S.Y. Bancorp, Inc. Completes Previously Announced Acquisition of THE BANCorp, Inc., Holding Company for THE BANK – Oldham County, Inc.
S.Y. Bancorp, Inc. (“S.Y. Bancorp” or the “Company”) (NASDAQ: SYBT),
parent company of Stock Yards Bank & Trust Company (the “Bank”) with
offices in the Louisville, Indianapolis and Cincinnati metropolitan
markets, today announced that it has completed the previously announced
acquisition of THE BANCorp, Inc. Based in La Grange, Kentucky, THE
BANCorp is the holding company for THE BANK – Oldham County, Inc., which
operates four branches, one each in La Grange, Louisville, Crestwood and
Prospect.
The acquisition increases the footprint of the Bank to a total of 35
branches in three major metropolitan areas – Louisville, Indianapolis
and Cincinnati. Of these, 29 are located in the greater Louisville area,
with the Bank’s presence now extending into Oldham County. With the
completion of this acquisition, Stock Yards Bank & Trust is expected to
become the largest locally owned community bank in the Louisville MSA in
terms of deposits.
Commenting on the announcement, David Heintzman, Chairman and Chief
Executive Officer of S.Y. Bancorp, said, “We are pleased to complete
this transaction and offer an enthusiastic welcome to our new
shareholders and customers. Since we previously had no physical
locations in Oldham County, which has maintained solid growth and
attractive demographic trends, this acquisition presents a very strong
geographical fit with our existing footprint in the Louisville MSA. This
acquisition will provide new opportunities for us to expand our business
as we offer our new customers a more extensive range of products and
services, including investment management and trust services along with
private banking and brokerage services.”
Heintzman pointed out that the Company expects to complete by mid-August
of 2013 the necessary system conversion that will integrate customer
information, balances and transaction data of THE BANK – Oldham County
into the Bank’s data system. Until that conversion is completed,
customers of THE BANK – Oldham County must continue to use existing
debit and credit cards and current online banking access. Additionally,
customers of THE BANK – Oldham County will not be able to transact
business at current Stock Yards Bank & Trust Company branches, and vice
versa, until the system conversion has been completed.
Louisville, Kentucky-based S.Y. Bancorp, Inc., with approximately $2.2
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. The trust preferred
securities of S.Y. Bancorp Capital Trust II also trade on the NASDAQ
Global Select Market under the symbol SYBTP.
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 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.
