Kentucky’s HopFed Acquires Bank Branches, Agency
HopFed Bancorp Inc. of Hopkinsvill, Ky. acquired two bank branches and a full service insurance agency located in Fulton, Ky. The closing was effective Sept. 5, and the branches began operation under the Heritage Bank name on Sept. 6.
The company acquired Fall and Fall Inc., a full-service insurance agency that has been in operation for more than 100 years. HopFed expects the agency to expand the bank’s revenue with non-interest related income.
Under terms of the purchase agreement, Heritage Bank, a wholly owned subsidiary of HopFed Bancorp, acquired the facilities, fixed assets and deposits of the two branch offices and insurance agency from Old National Bank.
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