Limestone Bancorp subsidiary Limestone Bank has signed a definitive agreement to acquire four Republic Bank and Trust (Republic Bank) branches in Kentucky.
The four branches are located in the cities of Elizabethtown, Frankfort and Owensboro.
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Overall, the acquisition will involve the transfer of $153m in deposits and $112m in loans. Additionally, Limestone will purchase nearly all the fixed assets of these locations. These fixed assets had book value of $1.3m as of 30 June 2019.
The transaction includes the all-in blended deposit premium of around 6%.
Limestone Bank president and CEO John Taylor said: “We are pleased to enter into this agreement to acquire four banking centre from Republic Bank which are located in both our existing markets and in nearby contiguous counties.
“The acquisition will allow Limestone Bank to increase its market share and better serve customers in Owensboro through the addition of two branches, and to grow its geographic footprint with entry into the Frankfort and Elizabethtown markets.”
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By GlobalDataRepublic chairman and CEO Steve Trager said: “We at Republic Bank would like to extend our sincere thanks to all of our wonderful clients and associates in these four banking centres, and we are happy that Limestone has also agreed to make employment offers to the traditional branch associates as part of this transaction.”
The Republic Bank branches acquisition is expected to close in the fourth quarter of this year. The completion is subject to regulatory approvals and other customary closing conditions.
Earlier this month, Bar Harbor Bank & Trust (BHBT) signed a definitive agreement to acquire eight People’s United Bank, National Association branches. All these branches are situated in the central Maine region.
