This Day On The Street
Continue to site
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

HopFed Bancorp, Inc. Subsidiary Heritage Bank To Acquire Tennessee-based Sumner Bank & Trust

HOPKINSVILLE, Ky., Feb. 12, 2013 /PRNewswire/ -- HopFed Bancorp, Inc. (NASDAQ: HFBC) ("HopFed"), 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.

In making today's announcement, John E. Peck, President and Chief Executive Officer of HopFed and Heritage stated, "We are excited about the opportunity to partner with Sumner. 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. We look forward to our partnership with Sumner and its management team as we participate in the growth opportunities that these wonderful communities provide."

Mike Cook, President and Chief Executive Officer of Sumner, stated, "The opportunity to partner with a strong publically 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."

Sumner Bank & Trust, a state chartered bank that opened in 2005, has full service banking centers in Gallatin (2) and Hendersonville, Tennessee, and loan production offices in Franklin, Lebanon, and Jackson, Tennessee. At December 31, 2012, Sumner had total assets of $184.0 million, total deposits of $157.6 million and $121.6 million in loans outstanding. More information about Sumner may be found on its website .

HopFed Bancorp, Inc. is the holding company for Heritage Bank headquartered in Hopkinsville, Kentucky. At December 31, 2012, HopFed reported consolidated assets of $967.7 million, total deposits of $759.9 million and $525.0 million in loans outstanding. Heritage has 18 offices in western Kentucky and middle Tennessee in addition to its subsidiary, Fall & Fall Insurance of Fulton, Kentucky. Heritage's operations include Heritage Solutions of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee and Pleasant View, Tennessee, which offers a broad line of financial services. Heritage Mortgage Services of Clarksville, Tennessee, offers long term fixed rate 1-4 family mortgage loans in all communities in the Company's general market area.  Heritage offers a broad line of banking and financial products and services with the personalized focus of a community banking organization.  More information about HopFed and Heritage may be found on their website .

Raymond James acted as financial advisor and Jones Walker acted as legal counsel to HopFed Bancorp, Inc.  Houlihan Lokey acted as financial advisor and Butler, Snow, O'Mara, Stevens & Cannada, PLLC acted as legal counsel for Sumner Bank and Trust.

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend, "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.  Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 -2.67%
FB $104.07 -5.81%
GOOG $683.57 -3.45%
TSLA $162.60 -7.26%
YHOO $27.97 -4.05%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs