Commonwealth Bank & Trust to become part of Stock Yards Bank & Trust
FOR IMMEDIATE RELEASE
Media Contact: Nick Papachristou
Director of Marketing, Stock Yards Bank
LOUISVILLE Ky. (August 3, 2021) – Stock Yards Bank & Trust has entered into a definitive agreement to acquire Louisville-based Commonwealth Bank & Trust. Combining the strengths of these two community banks that are deeply rooted in Kentucky further solidifies Stock Yards Bank’s position as a premier financial institution in the region.
“As community bankers, we need to take the initiative to build relationships and earn the trust of the people we serve,” said Stock Yards Bank Chairman and CEO James A. (Ja) Hillebrand. “This acquisition is further proof that Stock Yards Bank is dedicated to growing with the evolving needs of our customers, adding scale, security and strength while staying in line with our existing values.”
The combined stock and cash transaction with Commonwealth Bancshares, Inc., representing a total consideration of approximately $153 million, is expected to close during the fourth quarter of 2021, subject to completion of customary regulatory approval and closing conditions.
“The mutual admiration and collaboration between these two banks goes back many years,” said Commonwealth Bank President and CEO John W. Key. “This acquisition brings us together to create a premier financial institution unlike anything that this region has ever seen. I truly believe this will be transformational for our Commonwealth Bank customers and the communities we serve.”
Key will join Stock Yards Bank in a senior management position as Director of Strategic Initiatives and will serve as a voting member of the company’s Executive Loan Committee, Strategic Planning Committee and Operations Committee.
Commonwealth Bank is headquartered in Louisville and operates 15 branches including nine branches in Jefferson County, four in Shelby County and two in Northern Kentucky, as well as several remote mortgage offices across the state. It has over $1.3 billion in Bank assets and manages $2.6 billion in wealth management and Trust assets. The combined banks will service customers through 79 branches with total assets of approx. $7.4 billion, $4.9 billion in gross loans, $6.4 billion in deposits and $7 billion in Trust assets under management.
“Community banking isn’t about size, it’s about service,” said Hillebrand. “Both of these banks understand that relationships are more important than assets. Together, we will be more nimble and powerful to help more consumers and businesses in this region to meet their financial goals.”
In addition to more options for locations and expanded services, Commonwealth Bank customers will now benefit from the shared best practices and depth of experience from the teams at these two well-established banks. As Commonwealth customers transfer into the Stock Yards Bank family, they will find their hometown location staffed by many of the same bankers they’ve built relationships with over the years.
This is Stock Yards Bank’s second major acquisition of 2021 following the recent acquisition of Kentucky Bank, including 19 branch locations across central and eastern Kentucky. Stock Yards Bank has valuable experience transitioning customers through the past acquisitions of King Southern Bank, Bank of Oldham County and currently Kentucky Bank working to ensure for a smooth and swift conversion.
About Stock Yards Bancshares, Inc.:
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $6.1 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 syb.com. It has branches in Louisville, central, eastern and northern Kentucky as well as Cincinnati and Indianapolis markets.
About Commonwealth Bancshares, Inc.:
Commonwealth Bancshares, Inc. has $1.3 billion in assets, and manages $2.6 billion in wealth and trust assets, including $200 million of assets in association with its Bowling Green partner, Landmark Financial Advisors. Commonwealth Bank & Trust, founded in 1881, is headquartered in Louisville, Kentucky and currently operates 15 retail branches across Jefferson and Shelby Counties and two branches in northern Kentucky. For more information about Commonwealth, visit their website at cbandt.com.
For a list of frequently asked customer questions: CB&T Acquisition FAQs for Customers