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April 22, 2014
08:33 EDTCBIN, FFKYCommunity Bank Shares of Indiana to acquire First Financial Service for $17.9M
Community Bank Shares of Indiana (CBIN) and First Financial Service (FFKY) jointly announced they have entered into an agreement and plan of share exchange. Under the terms of the agreement, Community Bank Shares of Indiana will exchange all of the issued and outstanding common shares of First Financial Service for 0.153 shares of CBINs common stock, subject to potential adjustments at closing. Based on CBINs 20 trading day average common stock price of $22.33 per share, as of April 17, assuming no exchange ratio adjustments, the transaction is valued at approximately $17.9M. As part of the transaction, FFKYs outstanding preferred stock, all of which was issued in the Troubled Assets Relief Program, will be redeemed at or promptly following closing of the acquisition for approximately $12.3M, plus accrued but unpaid interest. In addition, CBIN has entered into subscription agreements with investors to purchase approximately $25M of CBIN common stock immediately prior to the consummation of the share exchange transaction at a price of $22.33 per share. The transaction is subject to receipt of FFKY shareholder approval, CBIN shareholder approval and customary regulatory approvals. We expect the transaction to close in the late 3Q14 or late 4Q14. Upon the consummation of the transaction, First Federal Savings Bank of Elizabethtown will be merged with and into Your Community Bank. At that time, First Federal Savings Bank of Elizabethtown offices will become branches of Your Community Bank. CBIN estimates it will have approximately $1.6B in assets and 41 branch offices throughout southeastern Indiana and Kentucky after the transaction closes. CBIN expects the transaction to be accretive to earnings per share in the first full year of operations, excluding any one-time restructuring charges, and that all subsidiary banks will exceed well-capitalized thresholds under all regulatory definitions.
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