LEBANON, Ky. — King Harris Bancorp, Inc. and Community Financial of Kentucky, Inc. today announced they have closed on the previously announced transaction whereby King Harris Bancorp would acquire controlling interest in Community Financial of Kentucky for cash.
King Harris Bancorp, Inc. is a new entity based in Louisville, Ky., formed for the purpose of engaging in this transaction.
Community Financial of Kentucky, Inc. is the holding company for Peoples Bank, a community bank headquartered in Lebanon, Ky.
Concurrent with the announcement of the transaction successfully closing, Peoples Bank also announced the bank has provided the required notice to the Kentucky Department of Financial Institutions of its intention to open a full-service branch banking operation at 3400 Dutchmans Lane in Louisville. The banking facility will be opening in December 2019.
“Having successfully transitioned the majority ownership in our bank holding company to our new partners at King Harris, we are ready to move forward with our strategic plan to expand our Peoples Bank brand to Kentucky’s largest city and banking market,” said Bobby Miles, Peoples Bank president and CEO. “Decades of dedication from our staff, management, board of directors, our shareholders and most of all our bank customers have put us in the financial position we are today in order to be able to announce this expansion. Our bank will continue to be headquartered and based in Lebanon, Kentucky, and will retain local shareholders and board members, while adding additional members affiliated with our new partners at King Harris Bancorp. Needless to say, we are excited to be announcing this expansion to provide for future growth and opportunity for Peoples Bank, chartered in Gravel Switch, Kentucky in September, 1910. This would be a proud day for our founders in Gravel Switch to see their bank continuing to remain a thriving independent Kentucky community bank, now after 109 years.”