Kentucky First Federal Bancorp. Kentucky First Federal Bancorp was incorporated
as a mid-tier holding company under the laws of the United States on March 2,
2005 upon the completion of the reorganization of First Federal Savings and
Loan Association of Hazard (“First Federal of Hazard”) into a federal
mutual holding company form of organization (the “Reorganization”).
On that date, Kentucky First completed its minority stock offering and issued
a total of 8,596,064 shares of common stock, of which 4,727,938 shares, or 55%,
were issued to First Federal MHC, a federally chartered mutual holding company
formed in connection with the Reorganization, in exchange for the transfer of
all of First Federal of Hazard’s capital stock, and 2,127,572 shares were
sold at a cash price of $10.00 per share. Also on March 2, 2005, Kentucky First
completed its acquisition of Frankfort First Bancorp, Inc. (“Frankfort
First Bancorp”) and its wholly owned subsidiary First Federal Savings
Bank of Frankfort, Frankfort, Kentucky (“First Federal of Frankfort”)
(the “Merger”). Following the Reorganization and Merger, the Company
retained Frankfort First Bancorp as a wholly owned subsidiary and holds all
of the capital stock of First Federal of Hazard and First Federal of Frankfort.
The Company is operating First Federal of Hazard and First Federal of Frankfort
as two independent, community-oriented savings institutions.
First Federal Savings and Loan Association of Hazard. First Federal of Hazard
was formed as a federally chartered mutual savings and loan association in 1960.
First Federal of Hazard operates from a single office in Hazard, Kentucky as
a community-oriented savings and loan association offering traditional financial
services to consumers in Perry and surrounding counties in eastern Kentucky.
It engages primarily in the business of attracting deposits from the general
public and using such funds to originate, when available, loans secured by first
mortgages on owner-occupied, residential real estate and occasionally other
loans secured by real estate. To the extent there is insufficient loan demand
in its market area, and where appropriate under its investment policies, First
Federal of Hazard has historically invested in mortgage-backed and investment
securities, although since the reorganization, First Federal of Hazard has been
purchasing whole loans and participations in loans originated at First Federal
of Frankfort.
First Federal Savings Bank of Frankfort. First Federal of Frankfort is a federally
chartered savings bank, which is primarily engaged in the business of attracting
deposits from the general public and originating primarily adjustable-rate loans
secured by first mortgages on owner-occupied and nonowner-occupied one- to four-family
residences in Franklin, Boyle, Garrard and other counties in Kentucky. First
Federal of Frankfort also originates, to a lesser extent, home equity loans
and loans secured by churches, multi-family properties, professional office
buildings and other types of property.
Our loan portfolio consists primarily of one- to four-family residential mortgage
loans. As opportunities arise, we also offer loans secured by churches, commercial
real estate, and multi-family real estate. We also offer loans secured by deposit
accounts and, through First Federal of Frankfort, home equity loans. Substantially
all of our loans are made within the Banks’ respective market areas.