Daily Independent (Ashland, KY)

Business

March 19, 2014

Home Federal, Town Square merger complete

ASHLAND — Poage Bankshares Inc., the holding company for Home Federal Savings and Loan Association, announced Wednesday the completion of the acquistion of Town Square Financial Corp. and Town Square Bank, a $150 million Kentucky-chartered commerical bank with four branch offices headquartered in Ashland.

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, said: “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.

 “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,” VanHorn said.

With the completion of the merger transaction, the company will have assets totaling approximately $439 million and 10 full-service branches.Poage Bankshares Inc., the holding company for Home Federal Savings and Loan Association, announced Wednesday the completion of the acquistion of Town Square Financial Corp. and Town Square Bank, a $150 million Kentucky-chartered commerical bank with four branch offices headquartered in Ashland.

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, said: “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.

 “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,” VanHorn said.

With the completion of the merger transaction, the company will have assets totaling approximately $439 million and 10 full-service branches.

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