EVANSVILLE, Ind. and BARDSTOWN, Ky., Sept. 17, 2008 (GLOBE NEWSWIRE) -- Integra Bank Corporation (Nasdaq:IBNK) and Town & Country Bank and Trust Company announced today that Integra Bank N.A. has agreed to sell its two banking offices in Lawrenceburg, Kentucky to Town & Country Bank. In the transaction, Town & Country Bank will assume the deposit liabilities of the branches and buy branch-related assets, including loans and the two Lawrenceburg facilities.
Financial terms of the transaction were not disclosed. The transaction is subject to customary conditions, including regulatory approval. The parties expect the transaction to close in the fourth quarter of 2008. As of June 30, 2008, the two branches had aggregate deposits of approximately $36.0 million.
"Town & Country Bank shares our philosophy on providing exceptional customer service through convenient products and locations. The addition of their locations east and west of Lawrenceburg will offer our Lawrenceburg customers greater convenience for their banking needs," said Michael T. Vea, Chairman, President and Chief Executive Officer of Integra.
Vea added, "This transaction is consistent with our strategy to redeploy resources and capital to markets and businesses where we have the greatest momentum. Similar to previous branch sales, we will be able to generate capital from the expected deposit premium of approximately 6%."
"This acquisition is a natural fit for our company," said John S. Shropshire, President and CEO of Town & Country Bank and Trust Company. "Lawrenceburg and Anderson County complement our existing markets of Scott, Woodford, Jessamine and Nelson Counties. With our main office just down the road in Bardstown, we are confident that Integra customers in Anderson County will enjoy our community-focused approach to banking."
Forward-Looking Statements
This press release contains statements about the proposed sale of Integra branch offices to Town & Country Bank and the impact on Integra. These statements are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations, forecasts and assumptions that are subject to risks, uncertainties and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the satisfaction of the closing conditions in the agreement between the parties, including the receipt of regulatory approvals.
About Integra Bank Corporation
Headquartered in Evansville, Integra Bank Corporation is the parent of Integra Bank N.A. As of June 30, 2008, Integra has $3.4 billion in total assets and operates 80 banking centers and 136 ATMs at locations in Indiana, Kentucky, Illinois and Ohio. Moody's Investors Service has assigned an investment grade rating of A3 for Integra Bank's long-term deposits. Integra Bank Corporation's Corporate Governance Quotient (CGQ) rating as of August 1, 2008, has IBNK outperforming 95.8% of the companies in the Russell 3000 Index and 96.3% of the companies in the banking group. This rating is updated monthly by Institutional Shareholder Services and measures public companies' corporate governance performance to a set of corporate governance factors that reflects the current regulatory environment. Integra Bank Corporation's common stock is listed on the Nasdaq Global Market under the symbol IBNK. Additional information may be found at Integra's web site, www.integrabank.com.
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About Town & Country Bank
Headquartered in Bardstown, Kentucky, Town & Country Bank and Trust Company had total assets of $359 million as of June 30, 2008. Established in 1907, the bank operates 9 full service banking centers in the Kentucky counties of Nelson, Scott, Woodford and Jessamine. Town & Country Bank and Trust Company is rated superior, the highest possible rating, by Bauer Financial. The bank has achieved this rating, which recognizes the strength of a financial institution, for 18 consecutive years. For more information about Town & Country Bank, please visit us at www.mytcbt.com.
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