Stock Yards Bancorp Completes Previously Announced Acquisition of King Bancorp
May 01 2019 - 7:00AM
Business Wire
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of
Stock Yards Bank & Trust Company, with offices in the
Louisville, Indianapolis and Cincinnati metropolitan markets, today
announced that the Bank has completed the previously announced
acquisition of King Bancorp, Inc. King Bancorp is the holding
company for King Southern Bank, which operates a total of five
branches in the greater Louisville area and in neighboring Nelson
County. SYBT Completes Acquisition of King Bancorp
As of April 30, 2019, King Bancorp had approximately $192
million in assets, $166 million in loans, $125 million in deposits
and $15 million in tangible common equity. The all-cash acquisition
will enable Stock Yards to leverage its capital effectively and
achieve mid-single digit earnings per share accretion on a fully
phased-in basis.
Commenting on the announcement, James A. (Ja) Hillebrand, Chief
Executive Officer of Stock Yards Bancorp, Inc., said, "We are
pleased to complete this transaction and welcome our newest
customers, which enables us to extend our reach to the attractive
Nelson County, Kentucky market, a strong geographical fit with our
existing Louisville footprint. This acquisition provides solid
growth opportunities for us and a platform for future expansion. We
look forward to expanding our customer base by offering a wide
range of choices in financial products and services, including an
array of wealth management and trust capabilities."
About the Company
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.3
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 www.syb.com.
Forward-Looking
Statements
This report contains forward-looking statements under the
Private Securities Litigation Reform Act that involve risks and
uncertainties. Although the Company's management believes the
assumptions underlying the forward-looking statements contained
herein are reasonable, any of these assumptions could be
inaccurate. Therefore, there can be no assurance the
forward-looking statements included herein will prove to be
accurate. Factors that could cause actual results to differ from
those discussed in forward-looking statements include, but are not
limited to: economic conditions both generally and more
specifically in the markets in which the Company and its
subsidiaries operate; competition for the Company's customers from
other providers of financial services; government legislation and
regulation, which may change on occasion and over which the Company
has no control; changes in interest rates; material unforeseen
changes in liquidity, results of operations, or financial condition
of the Company's customers; and other risks detailed in the
Company's filings with the Securities and Exchange Commission, all
of which are difficult to predict and many of which are beyond the
control of the Company. See Risk Factors outlined in the Company's
Form 10-K for the year ended December 31, 2018. Additionally,
these forward-looking statements include, but are not limited to,
statements relating to the expected timing and benefits of the
proposed acquisition of King Bancorp, Inc., including future
financial and operating results, cost savings, enhanced revenues,
and accretion/dilution to reported earnings that may be realized
from the acquisition, as well as other statements of expectations
regarding the acquisition and other statements of goals, intentions
and expectations; statements regarding its business plan and growth
strategies; statements regarding the asset quality of King
Bancorp's loan and investment portfolios; and estimates of
King Bancorp's risks and future costs and benefits, whether with
respect to the acquisition or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190501005249/en/
T. Clay StinnettExecutive Vice President,Treasurer and Chief
Financial Officer(502) 625-0890
Stock Yards Bancorp (NASDAQ:SYBT)
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