FOR IMMEDIATE RELEASE
October 14, 2014
First Southern Bancorp, Inc. to Acquire First United, Inc. and wholly-owned subsidiary First National Bank of Muhlenberg County
(Stanford, KY) – Tommy Roberts, Chief Executive Officer of First Southern National Bank, and Lanie Gardner, Interim President/CEO First National Bank of Muhlenberg County, are pleased to announce that they have entered into a definitive agreement whereby First Southern Bancorp, Inc., the parent company of First Southern National Bank, headquartered in Stanford, Kentucky, will acquire First United, Inc. and its wholly-owned subsidiary, First National Bank of Muhlenberg County, which has offices in Central City, Greenville, and Bremen, Kentucky.
The agreement is subject to certain conditions, including regulatory approval and customary closing conditions and is expected to close within the next few months.
First Southern National Bank has an established presence in Central and Western Kentucky, with its locations in Logan and Caldwell Counties being closest in proximity to First National Bank’s headquarters in Central City, Ky. The acquisition will bring the total number of First Southern locations to 19 in 11 Kentucky counties.
“We understand the importance and value of a strong community bank, and we are thrilled to welcome the First National Bank team to our family,” said Roberts. “We look forward to continuing the long-standing legacy of providing outstanding service to First National Bank’s team members, existing customers and the people of Muhlenberg County.” The acquisition will increase First Southern Bancorp’s total assets by approximately $145 million.
“Our focus was to find a partner that shared our values, commitment, philosophy, and could provide the resources and capital strength necessary to support growth,” said Gardner. “We found that and more with First Southern National Bank. Additionally, First Southern’s strong reputation of excellent service, leadership, and giving made them a perfect fit for our customers, staff, and community.”
First Southern Bancorp, Inc., with assets of $700 million, is headquartered in Stanford, Kentucky. First Southern has 16 offices in Central and Western Kentucky including locations in Caldwell, Fayette, Garrard, Jessamine, Lincoln, Logan, Madison, Pulaski, Wayne and Warren counties. First Southern believes in providing exceptional customer service and making fast, local decisions. For more information about First Southern National Bank, visit www.fsnb.net or call 866-602-3762.