Commenting on the announcement, David Heintzman, Chairman and Chief Executive Officer of S.Y. Bancorp, said, "Considering our strong presence in the metropolitan Louisville area, this transaction presents a prudent opportunity to deploy our solid capital base and extend our footprint to the northeast into contiguous Oldham County through the acquisition of a strong franchise with solid asset quality, capital strength and a history of profitability. As the only locally owned community bank based in Oldham County – with substantial market share at approximately 22% of total deposits – this transaction is expected to provide a ready source of core deposits to help fund our continued loan growth.
"With population growth of 32% over the last 10 years, Oldham County is the second fastest growing county in the Louisville MSA and fourth largest in the state," Heintzman added. "In addition, Oldham County ranks number one in Kentucky in terms of household income. Thus, we believe it will be attractive in terms of banking activities. Moreover, we are excited to bolster and expand the products and services available to customers there, including the addition of investment management and trust services along with private banking and brokerage services."
Stephen Norton, President and Chief Executive Officer of Bancorp, added, "We are pleased to join forces with Stock Yards Bank & Trust Company to provide enhanced and long-term value to our customers and community. The combination with S.Y. Bancorp will provide greater capital resources and operational scale that will allow us to grow as part of a larger community bank, with more than $2 billion in total assets and the tools and resources to enhance long-term value for our shareholders."
Concluding, Heintzman said, "We are excited about this opportunity to expand our footprint in our home market of Louisville. We feel the acquisition is an excellent fit as THE BANK – Oldham County shares a similar tradition with Stock Yards Bank & Trust. Founded in 1993 by local community leaders, business persons and professionals, THE BANK – Oldham County has earned an excellent reputation through its commitment to a full understanding of the local market and to maintaining strong customer relationships. We look forward to working with our new employees to further build on that heritage."