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HAZARD, Ky., FRANKFORT, Ky., DANVILLE, Ky. and LANCASTER, Ky., Jan. 1, 2013 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB) ("Kentucky First"), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Frankfort, announced today the completion of its acquisition of CKF Bancorp, Inc. ("CKF Bancorp"), the holding company for Central Kentucky Federal Savings Bank. As a result of the merger, CKF Bancorp was merged with and into Kentucky First, with Kentucky First as the surviving entity, and Central Kentucky Federal Savings Bank was merged with and into First Federal Savings Bank of Frankfort, with First Federal Savings Bank of Frankfort as the surviving entity.
Tony D. Whitaker, Chairman of the Board of Kentucky First, stated, "We are extremely pleased to be able to complete the merger. We continue to see new possibilities that will result from the combination of our fine companies and great banks. Also, we are certainly appreciative for the patience of our shareholders and especially the CKF shareholders through this long process."
The results of the elections made by CKF Bancorp shareholders as to the form of consideration to be received due to the merger are as follows:
Stock Elections: CKF Bancorp shareholders who validly elected to receive all Kentucky First common stock will receive 1.1743 shares of Kentucky first common stock for each share of CKF Bancorp common stock with respect to which that election was made;
Non-Elections: CKF Bancorp shareholders who validly elected either the "No Election" choice or who did not make a valid election will receive 1.1743 shares of Kentucky First common stock for each share of CKF Bancorp common stock held immediately prior to the merger; and
Cash Elections: Cash elections were oversubscribed and therefore subject to the pro-ration calculations specified in the merger agreement, so that in the aggregate 690,943 of the shares of CKF Bancorp common stock outstanding immediately prior to the merger were converted into shares of Kentucky First common stock and the remaining shares of CKF Bancorp common stock outstanding immediately prior to the merger were converted into the right to receive $9.50 in cash, without interest. Due to the pro-ration required by the oversubscription of cash elections, CKF Bancorp shareholders who validly elected to receive cash will receive $9.50 in cash, without interest, for 61.44% of their shares and 1.1743 shares of Kentucky First common stock for 38.56% of their shares.
Under the terms of the merger agreement, cash will be issued in lieu of fractional shares.