Citizens Deposit to acquire The First National Bank of Jackson for $14.8M
Premier Financial and The First National Holding Company of Jackson jointly announce that they have entered into a definitive agreement whereby Citizens Deposit Bank and Trust, Premier's wholly owned subsidiary, will acquire The First National Bank of Jackson, the wholly owned subsidiary of First Holding, in a cash purchase valued at approximately $14.8M. In conjunction with the acquisition by Citizens Deposit, Jackson Bank will be merged into Citizens Deposit. The resulting merger will expand Citizens Deposit's full service footprint into the Jackson, Kentucky market place. Under terms of the definitive agreement, Citizens Deposit will pay book value, or approximately $14.8M, in cash for Jackson Bank and will merge Jackson Bank's two branch locations into Citizens Deposit's operating system early in the Q4. The transaction, which is subject to satisfaction of various contractual conditions and requires approval by bank regulatory agencies and the shareholders of First Holding, is anticipated to close early in the Q4. Investment Bank Services, Inc. served as financial advisor to First Holding.