LOUISVILLE, Ky. — Limestone Bancorp, Inc., parent company of Limestone Bank, announced today that the bank completed the acquisition of four branch banking centers located in the Kentucky cities of Elizabethtown, Frankfort, and Owensboro from Louisville, Ky., based Republic Bank and Trust, a subsidiary of Republic Bancorp, Inc. The purchase includes approximately $127 million in performing loans and $1.5 million in premises and equipment as well as approximately $132 million in customer deposits with an all-in blended deposit premium of approximately 6% or $8 million.
John T. Taylor, president and chief executive officer said, “We are thrilled with the opportunity to serve our new customers in Elizabethtown, Frankfort, and Owensboro. We are also excited to welcome nearly twenty new team members and associates to the Limestone Bank team. This acquisition allows us to further optimize our branch footprint regionally and solidifies our presence and ability to serve customers in Daviess, Hardin, and Franklin counties.”
Janney Montgomery Scott LLC acted as financial advisor to the company and Wyatt, Tarrant & Combs, LLP acted as the company’s legal counsel. The company did not issue common shares in this transaction.