MADISONVILLE, Ky., Dec. 3 /PRNewswire-FirstCall/ -- Community First Bancorp, Inc. (BULLETIN BOARD: CFBC) , the holding company for Community First Bank, Madisonville, Kentucky, and Hancock Bancorp, Inc., the holding company for Hancock Bank & Trust Company, Hawesville, Kentucky, today announced their agreement that Community First be acquired by Hancock for an aggregate value of $3,644,227.40 ($10.71 per share) in a merger involving Community First and a Hancock subsidiary. 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, Inc.'s tangible equity is less than $2.0 million at closing.
Through its subsidiary, Community First Bank, Community First serves Hopkins County, Kentucky from two offices in Madisonville. At September 30, 2007, Community First had approximately $81.5 million in consolidated assets, $71.1 million in consolidated deposits and $2.267 million in consolidated tangible equity.
Through its subsidiary, Hancock Bank & Trust, Hancock serves Breckinridge, Hancock, Hopkins and Warren Counties from its offices in Bowling Green, Cloverport, Lewisport, Hawesville and Madisonville, Kentucky. At September 30, 2007, Hancock had approximately $196.1 million in assets and $171.5 million in deposits.
The transaction will allow Hancock to expand its financial services and product offerings to new and current customers within Madisonville and the surrounding areas and provides the customers of both institutions more locations and services for their banking needs.
Keefe, Bruyette & Woods, Inc. acted as financial advisor to Community First Bancorp, Inc. and Malizia Spidi & Fisch, PC, Washington, D.C., served as its legal counsel. Frost Brown Todd LLC, Louisville, Kentucky, served as legal counsel to Hancock Bancorp, Inc.
Statements in this news release which are not historical facts are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors.
Contact: William M. Tandy Russell Badgett, III
President and Chief Executive Officer Chairman
Community First Bancorp, Inc. Hancock Bancorp, Inc.
270-326-3500 270-927-8855
Community First Bancorp, Inc.
