Community Bank Shares of Indiana and First Financial Service Corp. announced Wednesday that shareholders of both companies have approved a plan announced in April for the two banks to merge.
The merger also has received regulatory approval; the transaction is expected to be completed in January.
First Federal Savings Bank of Elizabethtown will be merged with and into Your Community Bank, and its offices will become branches of Your Community Bank.
Community Bank Shares estimates that it will have approximately $1.6 billion in assets and 41 branch offices throughout southeastern Indiana and Kentucky after the transaction is finalized, according to a news release.
James D. Rickard, president and CEO of Community Bank Shares of Indiana, called it "an outstanding opportunity for growth."
Gregory Schreacke, president of First Financial Service Corp., also expressed support for the transaction.