Stock Yards Bancorp Completes Acquisition of Kentucky Bancshares
June 01 2021 - 7:00AM
Stock Yards Bancorp, Inc. (“Stock Yards” or the “Company”) (NASDAQ:
SYBT), the parent company of Stock Yards Bank & Trust Company,
with offices in the Louisville, Lexington, Indianapolis and
Cincinnati metropolitan markets, today announced that it has
completed its previously announced acquisition of Kentucky
Bancshares, Inc. Kentucky Bancshares, headquartered in Paris,
Kentucky, is the holding company for Kentucky Bank, which operates
19 branches in 11 communities throughout central and eastern
Kentucky, including the Lexington, Kentucky metropolitan
statistical area and contiguous counties.
“We are pleased to announce the completion of
the merger and to have Kentucky Bancshares shareholders, customers
and employees join the Stock Yards team,” said James A. (Ja)
Hillebrand, Chairman and Chief Executive Officer. “This merger
expands our presence throughout central and eastern Kentucky and
allows broader product offerings, increased lending capabilities
and an expanded branch delivery system to our new customers.
Additionally, the larger organization provides solid growth
opportunities for us and a platform for future expansion.”
About Stock Yards Bancorp,
Inc.
Louisville, Kentucky-based Stock Yards Bancorp,
Inc. with $4.8 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 Stock Market under the symbol
SYBT. For more information about Stock Yards Bancorp, visit the
Company’s website at www.syb.com.
Forward-Looking Statements
Certain statements contained in this
communication, which are not statements of historical fact,
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, certain plans, expectations,
goals, projections and benefits relating to the merger transaction
between Stock Yards and Kentucky Bancshares, which are subject to
numerous assumptions, risks and uncertainties. Words or phrases
such as “anticipate,” “believe,” “aim,” “can,” “conclude,”
“continue,” “could,” “estimate,” “expect,” “foresee,” “goal,”
“intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,”
“project,” “potential,” “seek,” “should,” “target,” “will,” “will
likely,” “would,” or the negative of these terms or other
comparable terminology, as well as similar expressions, are
intended to identify forward-looking statements but are not the
exclusive means of identifying such statements.
Forward-looking statements are not historical
facts but instead express only management’s beliefs regarding
future results or events, many of which, by their nature, are
inherently uncertain and outside of the management’s control. It is
possible that actual results and outcomes may differ, possibly
materially, from the anticipated results or outcomes indicated in
these forward-looking statements. In addition to factors disclosed
in reports filed by Stock Yards with the SEC, risks and
uncertainties for Stock Yards include but are not limited to: the
possibility that any of the anticipated benefits of the proposed
merger will not be realized or will not be realized within the
expected time period; the risk that integration of Kentucky
Bancshares’ operations with those of Stock Yards will be materially
delayed or will be more costly or difficult than expected;
diversion of management's attention from ongoing business
operations and opportunities due to the merger; the challenges of
integrating and retaining key employees; the effect of the
announcement of the merger on the combined company's respective
customer and employee relationships and operating results; the
possibility that the merger may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
dilution caused by Stock Yards’ issuance of additional shares of
Stock Yards common stock in connection with the merger; the
magnitude and duration of the COVID-19 pandemic and its impact on
the global economy and financial market conditions and the
business, results of operations and financial condition of the
combined company; and general competitive, economic, political and
market conditions and fluctuations. All forward-looking statements
included in this communication are made as of the date hereof and
are based on information available at that time. Except as required
by law, Stock Yards assumes no obligation to update any
forward-looking statement to reflect events or circumstances that
occur after the date the forward-looking statements were made.
Please refer to Stock Yards’ Annual Report on
Form 10-K for the year ended December 31, 2020, and its Quarterly
Report on Form 10-Q for the three months ended March 31, 2021, as
well as its other filings with the SEC for a more detailed
discussion of risks, uncertainties and factors that could cause
actual results to differ from those discussed in the
forward-looking statements.
Contact: |
T. Clay
Stinnett |
|
Stock Yards Bancorp, Inc. |
|
Executive Vice President, Treasurer |
|
and Chief Financial Officer |
|
(502) 625-0890 |
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