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Commonwealth Bank to become part of Stock Yards Bank & Trust

Stock Yards Bank and Commonwealth Bank logos

We are pleased to announce that Stock Yards Bancorp has signed a definitive agreement to merge Commonwealth Bank & Trust into Stock Yards Bank & Trust. We are excited by the opportunity to combine the strengths of these two well-regarded community banks that are deeply rooted in Kentucky and further solidify our position as a premier financial institution in the region. Stock Yards Bank believes that banking isn’t about how big the bank is but about how well we serve our customers, and I know that Commonwealth Bank approaches it the same way. Together, we will be more nimble and better able to help our customers meet their financial goals. 

We recognize that this announcement may lead to a few questions; we have prepared a set of Frequently Asked Questions, below, to help you. In the event you still have questions, our Call Center is available by calling 800-625-9066.

Ja Hillebrand
Chairman of the Board & Chief Executive Officer

  • Press Release

    Media Contact: Nick Papachristou, Director of Marketing

    Nick.Papachristou@syb.com

    Commonwealth Bank & Trust to become part of Stock Yards Bank & Trust

    Acquisition signifies proactive investment in community banking

    LOUISVILLE, KY. (August 3, 2021) – Stock Yards Bank & Trust has entered into a definitive agreement to acquire Louisville-based Commonwealth Bank & Trust. Combining the strengths of these two community banks that are deeply rooted in Kentucky further solidifies Stock Yards Bank’s position as a premier financial institution in the region.

    “As community bankers, we need to take the initiative to build relationships and earn the trust of the people we serve,” said Stock Yards Bank Chairman and CEO James A. (Ja) Hillebrand. “This acquisition is further proof that Stock Yards Bank is dedicated to growing with the evolving needs of our customers, adding scale, security, and strength while staying in line with our existing values.”

    The combined stock and cash transaction with Commonwealth Bancshares, Inc., representing a total consideration of approximately $153 million, is expected to close during the fourth quarter of 2021, subject to completion of customary regulatory approval and closing conditions.

    “The mutual admiration and collaboration between these two banks goes back many years,” said Commonwealth Bank President and CEO John W. Key. “This acquisition brings us together to create a premier financial institution, unlike anything that this region has ever seen. I truly believe this will be transformational for our Commonwealth Bank customers and the communities we serve.”

    Key will join Stock Yards Bank in a senior management position as Director of Strategic Initiatives and will serve as a voting member of the company’s Executive Loan Committee, Strategic Planning Committee, and Operations Committee.

    Commonwealth Bank is headquartered in Louisville and operates 16 branches including 10 branches in Jefferson County, four in Shelby County and two in Northern Kentucky, as well as several remote mortgage offices across the state. It has over $1.3 billion in Bank assets and manages $2.6 billion in wealth management and Trust assets. The combined banks will service customers through 79 branches with total assets of approximately $7.4 billion, $4.9 billion in gross loans, $6.4 billion in deposits, and $7 billion in Trust assets under management.

    “Community banking isn’t about size, it’s about service,” said Hillebrand. “Both of these banks understand that relationships are more important than assets. Together, we will be more nimble and powerful to help more consumers and businesses in this region to meet their financial goals.”

    In addition to more options for locations and expanded services, Commonwealth Bank customers will now benefit from the shared best practices and depth of experience from the teams at these two well-established banks. As Commonwealth customers transfer into the Stock Yards Bank family, they will find their hometown location staffed by many of the same bankers they’ve built relationships with over the years.

    This is Stock Yards Bank’s second major acquisition of 2021 following the recent acquisition of Kentucky Bank, including 19 branch locations across central and eastern Kentucky. Stock Yards Bank has valuable experience transitioning customers through the past acquisitions of King Southern Bank, Bank of Oldham County, and currently Kentucky Bank working to ensure a smooth and swift conversion.

    About Stock Yards Bancshares, Inc.:

    Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $6.1 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 syb.com. It has branches in Louisville, central, eastern and northern Kentucky as well as Cincinnati and Indianapolis markets.

    About Commonwealth Bancshares, Inc.:

    Commonwealth Bancshares has $1.3 billion in assets and manages $2.6 billion in wealth and trust assets, including $200 million of assets in association with its Bowling Green partner, Landmark Financial Advisors. Commonwealth Bank & Trust, founded in 1881, is headquartered in Louisville, Kentucky and currently operates 14 retail branches across Jefferson and Shelby Counties and two branches in northern Kentucky. For more information about Commonwealth, visit its website at cbandt.com.

  • Frequently Asked Questions

    Why are Stock Yards Bank & Trust and Commonwealth Bank & Trust merging?

    • The combined banks will create a stronger community bank for the region, expanding the number of Stock Yards Bank branch locations, and bridging the gap between our Louisville and new Central/Eastern Kentucky markets.
    • Stock Yards Bank & Trust believes this will be a good strategic investment and will provide significant economies of scale and growth opportunities within the marketplace that will ultimately improve our customer’s experience.
    • It also provides Commonwealth Bank & Trust and its customers with a prudent way forward in banking, considering the business risks and regulatory pressures that are expected to increasingly affect the industry.

    What will change?

    • From your perspective, very little will change, but once Commonwealth Bank & Trust has been converted to Stock Yards Bank & Trust in the first half of 2022; you will have additional locations for your convenience.

    Will my account numbers change?

    • No. Your account numbers will remain the same.

    Will this affect my loan accounts?

    • No. Your loan will remain the same.

    Will this change my online banking?

    • No. Your online banking and other Stock Yards Bank & Trust services will remain the same.

    What happens to my FDIC insurance coverage if I have deposits at both Stock Yards Bank & Trust and Commonwealth Bank & Trust?

    • When two or more insured banks merge, deposits from the assumed bank are separately insured from deposits at the assuming bank for at least six months after the acquisition.
    • This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
    • As we go through the integration process, you will be informed of any issues with your continued FDIC insurance.
    • Customers impacted will receive specific information in advance of the conversion.

    Will any branches be closing, in either Louisville or Northern Kentucky?

    • Stock Yards Bank & Trust plans to carefully review all of the locations at both banks to determine where and if any consolidation is warranted. Stock Yards Bank will make decisions regarding branch locations over the next few months and additional details will be shared as soon as possible.

    What will happen to the Commonwealth Bank & Trust employees?

    • We expect many of the employees to move over to Stock Yards Bank & Trust. Although specific details haven’t been defined, we will be working with Commonwealth Bank & Trust to ensure a smooth transition.

    There is a Commonwealth Bank location near my home, can I use it now?

    • Not yet. We appreciate your patience while we work to combine the two banks. You will be able to use the Commonwealth Bank locations after conversion in the first half of 2022.