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HopFed Bancorp, Inc.
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
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."
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