The Bank of Harlan has been acquired by Monticello Bankshares Inc. in a deal that will see the merger of the two financial institutions.
The financial institutions announced that Banco Harlan Inc. was acquired by Monticello Bankshares in a merger. The cash and stock transaction is subject to the approval of the Bank of Harlan’s shareholders. Regulatory approval is anticipated to occur in the fourth quarter of this year.
Banco Harlan Inc. shareholders are expected to receive $8,571,171 in cash and 284,002 shares of Monticello Bankshares stock. Eligible Banco shareholders will receive a combination of cash and shares of Monticello Bankshares in exchange for each share of Banco Harlan, while non-eligible shareholders will receive $379.09 for each share of Banco Harlan. Non-eligible Banco Harlan shareholders are primarily non-Kentucky residents.
“We’re very excited about this new partnership with Monticello Bankshares and Monticello Banking Company,” President and CEO of Banco Harlan Inc. Steve Tolliver said. “This transaction is a terrific fit for both institutions. The Bank of Harlan and Monticello Banking Company are both deeply committed to the customers, employees and communities we serve. We know that by partnering with Monticello, we will be providing a great benefit to both institutions while still preserving The Bank of Harlan’s tradition of community banking and local decision making.”
The Bank of Harlan has three branches in Harlan County. The bank had approximately $140 million in assets and $122 in cash as of March 31.
“This merger will allow us to expand financial services and enhance product offerings to both the current customers of The Bank of Harlan and new customers in Harlan County,” Kenny Ramsey, president and CEO of Monticello Bankshares Inc. said. “The Bank of Harlan has a culture of personal, local service that fits well with Monticello’s similar emphasis on community banking and local decision making. Customers of The Bank of Harlan can expect the same great service after the transaction as they have received for so many years.”
Reach Joe P. Asher at 606-909-4132 or on Twitter @joe_hde