LOUISVILLE, Ky., June 17, 2015 — William P. “Bill” Butler of Covington, Ky., the CEO of Corporex Companies, plans to acquire the two remaining Louisville-based branches of American Founders Bank, which will shift its headquarters from Lexington to Louisville.
AFB’s parent holding company, Financial Holdings Inc., will dissolve through a section 363 bankruptcy procedure, according to a news release from AFB. The transaction is pending regulatory approval and is expected to close in the third quarter of this year.
City National Bank of West Virginia on June 3 announced its intention to acquire AFB’s three current Lexington branches. City Holding Co. stated then that it anticipated that deal to be completed in the third quarter of 2015, pending regulatory approval “and the completion of other closing conditions.”
AFB headquarters will relocate to its banking center at 1200 Forest Bridge Road, off North Hurstbourne Parkway, in Louisville. AFB also operates a branch at 4220 Shelbyville Road in St. Matthews.
Butler is the founder and chairman of Corporex Companies, a diversified commercial real estate developer with a 50-year history, a national footprint, and assets in excess of $1 billion.
“When I began my business in the late 1960s, I built many buildings in Louisville and developed the ‘Ole Brickyard Park’ on Bishop Lane,” Butler said. “I love Louisville and have many fond memories of successful relationships there. I am excited with the prospect to return and be a part of the community once again.”
Barry Brauch, AFB’s CEO, will relocate from Lexington to Louisville. Trish Osborn, currently AFB’s Louisville market president, will become chief banking officer.
“I am making this investment because I have great confidence in Barry and Trish’s ability to lead and grow a solid community banking enterprise,” Butler said. “The new American Founders Bank of Louisville will have unique corporate and commercial real estate business expertise and will be positioned to execute a full service growth strategy.”
Brauch said, “This transaction positions our established and experienced Louisville team to build on past successes by continuing to offer both current and future customers a full range of innovative financial solutions. We appreciate our current roster of Louisville customers and intend to enthusiastically service and support their growth.”
American Founders Bank is a locally owned bank founded in Frankfort in 2001. In the past it has had branches in Frankfort, Lawrenceburg and Shelbyville.