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Information Articles for the Clarksville TN and Montgomery County Tennessee area

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Information Articles for the Clarksville TN and Montgomery County Tennessee area

Heritage Bank parent company HopFed Bancorp, Inc. to acquire Tennessee-Based Sumner Bank & Trust

February 13, 2013

HopFed Bancorp, IncHopkinsville, KY – HopFed Bancorp, Inc. (NASDAQ: 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 (OTC Pink: 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). [Read more]

 
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