| CKF Bancorp, Inc. Shareholders Approve Agreement of Merger
HAZARD and FRANKFORT, Ky., July 5, 2012 (GLOBE NEWSWIRE) -- Kentucky
First Federal Bancorp (Nasdaq:KFFB) ("Kentucky First"), the holding
company for First Federal Savings and Loan Association of Hazard and
First Federal Savings Bank of Frankfort, and CKF Bancorp, Inc. ("CKF
Bancorp"), the holding company for Central Kentucky Federal Savings
Bank, announced today that the shareholders of CKF Bancorp have
approved the agreement of merger by and among Kentucky First, CKF
Bancorp and Central Kentucky Federal Savings. At a special meeting held
on July 2, 2012, 98% of the votes cast were in favor of the merger. A
total of 83% of eligible shares were voted at the meeting.
The completion of the merger is subject to certain customary
conditions, including the receipt of regulatory approvals.
Kentucky First Chairman and CEO Tony Whitaker expressed appreciation
for the support of the CKF Bancorp shareholders. "We believe that our
new association with the staff, officers, directors, and customers of
Central Kentucky Federal will be tremendously beneficial to our company
and we look forward to adding the fine communities of Danville and
Lancaster to our service area," stated Mr. Whitaker.
William H. Johnson, President and CEO of CKF Bancorp, echoed Mr.
Whitaker's sentiments, "As a representative of community banks with two
of the longest tenures of continuous service to their respective
communities in the state (Danville since 1886 and Lancaster since
1873), I believe this merger will enhance our tradition and provide
additional opportunities for our customers. Our staff, management, and
board are looking forward to serving our existing customers and
attracting new ones as well."
Kentucky First Federal Bancorp is the parent company of First Federal
Savings and Loan Association of Hazard, which operates one banking
office in Hazard, Kentucky, and First Federal Savings Bank of
Frankfort, which operates three banking offices in Frankfort, Kentucky.
Kentucky First Federal Bancorp shares are traded on the Nasdaq Global
Market under the symbol KFFB. At March 31, 2012, Kentucky First Federal
Bancorp had approximately 7,735,700 shares outstanding, of which
approximately 61.1% was held by First Federal MHC.
CKF Bancorp, Inc. is the parent company of Central Kentucky Federal
Savings Bank. Central Kentucky Federal Savings Bank's main office is
located at 340 W. Main Street, Danville, Kentucky. Central Kentucky
Federal Savings Bank also operates two full service branch offices,
located in Danville and Lancaster, Kentucky.
This press release may contain statements that are forward-looking, as
that term is defined by the Private Securities Litigation Act of 1995
or the Securities and Exchange Commission in its rules, regulations and
releases. The Company intends that such forward-looking statements be
subject to the safe harbors created thereby. Forward-looking
statements, which are based on certain assumptions and describe future
results, events, plans, strategies, and expectations of the Parties are
generally identified by use of the words "plan," "believe," "expect,"
"intend," "anticipate," "estimate," "project," or other similar
expressions. The Parties' ability to predict results or the actual
effects of their performance, plans, strategies and expectations,
including those with respect to the proposed merger, is inherently
uncertain. Accordingly, actual results may differ materially from
The following factors, among others, could cause the actual results to
differ materially from the expectations stated in this news release:
the ability to successfully integrate the companies following the
merger, including the retention of key personnel; the ability to fully
realize the expected cost savings and revenues; and the ability to
realize the expected cost savings and revenues on a timely basis;
competitive pressure among depository institutions increases; operating
costs, customer losses and business disruption following the merger may
be greater than expected; and governmental approvals of the merger may
not be obtained, or adverse regulatory conditions may be imposed in
connection with governmental approvals of the merger.
Factors that could have a material adverse effect on the operations of
the Parties include, but are not limited to: changes in general
economic conditions, interest rates, deposit flows, loan demand, real
estate values, competition, and the demand for financial services and
loan, deposit, and investment products in any of the Parties' local
markets; changes in the quality or composition of any of the Parties'
loan or investment portfolios; changes in accounting principles,
policies, or guidelines; changes in legislation and regulation; changes
in the monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Federal Reserve Board; war or
terrorist activities; and other economic, competitive, governmental,
regulatory, geopolitical, and technological factors affecting any of
the company's operations, pricing, and services.
The Parties undertake no obligation to update these forward-looking
statements to reflect events or circumstances that occur after the date
on which such statements were made.
CONTACT: For information contact:
Kentucky First Federal Bancorp
Tony D. Whitaker
CKF Bancorp, Inc.
William H. Johnson