By Rachel Nix, Building Kentucky
Two Kentucky-based community banks are now one.
Stock Yards Bank & Trust completed its acquisition of Commonwealth Bank & Trust this month. This marks the second major merger for Stock Yards Bank in recent years, following the acquisition of Kentucky Bank in the summer of 2021.
Details of the Commonwealth Bank and Stock Yards Bank merger
Stock Yards Bank is now the largest bank headquartered in Kentucky and the largest bank-owned Trust company in Kentucky. This merger also marks significant growth in Stock Yards Bank’s wealth management and trust area and adds strength to its mortgage and private banking operations.
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.
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.
Behind the merger with Chairman and CEO James A. (Ja) Hillebrand
“Stock Yards Bank continues to build strength and increase its footprint by joining forces with yet another relationship-focused community bank. 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.”
“Adding this kind of scale is not about being bigger, it’s about being better for the people, businesses and communities we serve. 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.”Stock Yards Bank chairman and CEO James A. (Ja) Hillebrand