Hancock Bancorp, the Hawesville-based holding company for Hancock Bank & Trust Company, has announced plans to acquire Community First Bancorp Inc. for $3.6 million.
Community First Bancorp is the holding company for Community First Bank, which has two banking facilities in Madisonville. As of Sept. 30, 2007, Community First had consolidated deposits of $71 million.
Hancock Bank & Trust, with offices in Bowling Green, Cloverport, Lewisport, Hawesville and Madisonville, had approximately $171.5 million in deposits.
The all-cash transaction is subject to shareholder and regulatory approval and is expected to close in the first quarter of 2008. The purchase price is subject to adjustment if Community First Bancorp’s tangible equity is less than $2 million at closing.
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