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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 27, 1998
COMMUNITY TRUST BANCORP, INC.
(Exact name of registrant as specified in its charter)
Kentucky 0-11129 61-0979818
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
208 North Mayo Trail
Pikeville, Kentucky 41501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(606) 432-1414
Not Applicable
(Former name or former address, if changed since last
report)
<PAGE>
Item 2. Acquisition or Disposition of Assets
Community Trust Bancorp, Inc. and PNC Bank Corp.
announced that their subsidiaries, Community Trust Bank, NA
and PNC Bank, NA have reached a definitive agreement for
Community Trust Bank, NA to purchase five branches in
Central Kentucky from PNC Bank, NA.
See Exhibit 1.
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<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
Community Trust Bancorp, Inc.
May 29, 1998 By: Burlin Coleman
Burlin Coleman
President and
Chief Executive Officer
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<PAGE>
INDEX TO EXHIBITS
Exhibit Sequentially Numbered Pages
1 Community Trust Bancorp, Inc. 5-6
Press Release dated May 27, 1998
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FOR IMMEDIATE RELEASE
MAY 27, 1998
CONTACT:
BURLIN COLEMAN, CHAIRMAN,
COMMUNITY TRUST BANK, NA,
606-437-3276
OR
DONN DUNKER, PUBLIC RELATIONS OFFICER
PNC BANK, NA
502-581-3134
COMMUNITY TRUST BANK, NA TO PURCHASE FIVE PNC BANK BRANCHES
IN CENTRAL KENTUCKY
Community Trust Bancorp, Inc. (NASDAQ: CTBI) and PNC Bank
Corp, (NYSE: PNC) today announced that their banking
subsidiaries, Community Trust Bank, NA and PNC Bank, NA,
have reached a definitive agreement for Community Trust Bank
to purchase five branches in Central Kentucky from PNC Bank.
The agreement includes the purchase of PNC Bank branch
facilities, and related deposits, consumer loans and
business banking relationships for the following locations:
Main Office, Harrodsburg (Mercer County); Main Office and
Eastern By-Pass Office, Richmond (Madison County); Main
Office and Winchester Plaza Office, Winchester (Clark
County).
PNC Bank will retain its large corporate, credit card,
trust, merchant services, mortgage and brokerage
relationships in Mercer, Madison, and Clark counties. It
will also continue to operate four branch offices in
Lexington.
Community Trust Bank will acquire approximately $195 million
in deposits, and $50 million in consumer and business loans
along with related fixed assets, leases, safe deposit box
business and other agreements.
The transaction, subject to regulatory approval, is expected
to close by late September 1998.
"This acquisition is `in market' for Community Trust Bank
and contributes significantly to our continuing growth and
strategies in central Kentucky," said Burlin Coleman,
Chairman of Community Trust Bank. "It enhances our current
market share and makes our entire system more convenient for
our customers. Community Trust Bank currently operates
branches in Wal-Mart Super Centers in Winchester and Berea.
All employees of the five branches will be offered
employment at Community Trust Bank, and we will work closely
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with them to continue providing customers the high level of
service they've come to expect."
Community Trust Bank is the lead bank of Community Trust
Bancorp, Inc., headquartered in Pikeville, Kentucky. With
assets of $1.8 billion, it operates 56 banking locations
within its markets in Central and Eastern Kentucky.
Community Trust Bancorp, Inc. recently announced an
agreement to acquire seven Bank One branches in West
Virginia with deposits of approximately $220 million. This
transaction is expected to close on June 26, 1998.
PNC Bank officers said the transaction with Community Trust
Bank is part of its strategy to concentrate on certain core
businesses in Central Kentucky.
"The Bluegrass region remains very important to PNC Bank,
strategically," said President Michael N. Harreld. "Our
strengths in the Bluegrass region have always been in our
corporate banking and private banking activities. This
transaction allows us to concentrate on these traditional
strengths."
PNC Bank Corp., headquartered in Pittsburgh, is one of the
largest diversified financial services organizations in the
United States. Its major businesses include consumer
banking, corporate banking, private banking, mortgage
banking, secured lending and asset management.
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