Community Bank Shares of Indiana, Inc., announces merger completion with First Financial Service Corporation of Elizabethtown, Ky.
Community Bank Shares – First Financial Services – First Federal Savings BankNew Albany, Ind., (January 2, 2015) – Community Bank Shares of Indiana, Inc. (NASDAQ: CBIN), the holding company for Your Community Bank and The Scott County State Bank, announced today that it has successfully completed its acquisition of First Financial Service Corporation (NASDAQ: FFKY).
As part of the agreement, First Federal Savings Bank of Elizabethtown, a wholly-owned subsidiary of First Financial Service Corporation, merged with and into Your Community Bank. The former locations of First Federal Savings Bank of Elizabethtown will be operated as financial centers of Your Community Bank under the name of First Federal Savings Bank until system conversions are completed in March of 2015. The acquisition and merger was first announced on April 22, 2014. CBIN and FFKY shareholders approved the acquisition on December 16, 2014, and all regulatory approvals were completed that same month.
With the acquisition, CBIN now has 41 financial centers throughout southeastern Indiana and Kentucky and estimated total assets of approximately $1.6 billion.
James D. Rickard, President and CEO of Community Bank Shares of Indiana commented, “Community Bank Shares is stronger than ever, and we’re eager to provide our outstanding menu of products and services to new customers in the region. With this merger, we are increasing our market presence in the Louisville and Bardstown areas, and creating new opportunities in Bullitt, Hardin, Hart and Meade counties. Culturally and geographically, this is a fit, and it aligns with our vision for growth.”