Home » Porter Bancorp Agrees to Buy Paramount Bank for $5M

Porter Bancorp Agrees to Buy Paramount Bank for $5M

By wmadministrator

Porter Bancorp subsidiary PBI Bank has signed a definitive agreement to acquire Lexington-based Paramount Bank for $5 million in cash.

“The proposed acquisition of Paramount Bank will accelerate our penetration into the fast-growing Lexington market,” said Maria L. Bouvette, president and CEO of Louisville-based Porter Bancorp. “Paramount has a great office location in Lexington that will provide us with a prominent presence in this market. The new branch will also be a strong complement to the office we opened in Lexington in June of this year.”

Since July 2007, Paramount has operated as a division of SCB Bank, the bank subsidiary of Indiana-based Blue River Bancshares, Inc. Prior to that, it operated as a stand-alone federal savings association.

Bouvette added that she expects the Paramount acquisition to provide a “significant jump start” to Porter’s development in the Lexington market, which ranks as the second-largest market in the state.

With $1.2 billion assets as of Sept. 30, 2007, Porter is the state’s seventh-largest independent banking organization based on total assets domiciled in the commonwealth. PBI Bank operates banking offices in Louisville and 17 other Kentucky communities along the Interstate 65 corridor.

Popular Stories