LOUISVILLE, Ky.–(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.
Contacts
T. Clay Stinnett
Executive Vice President,
Treasurer and Chief
Financial Officer
(502) 625-0890
