November 14, 2016
FOR IMMEDIATE RELEASE
Contact Information: Kim Davis
Senior Vice President/Marketing
Citizens Union Bank
CITIZENS UNION BANCORP, SHELBYVILLE, KY
THE MERGER OF CITIZENS UNION BANK, SHELBYVILLE< KY WITH
FIRST FARMERS BANK, OWENTON, KY
On Wednesday, November 16nd, Citizens Union Bancorp, Shelbyville, KY, announced plans to merge its two wholly owned subsidiary Banks, Citizens Union Bank, Shelbyville KY and First Farmers Bank, Owenton, KY.
Steven Barker, Chairman of the Board at Citizens Union Bancorp said, “Strategically we concluded that we want to bring the two organizations together in order to further grow and prosper and better serve our customers.”
David Bowling, CEO, of Citizens Union Bank, stated, “The two Banks have been operating with the same products and services and on the same systems for some time now. We just felt the timing was right to combine the two organizations to improve our operating efficiency and offer all of our customers a more consistent Banking experience.”
Darryl Traylor, CEO of First Farmers Bank, said, “Because our operations and our commitment to community banking have been so closely aligned with CUB for all these years we believe our customers will see very little change. They will still see the same people and get the same great customer service we have always provided. We are excited about the positive changes this will bring.”
The merger transaction is subject to regulatory approval and is expected to be completed in the first quarter of 2017.
Citizens Union Bank has total assets of $575 Million and First Farmers has total asset of $120 Million. Citizens Union Bancorp has owned First Farmers since 1993. Citizens Union Bank currently has 12 branch locations in six Kentucky counties and First Farmers Bank has four branches in two Kentucky counties. No branches will be closed as a result of the merger.