Kentucky-based Cecilian Bank and Hartland Financial Inc. intend to merge, The (Elizabethtown, Ky.) News-Enterprise reported.
Financial terms of the deal were not disclosed.
The transaction is subject to approval by regulators and shareholders of Hartland Financial, which is the parent company of Hartford, Ky.-based Citizens Bank. The deal is expected to close in the first quarter of 2020, according to the report, citing a statement from Cecilian Bank.
David Hawkins, Hartland Financial's chairman and Citizens Bank's president and CEO, will join the board of Cecilian Bank at the closing of the deal.
Cecilian Bank, a unit of First Cecilian Bancorp Inc., will have more than $1 billion in total assets after the merger.
Based on S&P Global Market Intelligence data, Cecilian Bank had about $911.1 million in total assets as of June 30. Citizens Bank had total assets of approximately $115.2 million at the end of June.
