Kentucky First Federal Bancorp appoints R. Clay Hulette as CEO

HAZARD, Ky. - Kentucky First Federal Bancorp (NASDAQ:KFFB), a $32.27 million market cap financial institution currently rated ’FAIR’ by InvestingPro’s Financial Health metrics, announced Wednesday the appointment of R. Clay Hulette as Chief Executive Officer of the company and President and CEO of First Federal Savings Bank of Kentucky, subject to regulatory approval.

Hulette, who previously served as Chief Financial Officer of the company from its inception in 2005 until his retirement in January 2024, will temporarily serve as interim President and CEO of First Federal Savings Bank of Kentucky pending regulatory approval. The appointment comes as the company shows strong momentum, with InvestingPro data revealing a 38.6% price return over the past six months and revenue growth of 21.89% in the last twelve months.

As part of the leadership restructuring, Don D. Jennings has been appointed Director of Operations of First Federal Savings Bank of Kentucky while maintaining his roles as President of the company and Chairman of the bank’s Board of Directors.

Walter G. Ecton, Jr., Chairman of the company’s Board of Directors, noted that Hulette’s appointment aims to leverage his "business and financial acumen and community connections" to further the company’s financial initiatives.

Hulette had worked at First Federal Savings Bank for 27 years, serving as President from 2007 until 2013 and as Frankfort Area President from 2013 until January 2024. Following his retirement, he continued to serve the company and banks in a consulting capacity.

"I am honored at the trust that the Boards have bestowed upon me," Hulette stated in the press release.

The company indicated that the strengthened leadership team is intended to improve profitability, execute strategic initiatives, and enhance shareholder value.

Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, which operate a combined seven banking offices across Hazard, Frankfort, Danville, and Lancaster, Kentucky.

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