Civitas to sell stake in Kentucky bank

Wednesday, February 15, 2006 at 1:00am

Franklin-based Civitas BankGroup says it plans to sell its ownership interest in The Murray Bank in Murray, Ky.

Richard E. Herrington, president of Civitas, said Civitas BankGroup has entered into a definitive agreement to sell its 50 percent ownership position in The Murray Bank by the second quarter of 2006 to BancKentucky, Inc., the other 50 percent owner of the bank. The proposed transaction is pending regulatory approval and is priced at approximately $8.5 million. The company anticipates a one time pre-tax gain of approximately $3.3 million.

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