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Porter Bancorp recently announced plans to take control of Citizens First Corp., owner of Citizens First Bank, by offering its shareholders a buyout of $9 per stock share. Porter is attempting to acquire all common stock shares -- the offer expires Dec. 22.
On Oct. 23, Citizens First officials said they were considering Porter's offer and would let shareholders know their position on it. They requested on Friday that shareholders reject the offer, saying the price Porter offered is unfair to stockholders, it's not a good time for Citizens First to pursue a sales transaction and the offer's terms and conditions are "coercive" and "create unacceptable risks," according to a news release.
Maria Bouvette, president and CEO of Porter Bancorp, said she is disappointed with Citizens First's decision and believes it's in the best interest of Citizens First shareholders to accept the offer.
"We're astounded that the board of directors ... are taking a position that is clearly, clearly averse to the shareholders of Citizens First," she said.
Citizens First officials could not be reached for comment.
Bouvette said dozens of Citizens First shareholders have contacted her company and are interested in the offer. Porter has acquired more than 10 banks in the past 20 years, she said.
"The banks we've acquired, the employees love to work with us ... we think Citizens First is a great addition to our footprint," she said.
Citizens First Bank operates 11 branches throughout Warren and surrounding counties.
In the release, Citizens First officials acknowledged that the trading prices of community banks, such as Citizens First, have been unsatisfactory. A small group of shareholders has asked some board members to consider seeking a buyer for the company.
Citizens First officials decided that it's not a good time to sell the company, and the best strategy is to work to improve value for stockholders and take advantage of opportunities after the economy mends, according to the release.
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