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CITIZENS NATIONAL BANK OF PAINTSVILLE AND KENTUCKY NATIONAL BANK OF PIKEVILLE ANNOUNCE PLANS TO MERGE
For More Information, Contact:
Kim Dalton
Assistant Vice President/Marketing officer
Citizens National Bank
866.462.2265 EXT. 13049
PAINTSVILLE, KY (March 12, 2007) - Citizens National Bank announced today plans to merge with Kentucky National Bank of Pikeville. The merger is contingent upon customary conditions, including regulatory approval and the approval of KNB's shareholders.
The joining of KNB with CNB will allow both organizations to more effectively expand products and services with greater customer convenience throughout East and Northeast Kentucky.
Terms of the merger agreement between KNB and CNB's holding company, Citizens National Corporation, were not disclosed.
In commenting on the transaction, Bill Claude Burchett President and CEO of KNB, said, "We're very excited about this new partnership with Citizens National Bank. This is an excellent fit for both companies, and will enhance the combined presence in Pike County."
CNB currently has 14 locations throughout Boyd, Carter, Floyd, Greenup, Johnson, Magoffin and Pike counties. CNB employs 179 people. CNB currently has 1 location in Pike County at the Weddington Plaza on route 23.
The merger will add two strategic locations in Pike County. KNB's main office location on Hambley Blvd outside of downtown Pikeville strategically places CNB in the heart of Pike County's business and political district. The second KNB addition is located in Belcher, KY.
Dennis Dorton, President/Chief Executive Officer of Citizens, noted, "The addition of Kentucky National branches expands our market reach and continues fulfillment of our long term strategic goals of providing greater customer convenience and service to all our customers, especially in the Pike County Market."
Dorton added, "Kentucky National Bank and Citizens National Bank share a similar commitment to customers, employees and the communities we serve. This merger will also preserve the tradition of community banking and local loan decision making.
The transaction is expected to close during the summer of 2007. Currently Citizens has $450 million in total assets, and KNB has $76 million. Citizens National Bank's anticipated total assets after purchase will be $526 million.
Citizens National Bank is the second largest independently owned and operated community banking company in East and Northeast Kentucky. CNB headquarters is in Paintsville, KY. The bank is a wholly owned subsidiary of Citizens National Corporation, a diversified financial services company.
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