Sumner Bank & Trust of Gallatin was acquired by the parent company of Heritage Bank in Hopkinsville, Kentucky for $14.3 million.
In a press release, HopFed Bancorp Inc. (Nasdaq: HFBC) said it agreed to pay $10.04 a share for common stock and equivalents for the bank. The deal is subject to regulatory and shareholder approval.
"We are excited about the opportunity to partner with Sumner," said John Peck, president and CEO of
HopFed and Heritage. "This partnership is an important addition for our company as it provides us
entry into the attractive communities of Sumner, Wilson and Williamson counties in Middle Tennessee
and Madison County in West Tennessee."
Mike Cook, president and CEO of Sumner Bank & Trust, added, "The opportunity to partner with a strong
publicly traded community bank will enhance our relationship opportunities and allow us to continue to
provide the highest quality of service to our communities. By partnering with Heritage, we can enjoy
the benefits provided by a larger institution while keeping the community bank focus that we enjoy
today."
If approved, the deal will close in the third quarter. HopFed would have consolidated assets over $1.1 billion afterwards, and deposits over $900 million.
No comments:
Post a Comment