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) December 30, 1997
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)
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Item 2. Acquisition or Disposition of Assets
Community Trust Bancorp, Inc. has entered into a
definitive agreement with subsidiaries of Banc One
Corporation to acquire seventeen branches of Banc One
Corporation's subsidiaries in West Virgina. Community
Trust Bancorp, Inc. also entered into a agreement with
Premier Financial Bancorp, Inc. of Georgetown, Kentucky to
sell three of the branches to be acquired from Banc One
Corporation's subsidiaries.
See Exhibit 1.
<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.
January 7, 1998 By: Richard M. Levy
Richard M. Levy
Executive Vice President
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Sequentially Numbered Pages
1 Community Trust Bancorp, Inc. 5-7
Press Release dated December 30, 1997
<PAGE>
FOR IMMEDIATE RELEASE
DECEMBER 30, 1997
FOR FURTHER INFORMATION CONTACT BURLIN COLEMAN, CHAIRMAN,
PRESIDENT AND CHIEF EXECUTIVE OFFICER, COMMUNITY TRUST
BANCORP, INC. AT 606-432-1414, EXT. 3276 OR RICK LEVY,
CHIEF FINANCIAL OFFICER, AT 606-432-1414, EXT. 3282
COMMUNITY TRUST BANCORP, INC. (NASDAQ/NMS-CTBI) TO
PURCHASE SEVENTEEN BANC ONE CORPORATION, WEST VIRGINIA
BRANCHES
Burlin Coleman, Chairman and CEO of Community Trust
Bancorp, Inc., announced today that Community Trust
Bancorp, Inc. has entered into a definitive agreement with
BANC ONE CORPORATION to acquire seventeen branches (list
attached) of BANC ONE CORPORATION's subsidiaries ("Bank
One") located in West Virginia. The branches to be
acquired currently have deposits totaling approximately
$565 million. The purchase price to be paid by Community
Trust Bancorp, Inc. for the branches will be a 9.7%
premium on deposits as of the closing date plus
approximately $4.5 million for fixed assets, subject to
adjustment as provided in the definitive agreement.
Concurrently with this agreement, Community Trust Bancorp,
Inc. entered into an agreement with PREMIER FINANCIAL
BANCORP, INC. (NASDAQ/NMS-PFBI) of Georgetown, Kentucky to
sell branches to be acquired from Bank One located in
Madison, Philippi, and Van, with total deposits of
approximately $152.6 million. Both agreements are subject
to the approval of Federal and State regulatory agencies.
In making this announcement, Coleman stated that "we look
forward to becoming a part of these West Virginia
communities. We will work with the existing employees of
these offices to provide "community banking" at its best
with most decision making relating to customer service
retained within the local markets."
Community Trust Bancorp, Inc., with assets of $1.8
billion, is headquartered in Pikeville, Kentucky and has
56 banking locations within its markets in Central and
Eastern Kentucky.
Marshall Reynolds, Chairman of Premier Financial Bancorp,
Inc. said "We are excited to be adding the West Virginia
operations to Premier and to have the opportunity to work
with Community Trust."
Premier is a community bank holding company with six
individually managed commercial bank subsidiaries
operating in smaller communities in central Kentucky and
western Ohio with assets totaling approximately $430
million. In addition to these West Virginia operations
Premier has announced the acquisition of Ohio River Bank
which is awaiting regulatory approval.
<PAGE>
Bank One continues to operate centers in Beckley,
Buckhannon, Charleston, Huntington, Wayne, Wheeling
Steubenville, Clarksburg and Logan.
BANC ONE CORPORATION had total managed assets of $142.9
billion, total assets of $113.l billion, and common equity
of $9.9 billion as of September 30, 1997. BANC ONE
operates banking centers in 12 states. BANC ONE also owns
several additional corporations that engage in a full
range of financial services. Information about BANC ONE's
financial results and its products and services can be
accessed on the Internet at: http://www.bankone.com;
through InvestQuest at: http://www.investquest.com; or
through Fax-on-demand at: (614) 844-3860.
The common stock of Community Trust Bancorp, Inc. is
traded on the NASDAQ Stock Market under the ticker symbol
"CTBI."
The common stock of Premier Financial Bancorp, Inc. is
traded on the NASDAQ stock market under the ticker symbol
"PFBI."
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The Bank One Corporation, West Virginia branches to be
acquired in this transaction. are:
Madison
Van
Alum Creek
Fort Gay
Hamlin
West Hamlin
Williamson Main and Williamson 4th Avenue
New Martinsville
Steelton
Point Pleasant Main
Point Pleasant North and Point Pleasant Mini
Charles Town
Shepherdstown
Philippi
Summersville
