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UPDATE: Keefe, Bruyette & Woods Terminates Coverage On First Financial Service Following Acquisition By CBIN


In a report published Tuesday, Keefe, Bruyette & Woods analyst Catherine Mealor terminated coverage on First Financial Service Corp. (NASDAQ: FFKY).

In the report, Keefe, Bruyette & Woods noted, “We are dropping coverage of FFKY following the company's acquisition by CBIN, effective January 2, 2015. We estimate the final deal value to be approximately $3.95/share or $20 million (assuming a 0.145 exchange ratio per the October prospectus and a closing price of $27.29 for CBIN as of January 2, 2015). With the acquisition, CBIN now has 41 branches throughout southeastern Indiana and Kentucky and total assets of approximately $1.6 billion. Our final rating and 12-month target price were Market Perform and $3.50/share, respectively.”

First Financial Service closed on Monday at $3.90.


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