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 | | The acquisition of the Sharpsburg Bank on November 1, 1995 for cash in a transaction accounted for as a purchase and the continued growth of the Company resulted in an increase in average loans of $31,007,000 for the three months ended March 31, 1996 compared to the same period of 1995. |
 | | Prior to the acquisition, the Sharpsburg Bank had incurred operating losses during 1994 and 1995, had nonperforming loans of $888,000, was undercapitalized, and was operating under a Cease and Desist Order effective as of November 24, 1994 jointly issued by the FDIC and the Kentucky Department of Financial Institutions. |
 | | Of this $31,788,000 increase, $14,176,000 is attributable to the acquisition of the Sharpsburg Bank, and the remaining $17,612,000 increase is due to a 21.6% growth in loans at the other Banks, particularly the Georgetown Bank where loans increased from $13,654,000 at December 31, 1994 to $21,657,000 at December 31, 1995. |
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