Note 2 - Pending Acquisition

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Business Combination Disclosure [Text Block]

( 2 ) Pending Acquisition

Effective

December 19, 2018,

Bancorp executed a definitive Share Purchase Agreement (“Agreement”), pursuant to which Bancorp will acquire all of the outstanding common stock of privately held King Bancorp, Inc. (“King”). King, headquartered in Louisville, is the holding company for King Southern Bank, which operates

five

branches –

three

in the greater Louisville area and

two

in Nelson County, approximately

60

miles southeast of Louisville, Kentucky.

Under the terms of the Agreement, Bancorp will acquire all of King’s outstanding common stock in an all-cash transaction, resulting in a total cash payment to King’s existing shareholders of approximately

$28

million. Bancorp will fund the cash payment through existing resources on hand.

The acquisition is scheduled to close as of end of business

April 30, 2019,

subject to completion of closing conditions. As of

March 31, 2019,

King had approximately

$193

million in assets,

$167

million in loans,

$125

million in deposits and

$16

million in tangible common equity.