Kentucky Bancshares, the holding company of Kentucky Bank, has completed the purchase of Madison Financial of Richmond, Kentucky.

Following the takeover, Madison Bank, formerly wholly owned subsidiary of bank of Madison Financial, has been merged into Kentucky Bank.

Madison Bank’s three former locations of Madison Bank will now operate as financial centres of Kentucky Bank.

Moreover, Kentucky Bank will now operate with three additional offices in Richmond, which includes the 1001 Gibson Bay Drive, Suite 101; 660 University Shopping Center; and 724 West Main Street (Tates Creek) locations.

The acquisition deal was first announced in this January, and received the consent of Madison Financial shareholders on 15 July.

Kentucky Bancshares president and CEO Louis Prichard commented: "We plan to continue the forward thinking customer service that has been Kentucky Bank’s hallmark.

"Our thanks go to the employees of both banks who have worked so hard to ensure a smooth transition. We are looking forward to continuing the banking relationships with Madison Bank customers."