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CKF Bancorp is merging with Kentucky First Federal Bancorp, and the process will take several months.
The agreement was unanimously approved by the boards of directors of both companies yesterday.
Two locations in Danville and one in Lancaster were approved in this transaction, which is valued at nearly eleven million dollars.
Board Chairman Tony Whitaker of Hazard says this is a chance for Kentucky first to grow significantly.
"We view both of those regions as very progressive and a good value for our shareholders and our investors and let's us expand our market," said Whitaker.
Whitaker also says this agreement is a good opportunity for their employees.