First Capital Bancorp Inc. agreed to acquire Jackson, Ky.-based First National Holding Co. of Jackson in an all-cash deal.
The deal, which is subject to shareholder and regulatory approval, is anticipated to close during the third quarter.
SNL valuations for bank and thrift targets in the Midwest region between May 23, 2017, and May 23, 2018, averaged 163.02% of book, 170.81% of tangible book and had a median of 21.76x last-12-months earnings, on an aggregate basis.
First National Holding Co. of Jackson operates two branches in Breathitt County, Ky., ranked second with a 47.35% share of approximately $193.60 million in total market deposits.
First Capital Bancorp was recently organized by Brian Karst and John Lenihan to engage in the transaction. Lenihan is the future chairman of the board of First Capital Bancorp.
First National Holding Co. of Jackson is the parent of First National Bank of Jackson. First National Bank had $104.4 million in assets as of March 31.
Wyatt Tarrant & Combs LLP served as legal counsel to First Capital Bancorp. Frost Brown Todd PLLC served as legal counsel to First National Holding Co. of Jackson, and ProBank Austin served as its financial adviser.

