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Slide #72. HopFed Bancorp, Inc. — Sumner Bank & Trust
HopFed Bancorp, Inc. (HFBC)
Sumner Bank & Trust
HopFed Bancorp, Inc., the parent company of Heritage Bank in Hopkinsville, Kentucky ("Heritage"), today announced that it has entered into a definitive agreement to acquire Sumner Bank & Trust (OTC Pink: SBKT), based in Gallatin, Tennessee ("Sumner"). HopFed has agreed to pay approximately $14.3 million in cash, or $10.04 per share, to purchase all of the common stock and common stock equivalents of Sumner, including common stock that would be issued upon the conversion of Sumner's convertible preferred stock upon a change of control (subject to adjustments). Subject to Sumner's shareholder and regulatory approval, the companies anticipate the transaction will close in the third quarter of 2013.
HopFed Bancorp is a bank holding company. Through its subsidiary, Heritage Bank USA, Inc. (the Bank), Co. engaged in the business of accepting deposits and providing mortgage, consumer, construction and commercial loans to the general public through its retail banking offices. The Bank's business activities are primarily limited to western Kentucky and middle and western Tennessee. Co. accepts deposits principally from within its market area by providing competitive rates on its deposit instruments, including money market accounts, passbook savings accounts, individual retirement accounts, and certificates of deposit.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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