Hartland Financial, Inc. (“Hartland”), the holding company for Citizens Bank and First Cecilian Bancorp, Inc. (“First Cecilian”), the holding company for The Cecilian Bank announced on Tuesday that they have agreed for First Cecilian to acquire Hartland in a merger involving Hartland and a First Cecilian subsidiary.
Citizens Bank would be merged into The Cecilian Bank simultaneously with the merger of Hartland and the First Cecilian subsidiary.
This transaction is subject to regulatory approval and the approval of the shareholders of Hartland. The shareholders of Hartland will be sent a meeting notice and proxy statement for a meeting to be scheduled in the fourth quarter of this year. It is anticipated that the completion of the merger will occur in the first quarter of 2020. The terms of the merger were not disclosed.
David Hawkins, Chairman of Hartland and President/CEO of Citizens Bank, commented, “Citizens Bank and The Cecilian Bank have strategically been on the same path of growth and providing our communities with trusted and personal service since the early 1900’s and this is why this new partnership benefits both banks. By combining our talented employees and expanding our market territory, customers will benefit from each bank’s long-standing dedication to its customers. We will stay committed to community-minded banking services.”
Bob Owsley, Chairman of First Cecilian, commented, “We look forward to becoming active in the communities of Hartford, Munfordville and Hiseville. Hart County and Ohio County border Hardin, Grayson and Breckinridge Counties, so this allows us to provide more banking options for Citizens Bank customers. To ensure a good blend of our two banks and a smooth transition, we are pleased to announce that David Hawkins will be joining The Cecilian Bank’s Board of Directors at the closing.”
Greg Pawley, President/CEO of The Cecilian Bank, stated, “Our plans to geographically connect to our existing markets make this merger a cozy fit to our footprint in Western and Central Kentucky. We best operate in hometown communities that are rich in core values and tradition. Citizens Bank fits the community bank model perfectly, and we will continue their great service to customers.”
After completion of this transaction, The Cecilian Bank will have 19 banking centers across Ohio, Hart, Barren, Breckinridge, Grayson, Meade and Hardin counties. After the merger, The Cecilian Bank will be a community bank that is anticipated to have in excess of $1 billion in total assets while servicing customer deposits and repurchase agreements of approximately $864 million.
For further information, please contact: Greg Pawley, President/CEO of The Cecilian Bank, at 270-737-1593.
The Cecilian Bank press release
