The Online Investor
Financial M&A image Financial M&A » By The Online Investor Staff, updated Sat., Apr. 17, 1:40 PM Recent mergers and acquisitions in the Financial M&A category.

Slide #49. Community Bank Shares of Indiana, Inc. First Financial Service Corporation

Acquirer: Community Bank Shares of Indiana, Inc. (CBIN)
Acquiree: First Financial Service Corporation (FFKY)
Details: Community Bank Shares of Indiana, Inc. (NASDAQ GM: CBIN), the holding company for Your Community Bank and The Scott County State Bank, and First Financial Service Corporation (NASDAQ GM: FFKY), the holding company for First Federal Savings Bank of Elizabethtown, jointly announced today they have entered into an agreement and plan of share exchange (the "Agreement"). Under the terms of the Agreement, Community Bank Shares of Indiana, Inc. will exchange all of the issued and outstanding common shares of First Financial Service Corporation for 0.153 shares of CBIN's common stock, subject to potential adjustments at closing. Based on CBIN's 20 trading day average common stock price of $22.33 per share, as of April 17, 2014, assuming no exchange ratio adjustments, the transaction is valued at approximately $17.9 million. As part of the transaction, FFKY's outstanding preferred stock, all of which was issued in the Troubled Assets Relief Program, will be redeemed at or promptly following closing of the acquisition for approximately $12.3 million, plus accrued but unpaid interest. In addition, CBIN has entered into subscription agreements with investors to purchase approximately $25.0 million of CBIN common stock immediately prior to the consummation of the share exchange transaction at a price of $22.33 per share. The transaction is subject to receipt of FFKY shareholder approval, CBIN shareholder approval and customary regulatory approvals. We expect the transaction to close in the late third or fourth quarter of 2014.

Community Bank Shares of Indiana is a bank holding company. Through its subsidiaries, Your Community Bank and The Scott County State Bank (the Banks), Co. is engaged primarily in accepting deposits from the public and using such funds for the origination of commercial business and real estate loans, and secured consumer loans such as home equity lines of credit, automobile loans, and recreational vehicle loans. Additionally, the Banks originate and sell into the secondary market mortgage loans. The Banks also invest in mortgage-backed, U.S. agency, state and municipal and corporate securities. As of Dec 31 2013, Co. had total assets of $846.7 million and total deposits of $643.6 million.

Open the CBIN Page at The Online Investor »

Community Bank Shares of Indiana is a bank holding company. Through its subsidiaries, Your Community Bank and The Scott County State Bank (the Banks), Co. is engaged primarily in accepting deposits from the public and using such funds for the origination of commercial business and real estate loans, and secured consumer loans such as home equity lines of credit, automobile loans, and recreational vehicle loans. Additionally, the Banks originate and sell into the secondary market mortgage loans. The Banks also invest in mortgage-backed, U.S. agency, state and municipal and corporate securities. As of Dec 31 2013, Co. had total assets of $846.7 million and total deposits of $643.6 million.

Open the FFKY Page at The Online Investor »

Company Name: 
Community Bank Shares of Indiana, Inc.
Website: 
www.yourcommunitybank.com
Sector: 
Banking & Savings
Company Name: 
First Financial Service Corp
Website: 
www.ffsbky.com
Sector: 
Banking & Savings
 

Quotes delayed 20 minutes


Financial M&A - Slide 49 of 100 Page | www.TheOnlineInvestor.com

Copyright © 1998 - 2021, All Rights Reserved
Nothing in The Online Investor is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy. Video widget and stock market videos powered by Market News Video. Quote data delayed at least 20 minutes; data powered by Ticker Technologies, and Mergent. Contact The Online Investor; Meet Our Editorial Staff.