KFFB News & Events

Kentucky First Federal Bancorp announced that the Office of the Comptroller of the Currency, the primary regulator of First Federal Savings Bank of Kentucky, has published notification that it has terminated the OCC's formal written agreement, dated August 13, 2024, with First Federal Savings Bank of Kentucky. First Federal Savings Bank of Kentucky President and Chief Executive Officer, R. Clay Hulette, stated, "We are very pleased to have the Agreement terminated in less than 20 months. We appreciate the OCC's timely recognition of our achievements and grateful for the hard work of our team to expeditiously address the issues raised by the Agreement." With the termination of the agreement, the Bank is no longer considered in "troubled condition" pursuant to 12 C.F.R. Section 5.51(c)(7)(ii) and is an "eligible savings association" for purposes of 12 C.F.R. Section 5.3. Further, the individual minimum capital requirements imposed concurrently with the Agreement will no longer be enforced, although the Bank's capital levels have exceeded, and continue to exceed, the IMCRs.

Kentucky First Federal Bancorp announced that the Boards of Directors of the Company and First Federal Savings Bank of Kentucky have appointed R. Clay Hulette as Chief Executive Officer of the Company and as President and Chief Executive Officer of First Federal Savings Bank of Kentucky, respectively. The appointment of Mr. Hulette to these positions is subject to regulatory approval. Pending regulatory approval, Mr. Hulette will serve as interim President and Chief Executive Officer of First Federal Savings Bank of Kentucky. In connection with this transition, Don D. Jennings has been appointed Director of Operations of First Federal Savings Bank of Kentucky and will continue to serve as President of the Company and Chairman of the Board of Directors of First Federal Savings Bank of Kentucky. Regarding the transition, Walter G. Ecton, Jr., Chairman of the Company's Board of Directors, stated, "The Company and First Federal Savings Bank are very pleased to welcome back Clay Hulette in a full-time capacity to serve as CEO. Clay previously served as Chief Financial Officer of the Company from its inception in March 2005 until his retirement in January 2024, and was an employee of First Federal Savings Bank for 27 years, serving as President from March 2007 until 2013 and as Frankfort Area President from 2013 until January 2024. Following his retirement in 2024, Clay continued to serve the Company and the Banks in a consulting capacity, most recently in a part-time risk management role. His appointments, which remain subject to regulatory approval, will allow the Company and the Banks to leverage his business and financial acumen and community connections to further our financial initiatives. We are also pleased that Don Jennings will continue in his roles as President of the Company and Chairman of the Board of First Federal Savings Bank, and in a new role as Director of Operations of First Federal Savings Bank, which will enable him to focus on the implementation of the strategies the Banks have adopted to restore and build profitability."