Kentucky Today
Two Kentucky-based community banks have now officially joined as one as Stock Yards Bank & Trust announced Monday the completion of the previously announced acquisition of Commonwealth Bank & Trust. Both banks have locations in Northern Kentucky in Florence.
This marks another major merger for Stock Yards Bank, following the acquisition of Kentucky Bank in the summer of 2021.
“Stock Yards Bank continues to build strength and increase its footprint by joining forces with yet another relationship-focused community bank,” said Stock Yards Bank chairman and CEO James A. Hillebrand. “The merger with Commonwealth Bank & Trust helps us add services, ensure longevity and expand in ideal markets such as Shelby County, while adding depth in our hometown of Louisville.”
Stock Yards Bancorp, Inc., the parent company of Stock Yards Bank & Trust, and Commonwealth Bancshares, Inc., the parent company of Commonwealth Bank & Trust, are both headquartered in Louisville. The combined financial institutions will serve customers through 73 branches in Kentucky, Indiana. and Ohio with total assets of approximately $8 billion, $4.9 billion in gross loans, $7.5 billion in deposits and $7.5 billion in trust assets under management.
This merger also marks significant growth in Stock Yards Bank’s wealth management and trust area, and the company says this adds strength to its mortgage and private banking operations. Stock Yards Bank is now the largest bank headquartered in Kentucky and the largest bank-owned Trust company in Kentucky.
“Adding this kind of scale is not about being bigger, it’s about being better for the people, businesses and communities we serve,” said Hillebrand. “With this merger, we are able to further invest in our infrastructure and technology channels. We are able to give our customers the technology they want and expect, while keeping the community bank service model alive.”
Customers of Commonwealth Bank will continue to be notified throughout the conversion process of coming changes, timelines and expectations leading up to the formal transition of systems and branding later this month. Commonwealth Bank employees started training on Stock Yards Bank systems late last year.
In Northern Kentucky, Stock Yards Bank & Trust is located at 4790 Houston Road in Florence and Commonwealth Bank & Trust is located at 7135 Houston Road in Florence.