Community Bank Shares of Indiana will acquire First Financial Service Corp., the holding company for First Federal Savings Bank of Elizabethtown, the companies announced earlier this week.
Under the terms of the agreement, Community Bank Shares of Indiana, the holding company for Your Community Bank and the Scott County (Ind.) State Bank, will exchange common shares of First Financial Service Corp. for 0.153 shares of Community Bank Shares common stock.
The transaction is expected to close in the late third quarter or the fourth quarter.
At that time, First Federal Savings Bank of Elizabethtown will be merged with and into Your Community Bank, and branches of First Federal Savings Bank of Elizabethtown will become branches of Your Community Bank.
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Established in 1923, First Federal Savings Bank of Elizabethtown operates 17 offices in Kentucky, including seven in the Louisville area, seven in the Elizabethtown area and two in Bardstown. At the end of 2013, First Federal had about $859 million in total assets, $467 million in loans and $783 million in deposits, according to the bank.