ASHLAND, Ky., March 18, 2014 /PRNewswire/ -- Poage
Bankshares, Inc. (NASDAQ: PBSK) (the "Company"), the holding
company for Home Federal Savings and Loan Association ("Home
Federal"), today announced the completion of the acquisition of
Town Square Financial Corporation ("Town Square") and Town Square
Bank, a $150 million Kentucky chartered commercial bank with 4
branch offices headquartered in Ashland,
Kentucky. Pursuant to the terms of the merger agreement,
Town Square merged with and into the Company, with the Company as
the surviving entity. Immediately following the merger of the
holding companies, Town Square Bank merged with and into Home
Federal, with Home Federal as the surviving entity.
Ralph E. "Gene" Coffman, Jr., President and Chief Executive
Officer of the Company, stated "We are pleased to expand our
presence in Boyd County and to
enter a new market area, with our acquisition of Town Square Bank's
Jessamine County branch office.
Home Federal and Town Square have always focused on superior
customer service and together we will ensure that the tradition of
superior customer service will continue. We welcome our new
shareholders and customers from Town Square and we are confident
that this partnership will benefit existing and new shareholders
and customers."
The Company and Home Federal have made several appointments in
connection with the merger agreement. Bruce
VanHorn, former President and Chief Executive Officer of
Town Square and Town Square Bank, will serve as Executive Vice
President of the Company and President of Home Federal.
Jane Gilkerson, former Chief
Financial Officer of Town Square and Town Square Bank, will serve
as Chief Financial Officer of the Company and Home Federal.
Jeffrey W. Clark will continue to
serve the Company and Home Federal. In addition, Thomas Burnette and John
C. Stewart, Jr., former directors of Town Square and Town
Square Bank, will serve on the Boards of Directors of the Company
and Home Federal.
Bruce VanHorn stated "On behalf
of the Town Square team, we are excited to join Home Federal and
look forward to working as part of the Home Federal team to provide
competitive financial products and outstanding customer service in
our market area."
With the completion of the merger transaction, the Company will
have assets totaling approximately $439
million and 10 full-service branches. Following the issuance
of stock merger consideration to Town Square shareholders, the
Company's outstanding common shares will increase to approximately
3.9 million shares.
The deadline for making an election of cash or stock
consideration ended at 4 p.m. EDT on
March 18, 2014. The Company will make
the results of the cash/stock merger consideration elections known
as soon as it is available.
About Poage Bankshares, Inc.
Poage Bankshares, Inc. is the savings and loan holding company
for Home Federal Savings and Loan Association (the
"Association"). The Association, originally chartered in 1889
and headquartered in Ashland,
Kentucky, conducts its operations from 10 full-service
banking offices located in Ashland, Flatwoods, South
Shore, Louisa, Greenup, Nicholasville, and Catlettsburg, Kentucky.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. In addition to those risk factors listed in the
Company's Annual Report on Form 10-K, the following factors could
cause the actual results of the Company's operations to differ
materially from its expectations: difficulties related to the
integration of the businesses following the merger,
difficulties in achieving cost savings from the merger or in
achieving such cost savings within the expected time frame,
increased competitive pressures, or increased activity from hostile
investors. The Company does not assume any duty to update
forward-looking statements.
Contact:
Amanda Gillum
(606)
324-2914
SOURCE Poage Bankshares, Inc.