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Citizens To Acquire First Alliance

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NU Online News Service, Nov. 11, 2:57 p.m. – Citizens Inc., Austin, Texas, has signed a definitive agreement to acquire First Alliance Corp., Lexington, Ky., through a stock swap with a current value of about $17 million, based on a price of $3.02 per share for First Alliance and $7.99 per share for Citizens.

Citizens hopes to complete the acquisition, which is subject to approval by First Alliance shareholders and regulators in Kentucky, Missouri and Arkansas, by mid-2003.

First Alliance is the parent of First Alliance Insurance Company, a life insurer. Citizens says it will keep the company’s current staff in its current offices after the deal is completed.