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Poage Bankshares Inc and Town Square Financial Corporation Announce Signing Of Definitive Merger Agreement

Monday, 21 Oct 2013 04:21pm EDT 

Poage Bankshares Inc, Ashland, KY, the parent company of Home Federal Savings and Loan Association (Home Federal), Ashland, KY, announced the signing of a definitive agreement to acquire Town Square Financial Corporation (Town Square), Ashland, KY, the holding company for Town Square Bank. The merger agreement provides that shareholders of Town Square will have the right to elect to receive 2.3289 shares of Poage common stock or $33.86 in cash for each share of Town Square common stock owned, subject to 55% of the aggregate consideration being in Poage stock and 45% in cash. The transaction is valued at approximately $14.7 million, or a price per share to Town Square common stockholders of $33.86. As of September 30, 2013, the transaction value represents 104% of Town Square tangible book value and 13.3 times Town Square's last twelve months earnings. The transaction is expected to be completed in the 1st or 2nd quarter of 2014, subject to the affirmative vote of Town Square shareholders, regulatory approval, and other customary conditions. 

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27 Aug 2015