Why is Kentucky Bank merging with another bank?
- As a strong community bank, Kentucky Bank has a large customer base and is a very well run institution. Those factors made Kentucky Bank very attractive to the stockholders of Stock Yards Bank & Trust.
- Considering the changing landscape in banking, we recognize that the greater size and scale of an organization like Stock Yards Bank & Trust allows us to continue at our best, but with the greater strength and stability of a much larger, but similarly customer-focused community bank.
- The transaction provides Kentucky Bank and its customers with a prudent way forward in an increasingly competitive and highly regulated industry.
- Additionally, it will allow us to strengthen and expand our product offerings to customers, including the addition of robust treasury management services, enhanced technology, wealth management & trust services, and provide increased convenience in the Louisville, Northern Kentucky, Cincinnati and Indianapolis areas.
Is my money safe?
- Yes, it will continue to be safe. Stock Yards Bank & Trust is a safe bank and has achieved an excellent track record over the years.
- All accounts will continue to be insured by the FDIC.
- In instances where the combined deposit total exceeds the FDIC insurance limitation, customers will have a grace period to review and restructure their relationships.
What will change?
- Although some things will change, many will stay the same.
- The name of the bank will change from Kentucky Bank to Stock Yards Bank & Trust; the great people you work with in the branches will remain in place and the branch locations will not change.
- Stock Yards Bank & Trust is a local, homegrown bank with a strong, independent tradition that dates back to 1904.
- You will see expanded services, more locations and access to even greater convenience.
Will they close my branch?
- Stock Yards Bank & Trust plans to maintain all of the existing Kentucky Bank locations.
What will happen to the employees?
- Stock Yards Bank & Trust is currently reviewing all positions at Kentucky Bank and hopes to maximize the number of employees who will transition to Stock Yards Bank & Trust.
When will things change?
- The transaction is expected to be completed in the second quarter of 2021 with conversion of the systems happening in August. Until then, the bank will continue to operate as Kentucky Bank.
Is Stock Yards Bank & Trust a local bank?
- Stock Yards Bank & Trust has maintained longstanding relationships with the communities they serve.
Stock Yards Bank & Trust is a local, homegrown Kentucky bank with a strong, independent tradition that dates back to 1904.
- Stock Yards Bank & Trust has maintained longstanding relationships with the community and is focused on serving the people and businesses in the communities where it has locations.
Will I deal with new people?
- Since most Kentucky Bank employees will be retained, you will most often be dealing with the same people.
- Once Kentucky Bank’s systems are converted in August, you may, for some interactions and inquiries that require help from the back office (i.e., call center, loan payoffs, lost/stolen debit card, etc.) talk with a new person as we will now be able to provide expanded services to our customers. Until conversion, you will work with the same great employees you work with today.