Kentucky First Federal Bancorp (Nasdaq: KFFB) signed a definitive merger agreement to acquire CKF Bancorp, Inc. (OTCBB: CKFB) from First Southern Bancorp and others for $11.6 million on November 3, 2011. Under the terms of the agreement, each holder of CKF Bancorp common stock may elect to receive in exchange for 100% of his or her shares, an amount equal to $9.50 in cash for each share of CKF Bancorp common stock or number of shares of Kentucky First common stock equal to the exchange ratio, or a combination of the cash consideration for 40% of the shares held and the stock consideration for 60% of the shares held. Central Kentucky Federal Savings Bank will merge into and operate under the name Central Kentucky Federal Savings Bank as a division of First Federal Savings Bank of Frankfort.

All members of the Board of Directors of CKF Bancorp are expected to join First Federal Savings Bank of Frankfort's Board of Directors, and two CKF Bancorp Directors will join the Board of Directors of Kentucky First. William H. Johnson, Chief Executive Officer of CKF Bancorp will be named as President of Danville-Lancaster Operations of First Federal Savings Bank of Frankfort. All Central Kentucky Federal employees will become employees of First Federal Savings Bank of Frankfort. CKF will pay Kentucky First a fee of $0.3 million if the agreement is terminated on or before December 3, 2011 or $0.6 million if the agreement is terminated after December 3, 2011.

The deal is subject to approval of the shareholders of CKF Bancorp, regulatory approvals, third party approval, approval for listing of Kentucky First common stock on the Nasdaq Global Market, execution of employment agreements, appraisal rights, total tangible stockholders' equity of CKF Bancorp shall not be less than $12.5 million and registration statement shall have been declared effective. The transaction has been unanimously approved by the Boards of Directors of Kentucky First and CKF Bancorp. Kentucky First and CKF Bancorp expect to file regulatory applications regarding the transactions during the fourth quarter of 2011 and the deal is expected to be close in the second or third quarter of 2012. Kentucky First expects the transaction to be immediately accretive to tangible book value per share and also to be accretive to core earnings per share in the first year of combined operations.

As of July 2, 2012, 98% of the shareholders of CKF Bancorp, Inc. voted to approve the merger agreement. As on September 28, 2012, Kentucky First Federal Bancorp and CKF Bancorp entered into an amendment to the agreement. The amendment extends from September 30, 2012 to December 31, 2012, the date by which any party may terminate the agreement if the transaction is not completed. As of November 30, 2012, the deal was given required regulatory approval.

Capital Resources Group, Inc. acted as financial advisor and Gary R. Bronstein of Kilpatrick Townsend and Stockton LLP acted as legal advisor for Kentucky First. RP Financial acted as the financial advisor and provided fairness opinion to CKF Bancorp. Kip A. Weissman of Luse Gorman Pomerenk & Schick, P.C. acted as legal advisor for CKF Bancorp.

Kentucky First Federal Bancorp (Nasdaq: KFFB) completed the acquisition of CKF Bancorp, Inc. (OTCBB: CKFB) from First Southern Bancorp and others on January 1, 2013. As a result of merger CKF Bancorp was merged with and into Kentucky First, with Kentucky First as the surviving entity.