First Financial Service Corp. (KY) (FFKY)

[Sittingduck1]

56Chevy
u live in Etown?

[56Chevy]

Quote from : Thursday, 02/27/14 12:46:03 PM

At todays price of $4.52 the bank sells at 151.1% X Book.

The Price/Book average for all banks in Kentucky is 118.12%

No surprise. In this proposed merger CBIN is offering FFKY shareholders 114% X BV or approx $3.42.

Marker:
First Financial Serv (FFKY)
$3.65 0.0 (0.00%)
Volume: 5,499

[56Chevy]

Community Bank Shares of Indiana, Inc. To Acquire First Financial Service Corporation of Elizabethtown, Kentucky

Date : 04/22/2014 @ 8:28AM
Source : Business Wire
Stock : First Financial Service Corp. (MM) (FFKY)
Quote : $3.69 0.04 (1.10%) @ 1:59PM

Community Bank Shares of Indiana, Inc. (NASDAQ GM: CBIN), the holding company for Your Community Bank and The Scott County State Bank, and First Financial Service Corporation (NASDAQ GM: FFKY), the holding company for First Federal Savings Bank of Elizabethtown, jointly announced today they have entered into an agreement and plan of share exchange (the “Agreement”). Under the terms of the Agreement, Community Bank Shares of Indiana, Inc. will exchange all of the issued and outstanding common shares of First Financial Service Corporation for 0.153 shares of CBIN’s common stock, subject to potential adjustments at closing. Based on CBIN’s 20 trading day average common stock price of $22.33 per share, as of April 17, 2014, assuming no exchange ratio adjustments, the transaction is valued at approximately $17.9 million. As part of the transaction, FFKY’s outstanding preferred stock, all of which was issued in the Troubled Assets Relief Program, will be redeemed at or promptly following closing of the acquisition for approximately $12.3 million, plus accrued but unpaid interest. In addition, CBIN has entered into subscription agreements with investors to purchase approximately $25.0 million of CBIN common stock immediately prior to the consummation of the share exchange transaction at a price of $22.33 per share. The transaction is subject to receipt of FFKY shareholder approval, CBIN shareholder approval and customary regulatory approvals. We expect the transaction to close in the late third or fourth quarter of 2014.

Upon the consummation of the transaction, First Federal Savings Bank of Elizabethtown will be merged with and into Your Community Bank. At that time, First Federal Savings Bank of Elizabethtown offices will become branches of Your Community Bank. CBIN estimates it will have approximately $1.6 billion in assets and 41 branch offices throughout southeastern Indiana and Kentucky after the transaction closes. CBIN expects the transaction to be accretive to earnings per share in the first full year of operations, excluding any one-time restructuring charges, and that all subsidiary banks will exceed “well-capitalized” thresholds under all regulatory definitions.

James D. Rickard, President and CEO of Community Bank Shares of Indiana, stated, “We are excited to add to our presence in the Louisville and Bardstown markets, while expanding into Elizabethtown and neighboring communities. We believe this transaction creates a dynamic community banking franchise across the entire Louisville MSA. Community Bank Shares enjoys strong market share in the northern counties of Louisville and the addition of FFKY adds a strong presence in Louisville’s southern counties. The acquisition of FFKY is the second transaction we have undertaken in the last twelve months. These activities are part of an integrated strategy to drive shareholder returns through both organic and acquisition related growth.”

[....]

http://ih.advfn.com/p.php?pid=nmona&article=61912975

24 hours after the announcement this is where the individual stocks stand:

Markers: (mid-day)

First Financial Serv (FFKY)
$3.69 up 0.04 (1.10%)
Volume: 3,999

Community Bank Shares of Indi (CBIN)
$ 26.00 up 1.00 (4.00%)
Volume: 6,280

[Sittingduck1]

What now 56 Chevy?
Thumbs up or Thumbs down?

[Sittingduck1]

56Chevy
LOL.....that's funny
This is a local bank, we have been buying
waiting for turnaround.
Have some shares at $1.00

[56Chevy]

If I said the moon is made out of cheddar cheese...would that be good enough proof for you?

True the bank is at a better price than my last post in December [$5.20] but show me with financial numbers that the bank is "cheap".

At todays price of $4.52 the bank sells at 151.1% X Book.

The Price/Book average for all banks in Kentucky is 118.12%

See a problem?

Am I saying this is a terrible bank? No.

Am I saying the banks financial condition isn't improving nicely? No.

There are a couple things I really like about this bank such as the size - they have $850MM in assets. It was over $1 Billion in 2012 which means they've had to throw some junk over-board to keep afloat - that's never a good thing for banks. Banks are healthy when the assets are growing...not receding.

We need to see the 2013 yearly results to see if the bleeding has stopped and they're reversing the trend. If they are that would be great. If you bought this good luck.

Marker:
First Financial Serv (FFKY)
$4.52 up 0.17 (3.91%)
Volume: 324

[Sittingduck1]

56 Chevy
FFKY is cheap at todays price

[56Chevy]

Marker:

First Financial Serv (FFKY)
$5.2 up 0.38 (7.88%)
Volume: 12,019

Price/Book: 1.61

*the bank did financially much better in the 2nd half of 2013 but imo remains way over-priced.

http://banktracker.investigativereportingworkshop.org/banks/kentucky/elizabethtown/first-federal-savings-bank-of-elizabethtown/

First Financial Service

http://banktracker.investigativereportingworkshop.org/tarp/kentucky/elizabethtown/first-financial-service/

Elizabethtown, KY

TARP Transactions

Original TARP investment amount: $20,000,000.00 (on Jan. 9, 2009)

Outstanding investment $0.00

Total cash back: $12,333,778.00 (May include dividends and interest payments not shown below)

Investment status: Sold, in full; warrants outstanding
Repayment of $10,842,200.00 on April 29, 2013 - realized loss of $9,157,800.00
Fees paid*: $-108,422.00 on May 31, 2013

Data current as of Oct. 16, 2013

Footnotes

* Fees Include: (i) placement fees in private auctions of a cash purchase program issuer’s securities where Treasury pays placement fees to the placement agents in an amount equal to a minimum of $50,000 (per issuer) or 1.00% of gross aggregate proceeds for each security and (ii) unreimbursed underwriting fees in public offerings. Placement fees in private auctions are paid approximately one month after settlement.

Not all transactions are shown; dividend and interest payments are omitted.

[56Chevy]

First Financial Service
Elizabethtown, KY
Total TARP funds owed: $20,000,000 on Jan. 9, 2009

MV was $4.70 as of 11/10/2013

http://banktracker.investigativereportingworkshop.org/tarp/kentucky/elizabethtown/first-financial-service/

http://banktracker.investigativereportingworkshop.org/banks/kentucky/elizabethtown/first-federal-savings-bank-of-elizabethtown/

* I do not own shares of FFKY at this time... and don't plan to anytime soon.

[Penny Roger$]

First Financial Services Corp.'s Subsidiary To Divest Four Branches

http://stocks.us.reuters.com/stocks/keyDevelopments.asp?rpc=66&symbol=FFKY.O×tamp=20120515210000

[Penny Roger$]

~ Monday! $FFKY ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $FFKY ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=FFKY&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=FFKY&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=FFKY
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FFKY#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FFKY+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FFKY
Finviz: http://finviz.com/quote.ashx?t=FFKY
~ BusyStock: http://busystock.com/i.php?s=FFKY&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=FFKY >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

[Penny Roger$]

First Financial Service Corporation is the holding company for First Federal Savings Bank of Elizabethtown (the Bank). The Company offers a variety of financial services to its retail and commercial banking customers. These services include personal and corporate banking services and personal investment financial counseling services. The Company’s lending services include a range of residential mortgage products, both fixed and adjustable rate; consumer loans, including home equity lines of credit, auto loans, recreational vehicle, and other secured and unsecured loans; specialized financing programs to support community development; mortgages for multi-family real estate; commercial real estate loans; commercial loans to businesses, including revolving lines of credit and term loans; real estate development; construction lending, and agricultural lending. It also provides a range of deposit instruments.

http://www.google.com/finance?q=FFKY