LOUISVILLE, Ky. (Jan. 27, 2021 )– Stock Yards Bank & Trust Company, today announced that it has entered into a definitive agreement to acquire Kentucky Bank, based in Paris, KY.
“Our customers – individuals and businesses – are growing and we are excited to grow with them,” said James A. (Ja) Hillebrand, Chairman and Chief Executive Officer of Stock Yards Bank & Trust. “The combination of the two companies will offer customers the best of both worlds – the breadth of services and solutions offered by national banks, delivered by local bankers who listen and are able to respond to their customers’ needs. Together, we will be able to serve the Central Kentucky region across the full range of delivery channels they demand including branches, online, mobile and through local, community-based bankers.”
Hillebrand said that Stock Yards Bank and Kentucky Bank share a unique alignment of core values, business philosophies and service models – a community bank approach that is based on building long-term relationships and investing in the community. The two banks have similar roots in Kentucky history. Kentucky Bank originated in Paris, KY in 1851, serving the agricultural economy of the region. Stock Yards Bank traces its history to 1904, when it opened to serve the livestock and agribusiness industries at The Bourbon Stock Yards in Louisville. The combined banks will offer the greatest number of branch locations (50) and will rank as the 2nd largest bank by deposits for any Kentucky-based, community bank.
The combined stock and cash transaction, representing a total consideration of approximately $190 million, is expected to close during the second quarter of 2021, subject to customary regulatory approval and completion of closing conditions.
“This is great news for Kentucky Bank and their customers,” said Louis Prichard, President and Chief Executive Officer of Kentucky Bank. “In today’s economic environment, you want a bank that is large enough to weather unexpected events and stands by customers in challenging times. We feel this merger will provide the operating scale, lending capacity, expanded product offering and technology of a larger institution married with the community banking model that both banks have always valued. It is a powerful formula for providing enhanced banking services to the Central Kentucky Market.”
Prichard will join Stock Yards Bank with the title of Central Kentucky Market President and will serve on the bank’s management committees including operations, lending, strategic planning, interest rates and human resources.
Kentucky Bank operates 19 branches throughout the following central Kentucky cities: Paris (Bourbon County), Cynthiana (Harrison County), Georgetown (Scott County), Lexington (Fayette County), Morehead (Rowan County), Nicholasville (Jessamine County), Richmond (Madison County), Sandy Hook (Elliott County), Versailles (Woodford County), Wilmore (Jessamine County) and Winchester (Clark County).
“In community banking, branches are as important as our online and mobile platforms,” Hillebrand said. “They are so important that even during the pandemic both Stock Yards Bank and Kentucky Bank opened new branches – because we believe that banking is about people. Life-long relationships are built and strengthened at the local level and enhanced by the convenience and accessibility of online and mobile delivery channels.”
About Stock Yards Bancorp, Inc.
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $4.6 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on the NASDAQ Global Select Market under the symbol SYBT. For more information about Stock Yards Bancorp, visit the Company’s website at www.syb.com. It has branches in Louisville, Indianapolis, northern Kentucky and Cincinnati markets.
About Kentucky Bancshares, Inc.
Paris, Kentucky-based Kentucky Bancshares, Inc., with $1.2 billion in assets, was incorporated in 1981 as a bank holding company. It is the parent company of Kentucky Bank, which was established in 1851. The Company’s common shares trade on the OTCQX under the symbol KTYB. For more information about Kentucky Bancshares, Inc., visit their website at www.kybank.com.