Community banking

Kentucky First's CEO to Step Down

By Andy Peters August 17, 2012, 5:01 p.m. EDT 1 Min Read

M&A

Kentucky First Buying CKF Bancorp for $10.8 Million

Kentucky First Federal Bancorp in Hazard, Ky., has is acquiring CKF Bancorp Inc. in Danville, Ky., in a deal that would expand its branch network into two new markets in its home state.

By Jackie Stewart

November 4

Kentucky First Federal Bancorp (KFFB) in Hazard will have a new chief executive next year.

The $223 million-asset company said Friday that Tony Whitaker will step down as its CEO and as the president and CEO of its two thrifts. Don Jennings, the company's president and chief operating officer, will succeed Whitaker, who will remain chairman. The changes will take place at the end of this year.

Whitaker, 66, said in a press release that he will remain "very active" with Kentucky First, and will advise it on the integration of CKF Bancorp. Kentucky First agreed to buy the $126 million-asset CKF Bancorp of Danville, Ky., last November for $10.8 million. CKF shareholders approved the deal last month.

Kentucky First also announced on Friday that its net income fell 32% in its fiscal fourth quarter, compared to a year earlier, to $378,000. A larger loan-loss provision contributed to the results.

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