This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Kentucky First Federal Bancorp Announces Completion Of Acquisition Of CKF Bancorp, Inc. And Results Of Stock/Cash Elections

Stocks in this article: KFFB

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.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,882.95 +78.15 0.44%
S&P 500 2,070.65 0.00 0.00%
NASDAQ 4,768.36 +2.98 0.06%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs