HOME FEDERAL SAVINGS AND LOAN ASSOCIATION, ASHLAND, KENTUCKY ANNOUNCES THE RETIREMENT OF CO-PRESIDENTS DARRYL E. AKERS AND ROBERT S. CURTIS AND THE APPOINTMENT OF GENE COFFMAN AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
Ashland, Kentucky, May 1, 2012: Poage Bankshares, Inc. (PBSK - NASDAQ) (the "Company"), the holding company of Home Federal Savings and Loan Association ("Home Federal"), announced today that Co-Presidents and Co-Chief Executive Officers Darryl E. Akers and Robert S. Curtis are retiring from the Company and the Association effective December 31, 2012. Commencing on May 1, 2012, Ralph E. Coffman, Jr. will serve as President and Chief Executive Officer of Home Federal and the Company and Messrs. Akers and Curtis will serve as full time Executive Consultants to the President and the Boards of Home Federal and the Company.
The Boards of the Company and Home Federal accepted the resignations on retirement of Messrs. Akers and Curtis and thanked both of them for their years of service and leadership. "Darryl and Bob have worked long and hard to make Home Federal a strong institution during some very difficult regulatory, operating and economic environments." said J. Thomas Rupert, Chairman of the Board on behalf of the Board of Directors.
"When Darryl joined Home Federal in 1973, it was a tiny mutual thrift with only $24 million in assets. When Bob joined Home Federal in 2007, although we had grown significantly, we were still a mutual thrift with a simple balance sheet. Under Darryl's and Bob's leadership, we have significantly expanded our financial products in order to better serve our customers. During the last five years alone, we introduced internet and mobile banking, significantly expanded our commercial lending, effected a change to a public company and more than doubled our capital. We couldn't have accomplished this without Darryl and Bob and thank them for their dedication and service."
The Boards of Home Federal and the Company have appointed Ralph E. "Gene" Coffman, Jr. to serve as President and Chief Executive Officer of the Company and the Association effective May 1, 2012. Mr. Coffman has over 25 years of executive management experience in the financial services industry and had leadership positions in numerous community banks, including WesBanco Bank, Oak Hill Banks, FSG Bank and Towne Bank. Mr. Rupert indicated "We are extremely excited to have Gene join the Home Federal family. He has deep experience in community banking including commercial lending and public company operations, two areas that will be a focus in the future. We feel extremely fortunate to have him on our team."
Addressing the change in management, Mr. Akers, said that "Bob and I have worked closely to build Home Federal into a strong institution and we are glad to know that it will be in good hands after our retirement. Gene is a smart guy and a quality person and I am certain he will have a big impact on this institution and our community as he assumes his new role." Mr. Akers continued "I have worked most of my adult life at Home Federal and will be pleased to continue serving as a director following my retirement at year end."
Mr. Curtis indicated "I would like to thank Home Federal's board, its employees, its customers and the community for the opportunity to serve over the last 6 years. I look forward to continuing my service as a director following my retirement at year end."
"I look forward to building upon the many successes achieved by my predecessors," said Mr. Coffman. "Home Federal is well positioned to continue implementing its strategic plan and to perform competitively in this market. I look forward to working with the Boards and entire staff of Home Federal and its holding company, Poage Bancshares, to generate growth and increase shareholder value."
Mr. Coffman most recently served as Interim Chairman and Chief Executive Officer of FSG Bank, N.A., in Chattanooga, Tennessee. From 2007 through 2009, Mr. Coffman served as President of the State of Ohio Retail and Commercial Banking Operations for WesBanco Bank, a $5.5 billion commercial bank operating in our region. From 1996 through 2007, Mr. Coffman served as President and Chief Executive Officer of Oak Hill Financial, Inc., the holding company of Oak Hill Banks, located in Southern Ohio. Mr. Coffman holds a Bachelors in Business Administration and Accounting from Franklin University and graduated from the Ohio School of Banking, the Ohio Commercial Lending School of Banking and the National Institute of Consumer Lending. Mr. Coffman has also served as the Chairman of the Community Bankers Association of Ohio and a State Director for the Independent Community Bankers of America.
Home Federal Savings and Loan Association, originally chartered in 1889, is a community financial institution serving Boyd, Greenup and Lawrence Counties in Kentucky and Lawrence and Scioto Counties in Ohio. Poage Bankshares, Inc, formed in 2011, serves as its holding company.
Forward Looking Statements
This press release may contain certain forward-looking statements which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact Poage Bankshares, Inc.'s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products and services.
POAGE BANKSHARES, INC. ANNOUNCES Initial Quartlerly Cash Dividend
Ashland, Kentucky, January 17, 2012: Poage Bankshares, Inc. (NASDAQ Capital: PBSK) today announced that its Board of Directors declared an initial quarterly cash dividend of $.04 per common share. The dividend will be paid on or about February 14, 2012, to stockholders of record as of the close of business on January 30, 2012. This is the first cash dividend for the Company since the completion of its initial public offering on September 12, 2011.
"We are pleased to begin paying a cash dividend to our shareholders," said Tom Rupert, Chairman of the Board of the Company. "The payment of dividends represents our long-term commitment to enhancing shareholder value and we intend to continue paying a quarterly dividend in the future, subject to our future financial position, needs and requirements."
Founded in 1889, Home Federal Savings and Loan Association ("Home Federal") is a federally-chartered savings and loan association that operates six full service locations serving Boyd, Greenup and Lawrence Counties in northeastern Kentucky and Lawrence and Scioto Counties in southeastern Ohio. As a community-oriented savings and loan association, Home Federal offers a variety of deposit and loan products to individuals and small businesses. Poage Bankshares, Inc. is a Maryland corporation that was formed in 2011 to be the holding company of Home Federal in connection with the conversion of Home Federal from the mutual to the stock form of ownership. Investors may obtain additional information about Poage Bankshares, Inc. and Home Federal on the internet at www.hfsl.com, under Investor Relations.
POAGE BANKSHARES, INC. ANNOUNCES Completion Date for Conversion and Stock Offering
Ashland, Kentucky, September 2, 2011: Poage Bankshares, Inc. (the “Company”), the proposed holding company for Home Federal Savings and Loan Association (the “Association”), announced today that on August 24, 2011, the Association’s members approved the plan of conversion pursuant to which the Association will convert to the stock holding company form of organization. The Company expects that the conversion will close on September 12, 2011, and that shares of Poage Bankshares, Inc. common stock will begin trading on September 13, 2011, on the NASDAQ Capital Market under the symbol “PBSK.”
Poage Bankshares, Inc. expects to sell 3,372,375 shares of its common stock at $10.00 per share for gross proceeds of $33,723,750.
The Board of Directors, Officers and Employees of Home Federal Savings and Loan Association express their gratitude for the overwhelming support for the offering by their customers and look forward to serving the needs of their customers and stockholders in the future.
The Company’s offering was oversubscribed by eligible account holders of Home Federal Savings and Loan Association, i.e., depositors having eligible accounts as of September 30, 2009. Accordingly, eligible account holders will have valid orders filled in accordance with the allocation procedures described in the prospectus and set forth in the Association’s plan of conversion. The order for the Association’s tax-qualified Employee Stock Ownership Plan will also be filled in full. Other depositors and borrowers will not have their orders filled.
If you are an eligible account holder, i.e., a depositor having an eligible account as of September 30, 2009, and would like to confirm your allocation, allocation information will be available online at https://allocations.kbw.com, beginning at 9:00 a.m. Eastern Time on September 6, 2011. You may also contact the Conversion Center at (877) 860-2094, which will be open from 9:00 a.m. until 5:00 p.m., Eastern Time, on September 6, 2011 and September 7, 2011 for this purpose. Stock certificates and subscription refunds will be processed promptly after the close of the transaction.
Home Federal Savings and Loan Association is a federally chartered savings association headquartered in Ashland, Kentucky. The Association provides financial services primarily to individuals, families and businesses through its six full-service banking offices located in Boyd, Greenup and Lawrence Counties in Kentucky. Situated within the tri-state area, Home Federal's market area includes neighboring counties Lawrence and Scioto in Ohio, and Cabell and Wayne counties in West Virginia.
This release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus. The shares of common stock are not savings accounts, may lose value and are not insured by the Federal Deposit Insurance Corporation or any government agency.
This news release contains certain forward-looking statements about the proposed stock offering of Poage Bankshares, Inc. These include statements regarding the anticipated completion date of the conversion and stock offering and the trading market for the shares of common stock.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include delays in receipt of an updated appraisal, the necessary regulatory approvals and consummation of the conversion and offering, changes in general economic conditions, changes in the interest rate environment, legislative and regulatory changes, changes in the securities markets and changes in consumer spending, borrowing and savings habits.