Financial Institution Purchases Other Financial Firm

By: Ryan Dearbone
By: Ryan Dearbone

Citizens first corporation has struck a deal to purchase Kentucky Banking Centers from its current owners for 20 million dollars.

Citizens First President and CEO Mary Cohron says that buying up the company with locations in Munfordville, Glasgow and Horse Cave is a win-win situation.

"They have some equity. We have some loan demand because of the growth in Warren County and they have some equality in terms of excess deposits."

Customers of the Kentucky Banking Centers won't see many changes at all aside from a name change to the "Citizens Bank" moniker.

"As far as in terms of products and services, what we've discussed with Kentucky Banking Centers is taking the best of both of our banks and putting them together. So they may see, I hope, enhanced products and enhanced services."

The changeover will become official in the late third or early fourth quarter of this year.

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