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CBIN > SEC Filings for CBIN > Form 8-K on 25-Apr-2013All Recent SEC Filings

Show all filings for COMMUNITY BANK SHARES OF INDIANA INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for COMMUNITY BANK SHARES OF INDIANA INC


25-Apr-2013

Entry into a Material Definitive Agreement, Completion of Ac


ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On April 19, 2013, Your Community Bank, a wholly-owned subsidiary of Community Bank Shares of Indiana, Inc., entered into a definitive Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation ("FDIC") to acquire all the deposits and substantially all the assets of First Federal Bank with offices in Lexington and Georgetown, Kentucky. The transaction was consummated on April 19, 2013 and the former banking offices of First Federal Bank, three offices in Lexington and one office in Georgetown, are now being operated by Your Community Bank as branch offices.

As a result of the acquisition, Your Community Bank assumed approximately $93.9 million in deposits and acquired approximately $100.1 million in assets. The transaction was not subject to any loss share agreement, but was subject to an asset purchase discount of $5.85 million. The assets were primarily composed of $67.7 million in outstanding loans and $14.9 million in cash provided to Your Community Bank in exchange for its assumption of the deposits and other specified liabilities.

Your Community Bank did not acquire any of First Federal Bank's other real estate owned. Additionally, Your Community Bank did not at closing commit to purchase any owned or leased bank premises of First Federal Bank. However, Your Community Bank was granted an option to elect following closing to purchase any or all of the banking premises owned by First Federal Bank or, in the case of leased banking premises, to assume the lease.

The above discussion is a summary only and is qualified in all respects by the specific terms of the Purchase and Assumption Agreement, Whole Bank, All Deposits which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.



ITEM 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS

The information provided under Item 1.01 "Entry into a Material Definitive Agreement" is incorporated herein by reference.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(a) Financial Statements of businesses acquired.

To the extent that financial statements are required by this Item, they will be filed in an amendment to this Report.

(b) Pro forma financial information.

To the extent that pro forma financial information is required by this Item, it will be filed in an amendment to this Report.

(d) Exhibits.

Exhibit No. and Description

10.1 Purchase and Assumption Agreement, dated April 19, 2013, by and among Federal Deposit Insurance Corporation, Receiver of First Federal Bank, Lexington, Kentucky, Federal Deposit Insurance Corporation and Your Community Bank.

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