realized over time through the
consolidation of operations and the realization of significant
operational efficiencies. United Bank will host a "U Day" Open
House at each of the 14 locations on November 5, 2008. President
and CEO of the newly merged United Bank, Critt Murphy says, "We
invite our customers and the public to see that this change is only
an enhancement of our banking tradition. The same employees will
still assist with banking needs; now our customers will have more
options in locations, convenience and hours." Farmers Capital Bank
Corporation is a financial holding company headquartered in
Frankfort, Kentucky. The Company operates 37 banking locations in
23 communities throughout Central and Northern Kentucky, a leasing
company, a data processing company, and an insurance company. Its
stock is publicly traded on the NASDAQ Stock Market LLC exchange in
the Global Market tier under the symbol: FFKT. This release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are based
upon current expectations, but are subject to certain risks and
uncertainties that may cause actual results to differ materially.
Among the risks and uncertainties that could cause actual results
to differ materially are economic conditions generally and in the
subject market areas, overall loan demand, increased competition in
the financial services industry which could negatively impact the
ability of the subject entities to increase total earning assets,
and retention of key personnel. Actions by the Federal Reserve
Board and changes in interest rates, loan prepayments by, and the
financial health of, borrowers, and other factors described in the
reports filed by us with the Securities and Exchange Commission
could also impact current expectations. For more information about
these factors please see our Annual Report on Form 10-K on file
with the SEC. All of these factors should be carefully reviewed,
and readers should not place undue reliance on these
forward-looking statements. These forward-looking statements were
based on information, plans and estimates at the date of this press
release, and the Company does not promise to update any
forward-looking statements to reflect changes in underlying
assumptions or factors, new information, future events or other
changes. DATASOURCE: Farmers Capital Bank Corporation CONTACT: Doug
Carpenter of Farmers Capital Bank Corporation, +1-502-227-1668 Web
site: http://www.farmerscapital.com/
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