EVANSVILLE, Ind. and BEATTYVILLE, Ky., Sept. 22, 2008 (GLOBE NEWSWIRE) -- Integra Bank Corporation (Nasdaq:IBNK) and Peoples Exchange Bank of Beattyville, Kentucky, Inc. announced today that Integra Bank N.A. has agreed to sell its three banking offices located in Georgetown and Lexington, Kentucky to Peoples Exchange Bank. In the transaction, Peoples Exchange Bank will assume the deposit liabilities of the three branches and buy certain branch-related assets, including loans.
Financial terms of the transaction were not disclosed. The transaction is subject to customary conditions, including regulatory approval. The parties expect the transaction to close in the first quarter of 2009.
As of June 30, 2008, the three Integra branches had aggregate deposits of approximately $15.0 million.
"Peoples Exchange Bank is a well-regarded banking institution in Central and Eastern Kentucky and a great fit for providing our Georgetown and Lexington customers with a high level of service," said Michael T. Vea, Chairman, President and Chief Executive Officer of Integra. Vea added, "Our exit from the greater Lexington area through this transaction, and the Lawrenceburg branch sale we announced last Wednesday, are steps we are taking to focus on markets and business lines that have the greatest potential return for us. We do not expect any further branch sales at this time."
"This acquisition is a great opportunity for Peoples Exchange Bank," said Charles Beach, Jr., Chairman of Peoples Exchange Bank. "Fayette and Scott counties are both competitive, growth-oriented markets with a favorable environment for a community bank. We are committed to providing the same distinct quality of products and services that Peoples Exchange Bank offers in our other markets."
Forward-Looking Statements
This press release contains statements about the proposed sale of Integra branch offices to Peoples Exchange Bank and the impact on Integra. These statements are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations, forecasts and assumptions that are subject to risks, uncertainties and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the satisfaction of the closing conditions in the agreement between the parties, including the receipt of regulatory approvals.
About Integra Bank Corporation
Headquartered in Evansville, Integra Bank Corporation is the parent of Integra Bank N.A. As of June 30, 2008, Integra has $3.4 billion in total assets and operates 80 banking centers and 136 ATMs at locations in Indiana, Kentucky, Illinois and Ohio. Moody's Investors Service has assigned an investment grade rating of A3 for Integra Bank's long-term deposits. Integra Bank Corporation's Corporate Governance Quotient (CGQ) rating as of September 1, 2008, has IBNK outperforming 95.8% of the companies in the Russell 3000 Index and 96.1% of the companies in the banking group. This rating is updated monthly by Institutional Shareholder Services and measures public companies' corporate governance performance to a set of corporate governance factors that reflects the current regulatory environment. Integra Bank Corporation's common stock is listed on the Nasdaq Global Market under the symbol IBNK. Additional information may be found at Integra's web site, www.integrabank.com.
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About Peoples Exchange Bank
Peoples Exchange Bank operates 8 full service banking centers, 2 loan production offices and 4 full service insurance agency locations in the Kentucky counties of Lee, Powell, Montgomery, Clark, Scott and Fayette. As of June 30, 2008, Peoples Exchange Bank had total assets of $269 million. Established in 1912, Peoples Exchange Bank remains a leader in community bank performance and service to the people of Central and Eastern Kentucky. For more information about Peoples Exchange Bank, please visit us online at www.pebank.com.
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