HopeFed Bancorp, Inc. (HFBC) is the holding company for the Heritage Bank USA Inc. Today, Heritage and Sumner Bank & Trust of Gallatin Tennessee reported a termination agreement for the two financial companies intended merger.
HopeFed and Summer had signed a Mutual Termination Agreement to end their previously announced merger agreement. This was disclosed in the current report of HopeFed's Form-8 filed last February 14, 2013. The merger was terminated because Summer Bank & Trust failed to comply with performance requirements under the merger agreement. The costs and expenses of terminated agreement would be shouldered by both parties, without penalties.
Last June 5, 2013, the corporate name of Heritage Bank was changed to Heritage Bank USA Inc. The financial firm was then converted into a Kentucky state chartered commercial banking institution. The Federal Deposit Insurance Corporation and the Kentucky Department of Financial Institutions served as the bank's regulators. Before that, HopeFed Bancorp Inc was a federally chartered savings and loan holding firm.
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