Hazard-based Kentucky First Federal Bancorp has acquired CKF Bancorp Inc. in a transaction valued at approximately $10.8 million.
Kentucky First Federal is the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Frankfort. Danville-based CKF is the holding company for Central Kentucky Federal Savings Bank.
Kentucky First Chairman and CEO Tony D. Whitaker said the merger “presents a tremendous opportunity to expand our presence in Kentucky, particularly in Boyle County and Garrard County, where neither First Federal of Hazard nor First Federal of Frankfort currently maintains branches.”
As part of the agreement, Central Kentucky Federal Savings will continue to operate under the Central Kentucky Federal name and will be a division of First Federal Savings Bank of Frankfort. All Central Kentucky Federal employees will become employees of First Federal Savings Bank of Frankfort, and Central Kentucky Federal CEO William H. Johnson will be named president of the Danville-Lancaster operations of First Federal Savings Bank of Frankfort and will assume executive responsibilities for lending and deposit operations in the Danville-Lancaster area.
The merger will increase Kentucky First’s assets from $226 million (as of June 30, 2011) to approximately $352 million and the number of banking offices from four to seven. The merger is expected to close during the second or third quarter of 2012.