Farmers Capital Bank Corporation Announces Merger of Affiliates
October 23 2009 - 8:00PM
PR Newswire (US)
FRANKFORT, Ky., Oct. 23 /PRNewswire-FirstCall/ -- Farmers Capital
Bank Corporation (NASDAQ:FFKT) ("the Company") announced that it is
in the preliminary stages of merging two of its subsidiary bank
charters. The Company will seek formal approval for the merger by
the appropriate regulatory agencies during the fourth quarter of
2009, with the closing of the merger to take effect in the first
quarter of 2010. The merger plan includes combining Farmers Bank
& Capital Trust Co., Frankfort, Kentucky ("Farmers Bank") and
Lawrenceburg Bank & Trust Company, Lawrenceburg ("Lawrenceburg
Bank"). The merged bank would have assets of $874 million and
deposits of $677 million based on September 30, 2009 figures and
will operate under the Farmers Bank charter. Beneficial
consolidation of operations will occur resulting in cost savings as
certain functions are combined. The Company expects a seamless
transition for customers, both on an operational and personal
banking level. Farmers Bank has provided banking services to
Frankfort and Franklin County since 1850. Merging with Lawrenceburg
Bank, which was chartered in 1885, will give their customers more
banking locations in more communities. Farmers Capital Bank
Corporation is a bank holding company headquartered in Frankfort,
Kentucky. The Company operates 36 banking offices in 23 communities
throughout Central and Northern Kentucky, a leasing company, a data
processing company, and an insurance agency. Its stock is publicly
traded on the NASDAQ Stock Market LLC exchange in the Global Select
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 of 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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