KFFB » Topics » Transactions with Management

This excerpt taken from the KFFB DEF 14A filed Oct 10, 2006.

Transactions with Management

          First Federal of Hazard and First Federal of Frankfort both offer loans to their directors and executive officers. These loans were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectibility or present other unfavorable features.  Under current law, the Banks’ loans to directors and executive officers are required to be made on substantially the same terms, including interest rates, as those prevailing for comparable transactions with other persons and must not involve more than the normal risk of repayment or present other unfavorable features.  Furthermore, all loans to such persons must be approved in advance by a disinterested majority of the Company’s Board of Directors.  At June 30, 2006, loans to directors and executive officers and their affiliates totaled $659,000  or 1.0%, of the Company’s stockholders’ equity, at that date.

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This excerpt taken from the KFFB DEF 14A filed Oct 7, 2005.

Transactions with Management

          First Federal of Hazard and First Federal of Frankfort both offer loans to their directors and executive officers. These loans were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectibility or present other unfavorable features.  Under current law, the Banks’ loans to directors and executive officers are required to be made on substantially the same terms, including interest rates, as those prevailing for comparable transactions with other persons and must not involve more than the normal risk of repayment or present other unfavorable features.  Furthermore, all loans to such persons must be approved in advance by a disinterested majority of the Company’s Board of Directors.  At June 30, 2005, loans to directors and executive officers and their affiliates totaled $454,926 or 0.69%, of the Company’s stockholders’ equity, at that date.

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