The Bank of Kentucky has acquired three Integra Bank branches located in Crittenden, Dry Ridge and Warsaw, Ky., along with the assets of Integra banking offices in Union and Florence.
As part of the transaction, The Bank of Kentucky has assumed approximately $85 million of deposit liabilities related to the five branches and purchased certain branch-related assets, including at least $35 million in selected loans.
Integra Bank has closed the Union and Florence banking offices and is now seeking a buyer for those properties.
Michael J. Alley, chairman and CEO of Integra, said that while the company was pleased with the growth it had experienced in the Northern Kentucky market, the sale to The Bank of Kentucky allows Integra to focus on markets where it has a stronger presence.
“The Bank of Kentucky was a good choice for us with its strong and growing banking operation in this area, and its similar focus on providing customers with exceptional service,” Alley said.
The acquisition gives Crestview Hills-based The Bank of Kentucky 31 branches in northern Kentucky.
In a separate transaction, The Bank of Kentucky has also purchased approximately $50 million in selected commercial loans originated by Integra Bank’s Covington loan production office.