Community Trust Bancorp, Inc. Acquires LaFollete First National Corporation of LaFollette, Tennessee
November 17 2010 - 5:15PM
Business Wire
Jean R. Hale, Chairman, President and CEO of Community Trust
Bancorp, Inc. (Nasdaq: CTBI) and Marvin L. Minton, President and
CEO of First National Bank of LaFollette, are pleased to announce
the completion of Community Trust Bancorp, Inc.’s acquisition of
LaFollette First National Corporation and First National Bank of
LaFollette. Community Trust Bancorp, Inc. acquired all outstanding
shares of LaFollette First National Corporation in a share exchange
for $650 per share, or a total of approximately $16.1 million, on
November 17, 2010. Immediately following the share exchange,
LaFollette First National Corporation was merged into Community
Trust Bancorp, Inc.
“Community Trust Bancorp, Inc. is pleased to be a part of the
communities served by First National Bank of LaFollette and looks
forward to serving the banking needs of existing and new customers
within those communities. This transaction also marks our entry
into the State of Tennessee,” said Ms. Hale. “We are pleased to be
a part of a strong bank holding company which emphasizes customer
service and community banking,” added Mr. Minton.
The transaction is expected to be accretive to Community Trust
Bancorp, Inc.’s earnings during the first year. The acquisition
will increase Community Trust Bancorp, Inc.’s assets by
approximately $182 million.
After giving effect to the acquisition, Community Trust Bancorp,
Inc., which is headquartered in Pikeville, Kentucky, has assets of
$3.4 billion, and has 70 banking locations across eastern,
northeastern, central, and south central Kentucky, six banking
locations in southern West Virginia, four banking locations in
Tennessee and five trust offices across Kentucky.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
that are based on our current expectations about Community Trust
Bancorp, Inc., our industry and the proposed transaction. These
forward-looking statements involve certain risks and uncertainties,
including various risks and uncertainties described in our Annual
Report on Form 10-K for the year ended December 31, 2009, and
actual results and trends could differ materially from those set
forth in such statements. We undertake no obligation to update
publicly any forward-looking statements for any reason, even if new
information becomes available or other events occur in the future.
We caution you to not place undue reliance on those statements.
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