Limestone Bank Completes Acquisition of 4 Branch Banking Centers
November 18 2019 - 8:30AM
Business Wire
Limestone Bancorp, Inc. (the “Company”) (NASDAQ: LMST), parent
company of Limestone Bank (the “Bank”), announced today that the
Bank completed the acquisition of four branch banking centers
located in the Kentucky cities of Elizabethtown, Frankfort, and
Owensboro from Louisville, Kentucky based Republic Bank and Trust,
a subsidiary of Republic Bancorp, Inc. (NASDAQ: RBCAA). The
purchase includes approximately $127 million in performing loans
and $1.5 million in premises and equipment as well as approximately
$132 million in customer deposits with an all-in blended deposit
premium of approximately 6% or $8 million.
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Limestone Bank Branch Locations (Photo:
Business Wire)
John T. Taylor, president and chief executive officer said, “We
are thrilled with the opportunity to serve our new customers in
Elizabethtown, Frankfort, and Owensboro. We are also excited to
welcome nearly twenty new team members and associates to the
Limestone Bank team. This acquisition allows us to further optimize
our branch footprint regionally and solidifies our presence and
ability to serve customers in Daviess, Hardin, and Franklin
counties.”
Janney Montgomery Scott LLC acted as financial advisor to the
Company and Wyatt, Tarrant & Combs, LLP acted as the Company’s
legal counsel. The Company did not issue common shares in this
transaction.
About Limestone Bancorp, Inc.
Limestone Bancorp, Inc. (NASDAQ: LMST) is a Louisville,
Kentucky-based bank holding company which operates banking centers
in 14 counties through its wholly-owned subsidiary Limestone Bank.
The Bank’s markets include metropolitan Louisville in Jefferson
County and the surrounding counties of Henry and Bullitt, and
extend south along the Interstate 65 corridor. The Bank serves
southern and south central Kentucky from banking centers in Butler,
Green, Hardin, Hart, Edmonson, Barren, Warren, Ohio and Daviess
counties. The Bank also has a banking center in Lexington,
Kentucky, the second largest city in the state, and Frankfort,
Kentucky, the state capital. Limestone Bank is a traditional
community bank with a wide range of personal and business banking
products and services.
Forward-Looking Statements
Statements in this press release relating to Limestone Bancorp’s
plans, objectives, expectations or future performance are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “believe,”
“may,” “should,” “anticipate,” “estimate,” “expect,” “intend,”
“objective,” “possible,” “seek,” “plan,” “strive” or similar words,
or negatives of these words, identify forward-looking statements
that involve risks and uncertainties. These forward-looking
statements include statements related to the expected benefits of
the branch acquisition. 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 change from time to time 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.
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John T. Taylor Chief Executive Officer (502) 499-4800
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