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| CTBI > SEC Filings for CTBI > Form 8-K on 29-Oct-2009 | All Recent SEC Filings |
29-Oct-2009
Entry into a Material Definitive Agreement, Creation of a Direct
On October 28, 2009, Community Trust Bancorp, Inc. entered into a revolving credit promissory note with Fifth Third Bank for a line of credit in the amount of $12 million at a floating interest rate of 2.25% in excess of the one-month LIBOR Rate. An unused commitment fee of 0.15% has been established. Currently, all $12 million remain available for general corporate purposes. The agreement, which is effective October 29, 2009, replaces the agreement dated July 29, 2008, and will mature on October 28, 2010. The agreement provides that in the event that the non-performing assets of Community Trust Bank equal or exceed 3% of its total assets and any amount is outstanding under the agreement, Community Trust Bancorp, Inc. must pledge all of the outstanding stock of Community Trust Bank to Fifth Third Bank. The agreement also includes customary representations, warranties and covenants.
The preceding discussion is qualified by reference to the agreement, which is filed as an exhibit to the Current Report on Form 8-K and is incorporated herein.
The discussion above in Item 1.01 is hereby incorporated by reference into this Item 2.03.
On October 27, 2009, Paul E. Patton submitted his resignation from the Company's Board of Directors. Director Patton resigned to attend to personal matters and to avoid a conflict of interest arising from his guarantee of a loan made by Community Trust Bank, Inc. to a company experiencing financial difficulties, resulting in a problem loan. Director Patton did not resign due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.
10.1 Fifth Third Bank Third Amended and Restated Revolving Credit Promissory Note, dated October 29, 2009
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