Harrodsburg First Financial Bancorp Agrees to Acquire Majority Interest in Glasgow Bank to be Organized

Apr 03, 2001, 01:00 ET from Harrodsburg First Financial Bancorp, Inc.

    HARRODSBURG, Ky., April 3 /PRNewswire/ --
     Harrodsburg First Financial Bancorp, Inc. (Nasdaq:   HFFB), the holding
 company for First Financial Bank, Harrodsburg, Kentucky, announced today that
 it had agreed to subscribe for a majority interest in Citizens Financial Bank,
 Inc. (In Organization), a de novo bank currently being organized in Glasgow,
 Kentucky.
     Under the terms of an acquisition agreement signed today, Harrodsburg
 First Financial Bancorp, Inc. (HFFB) agreed to invest a minimum of $2,580,000
 and up to $3,000,000 of the $5,000,000 minimum initial capital the new bank
 will require to commence banking operations.  In addition, HFFB has the option
 to invest more than $3,000,000 in order to own not less than 51% of the new
 bank's outstanding shares following the successful completion of its initial
 subscription offering, or to meet the minimum capital requirement for
 commencing banking operations.
     The transaction is subject to approvals from bank regulatory agencies and
 raising the minimum of $5,000,000 of capital.
     "We think it's a great opportunity to partner with other shareholders in
 and around Barren County to create a local bank that really cares about its
 community and its customers," said Art Freeman, Chairman & CEO of Harrodsburg
 First Financial.  "We like the management and staff, they've put together a
 great Board of Directors and we believe in their business plan.  Because of
 our excess capital, we can provide resources that will help them grow and
 prosper.  Because of their ability and experience, along with our shared
 philosophies, they'll be able to run the bank and make all the decisions in
 Glasgow."
     Terry L. Bunnell, President & CEO of Citizens Financial Bank, Inc. (In
 Organization), stated, "We are very excited about having Harrodsburg First
 Financial Bancorp as a partner with our bank.  They believe, as we do, in
 creating and maintaining long-term banking relationships.  The HFFB philosophy
 of community banking will enable us to focus on the mission expressed by our
 motto, 'Your Community, Your Money, Your Bank.'"
     Harrodsburg First Financial Bancorp is the holding company for First
 Financial Bank, a federal savings bank headquartered in Harrodsburg, Kentucky,
 with three banking offices in Harrodsburg and Lawrenceburg, Kentucky.  As of
 December 31, 2000, HFFB reported total assets of $121.3 million, total
 deposits of $88.9 million, and net loans of $101.9 million.
     Harrodsburg First Financial Bancorp's stock is traded on the NASDAQ
 National Market under the symbol "HFFB."
 
 

SOURCE Harrodsburg First Financial Bancorp, Inc.
    HARRODSBURG, Ky., April 3 /PRNewswire/ --
     Harrodsburg First Financial Bancorp, Inc. (Nasdaq:   HFFB), the holding
 company for First Financial Bank, Harrodsburg, Kentucky, announced today that
 it had agreed to subscribe for a majority interest in Citizens Financial Bank,
 Inc. (In Organization), a de novo bank currently being organized in Glasgow,
 Kentucky.
     Under the terms of an acquisition agreement signed today, Harrodsburg
 First Financial Bancorp, Inc. (HFFB) agreed to invest a minimum of $2,580,000
 and up to $3,000,000 of the $5,000,000 minimum initial capital the new bank
 will require to commence banking operations.  In addition, HFFB has the option
 to invest more than $3,000,000 in order to own not less than 51% of the new
 bank's outstanding shares following the successful completion of its initial
 subscription offering, or to meet the minimum capital requirement for
 commencing banking operations.
     The transaction is subject to approvals from bank regulatory agencies and
 raising the minimum of $5,000,000 of capital.
     "We think it's a great opportunity to partner with other shareholders in
 and around Barren County to create a local bank that really cares about its
 community and its customers," said Art Freeman, Chairman & CEO of Harrodsburg
 First Financial.  "We like the management and staff, they've put together a
 great Board of Directors and we believe in their business plan.  Because of
 our excess capital, we can provide resources that will help them grow and
 prosper.  Because of their ability and experience, along with our shared
 philosophies, they'll be able to run the bank and make all the decisions in
 Glasgow."
     Terry L. Bunnell, President & CEO of Citizens Financial Bank, Inc. (In
 Organization), stated, "We are very excited about having Harrodsburg First
 Financial Bancorp as a partner with our bank.  They believe, as we do, in
 creating and maintaining long-term banking relationships.  The HFFB philosophy
 of community banking will enable us to focus on the mission expressed by our
 motto, 'Your Community, Your Money, Your Bank.'"
     Harrodsburg First Financial Bancorp is the holding company for First
 Financial Bank, a federal savings bank headquartered in Harrodsburg, Kentucky,
 with three banking offices in Harrodsburg and Lawrenceburg, Kentucky.  As of
 December 31, 2000, HFFB reported total assets of $121.3 million, total
 deposits of $88.9 million, and net loans of $101.9 million.
     Harrodsburg First Financial Bancorp's stock is traded on the NASDAQ
 National Market under the symbol "HFFB."
 
 SOURCE  Harrodsburg First Financial Bancorp, Inc.