ASHLAND
Poage Bankshares Inc., the holding company for Town Square Bank, has acquired Commonwealth Bank in Mount Sterling in a conversion merger transaction. Commonwealth’s sole office in Mount Sterling is now operating as a branch office of Town Square. Originally chartered in 1889, Town Square operates nine offices in Boyd, Greenup, Jessamine, Montgomery and Lawrence counties and also has a loan production office in Cincinnati.
COVINGTON
Covington business consulting firm TiER1 Performance Solutions has acquired 1st Class Solutions, a custom training development company located in Indianapolis. In addition to its Covington headquarters, TiER1 has locations in Denver, Pittsburgh and Chicago.
CRESTVIEW HILLS
GreenSkyTrade Credit LLC, a technology company that provides consumer financing for home improvement projects, is opening a new facility in Crestview Hills and plans to hire up to 200 more employees over the next several years, more than tripling its current workforce. GreenSky plans to move from its current facility in Covington into a 20,000-s.f. facility in Crestview Hills that is slated to open in October. The Atlanta-based company has operated in Kentucky since 2013 and currently employs 65 in the commonwealth.
BB&T Corp. has completed its acquisition of The Bank of Kentucky, giving BB&T the top market position in Northern Kentucky and boosting its overall marketplace ranking in Kentucky to No. 2. The acquisition, which was announced in September 2014, includes 32 retail branches in Northern Kentucky and Cincinnati. North Carolina-based BB&T is one of the largest financial services holding companies in the nation, with $189.2 billion in assets and 1,875 financial centers in 12 states and Washington, D.C.
EASTERN KENTUCKY
Kentucky has announced a special 1 percent financing program to make buying a home more affordable for residents in the 54-county Shaping Our Appalachian Region region. SOAR is an initiative launched in 2013 to address the challenges faced in Eastern Kentucky and provide solutions to promote economic and workforce development. With the new financing program, qualified home buyers can purchase a home using up to $6,000 in down-payment assistance and lock into a fixed rate at 1 percent for 30 years.
The Kentucky Community and Technical College System (KCTCS) and Shaping Our Appalachian Region (SOAR) have announced a three-year partnership designed to provide Eastern Kentucky residents with educational opportunities that will help prepare them for jobs needed by area businesses. One of the programs KCTCS will promote is a computer and information technology track that prepares students to design, develop and maintain computer programs written in current and emerging programming languages, with an emphasis on coding careers. Business and industry in the region have cited the critical need for skilled CIT workers and say they are currently forced to outsource the work to other areas of the country and outside the U.S.
FLORENCE
Gateway Community and Technical College will be offering a logistics program in supply chain management, beginning this fall. Gateway’s northern Kentucky campus is situated in a prime national location for transportation and the local logistics industry provides more than 70,000 jobs each year in the Northern Kentucky/Greater Cincinnati region.
HEBRON
Amazon is adding more than 500 jobs at its fulfillment centers in Hebron. The online retail giant is already the state’s fifth largest employer with some 7,000 full-time employees across the state and is investing more than $25 million in the commonwealth that is being directed toward workforce development.
Paul Hemmer Co. has broken ground on a 520,000-s.f. industrial facility near the Cincinnati/Northern Kentucky International Airport that is being built on speculation for Prologis, a global developer of industrial real estate. The complex, which is being built in response to high market demand for distribution space in the region, will have a 32-foot clear height and up to 150 dock doors.
HENDERSON
Hercules, a manufacturer of van bodies and trailers, is expanding its operations in Henderson and adding 14 jobs to meet growing demand for its products. Hercules started in Evansville, Ind., in 1902 and relocated to Henderson in 1957. The company’s insulated and dry freight van bodies and trailers are sold to customers throughout the eastern and central United States.
HODGENVILLE
A new company that specializes in automated machinery for manufacturers is locating in Hodgenville, bringing 48 new jobs to the community. Karbec LLC will primarily serve the automotive industry but plans to expand to other sectors as well.
HOPKINSVILLE
Riken Elastomers Corp., a company that produces high-performance plastic compounds for the automotive industry, has announced plans to double its facility and its workforce in Hopkinsville. The $22 million project will add more than 81,000 s.f. to the existing 88,000-s.f. facility and create 27 new jobs. The expansion, which is needed to keep pace with growing demand, is expected to be complete by the middle of 2016.
LAGRANGE
Cedar Lake, a Louisville-based nonprofit organization that provides care for adults with intellectual and developmental disabilities, is building two four-bed homes in LaGrange’s Sycamore Run neighborhood that will offer 24-hour nursing care, therapeutic services and behavior and psychological support. The homes, the first of their kind in the state, will provide adults with intense daily medical needs the opportunity to receive care in a single-family home in a regular neighborhood setting.
LEXINGTON
The University of Kentucky has forged a partnership with Lextran that allows University of Kentucky students, faculty and staff to ride any Lextran bus route free of charge. Lextran buses travel along 21 different routes throughout Lexington. The U-PASS program is the first of several major initiatives being launched as part of UK’s transportation master plan to improve access and mobility in and around campus.
Sumitomo Electric Wiring Systems has broken ground on a new 440,000-s.f. facility that will nearly double the company’s footprint in Lexington. Sumitomo’s two existing Lexington operations will be consolidated at the new 30-acre site, which is expected to be operational by the end of the year. The company currently has 28 employees in Lexington and plans to add up to 10 more as a result of the expansion. In addition to its Lexington operations, the Japan-based company has its U.S. headquarters in Bowling Green as well as facilities in Edmonton and Scottsville.
LOUISVILLE
n Louisville-based Kindred Healthcare has expanded its home-based primary care business, Kindred House Calls, into Texas, Colorado and Washington as a result of acquisitions in those states. With nearly 70 practitioners, Kindred House Calls is one of the largest home-based primary care businesses in the country.
HMB, a Columbus, Ohio-based business technology services firm, has expanded into Louisville, its first location outside of central Ohio. HMB President and CEO Tom Harris said the company saw a need “for an IT company in Louisville to bridge the business and technology gap and help organizations reach their goals faster.
NorthMarq Capital has opened a new loan production office in Louisville. The Minnesota-based company will focus on sourcing, structuring and originating debt for owners of commercial and multifamily assets.
Endeavor, a nonprofit organization that works to promote economic growth through the support of entrepreneurs, has launched a new office in Louisville. Endeavor Louisville will work to identify high-impact entrepreneurs in the region and provide access to a global network of markets, industry leaders, investors and talent to help them expand their ventures into enterprises that can propel the local economy. The organization’s other U.S. offices are located in Miami and Detroit.
Indatus, a private Louisville-based company that grew from a telecommunications company into an industry leader in automating answering services, has been sold to Texas-based RealPage Inc. for $49 million. In a statement announcing the acquisition, Indatus officials said RealPage – a leading provider of property management software solutions for the housing industry – “has the resources and the scale to invest in solution development and to provide the members of the Indatus team with new opportunities for growth.” For the 12 months ending March 31, 2015, Indatus had revenues of $11.5 million.
The Louisville Medical Federal Credit Union and Park Community Credit Union have announced plans to merge, pending approval by the National Credit Union Administration and the Kentucky Department of Financial Institutions. As of the end of 2014, Louisville Medical FCU, which has a single location in downtown Louisville, had total assets of $20.9 million. Park has 14 branches in Kentucky and southern Indiana as well as one location in Alabama. Its total assets as of the end of 2014 were $689.3 million.
Brown-Forman has finalized the purchase of two historic buildings in downtown Louisville, where it plans to open a distillery next year. The company is investing $45 million in the restoration project – a $15 million increase over the original estimated investment of $30 million. Once complete, the new distillery will enable Brown-Forman to double the production of its Old Forester line. The company is also investing $12 million to renovate a 15,000-s.f. mill in Spencer, Ind., where it will convert logs into bourbon-barrel stave and heading pieces. The facility will be Brown-Forman’s first operation in Indiana.
Where Opportunity Knox, a regional initiative to connect 10,000 transitioning veterans and/or military spouses to jobs in the Greater Louisville region by 2017, announced in late May that it has reached an initial milestone with more than 1,000 veterans connected with employment opportunities throughout the area. Proximity to Fort Knox makes the Greater Louisville region particularly well suited to become a veteran talent magnet to meet regional workforce needs. Approximately 130,000 soldiers transition from active duty service annually through the Army Transition Assistance Program, which is headquartered at the U.S. Army Human Resources Command located at Fort Knox.
The National Association of Energy Service Companies (NAESCO) Board has awarded Louisville-based Harshaw Trane with Energy Service Company (ESCO) Accreditation, an accomplishment earned by only 14 businesses nationwide over the course of the 32-year program. Harshaw Trane also has offices in Lexington, Bowling Green and Evansville, Ind.
Fourth Street Live, a dining and entertainment complex in downtown Louisville, is undergoing a multimillion upgrade that will include new landscaping, lighting and furniture as well as the addition of four new restaurants. The new restaurants will include a raw and bourbon bar, a gastropub with wood-fired pizzas and gourmet burgers, a farm-to-table concept, and a restaurant focusing on Southern cuisine. Specific names will be announced later this summer. The renovations are expected to be complete by next May.
MT. STERLING
Tredway White Inc., a newly licensed industrial hemp fiber processor, has partnered with Hendrix Hemp LLC for the research and development of hemp for fiber in Kentucky. In June, Tredway White planted its first industrial hemp crop on Mayflower Farm in Mount Sterling and is studying different soil preparation, planting, cultivating and harvesting techniques for the crop throughout the growing season. Hendrix Hemp will provide consulting on processing, product development, business development and strategic growth strategies for the fiber market.
NICHOLASVILLE
Blue Grass Energy Cooperative Corp. has received approval from the Kentucky Public Service Commission to increase its revenue by $1.4 million, or 1.24 percent. Blue Grass Energy had originally requested a 2.17 percent increase. The PSC also approved Blue Grass Energy’s proposal to charge a $30 meter reading fee – likely on a quarterly basis – to customers declining installation of an automated meter reading (AMR). AMR meters emit an electronic signal that allows remote reading. Blue Grass Energy said it needed to increase rates in order to cover increased operating expenses, maintain financial stability, and meet the requirements imposed by its lenders. The utility’s last rate increase was in 2008.
Nicholasville-based R. J. Corman Railroad Co. is buying an 80-mile short-line railroad in eastern North Carolina and South Carolina for $13.9 million. Corman is investing millions for an extensive overhaul of the rail line, which was shut down in 2011. The line extends from Mullins, S.C., to Whiteville, N.C. and to Conway, S.C., where it connects to a line owned by Horry County, S.C., that reaches Myrtle Beach.
PIKEVILLE
Pikeville Medical Center has been designated as a Level II trauma center by the American College of Surgeons, indicating that the facility is equipped and staffed to provide comprehensive emergency care to patients suffering from traumatic injuries caused by vehicle crashes, gunshots, assaults, falls or other incidents. Prior to PMC offering trauma services, many patients had to be transferred to facilities two hours away. PMC is now the only ACS-verified Level II trauma center in the state. According to the ACS, the only Level I designations in Kentucky are the University of Kentucky and Kosair Children’s Hospital in Louisville.
PRINCETON
Hydro-Gear Limited Partnership, a designer and manufacturer of precision drive systems, is investing $2.6 million to expand its operations in Princeton. The Illinois-based company first located a manufacturing operation in Princeton in 2005, and is now adding more capacity, including a new 55,000-s.f. warehouse. The expansion will add up to 40 new jobs to the existing 120-member staff. The project is expected to be complete by the end of the year.
RICHMOND
Eastern Kentucky University is offering open-enrollment workforce development classes this fall that will be held on the main Richmond campus as well as at EKU campuses in Corbin, Manchester and Somerset. (Classes can also be conducted on site for interested companies if there is sufficient enrollment.) A partial listing of scheduled classes includes: American Production Inventory Control Society; AutoCAD; First Line Supervision Certificate Program; Manufacturing Maintenance Certificate Program; OSHA Training Institute Education Center – Safety Courses in general industry, construction and train-the-trainer; Six Sigma; Society for Human Resource Management Training Programs; and Leadership Excellence for Middle Managers (Spring 2016).
SHEPHERDSVILLE
First Capital Inc., an Indiana company that is the holding company for First Harrison Bank, has acquired Shepherdsville-based Peoples Bancorp Inc. for $29.5 million. Peoples is the holding company for The Peoples Bank of Bullitt County, a Kentucky-chartered commercial bank that has its main office and four branches in Bullitt County. As of March 31, 2015, Peoples had approximately $239.2 million in assets, $59.5 million in loans, $208.3 million in deposits and $30 million in total equity. First Capital/First Harrison has 12 offices throughout Indiana and has assets of approximately $472.9 million, $297 million in loans, $411.2 in deposits and $58.4 in total equity.
VERSAILLES
Kroger is set to open its largest Kentucky store on July 16 in Versailles. In addition to an increased selection of meat, seafood, organic fruits and vegetables, sushi and more natural foods, the 133,000-s.f. supermarket will include an expanded deli and cheese shop and a 60-seat café. The location will also sell clothing, housewares and bed and bath products. The new store will create 175 new jobs in addition to the current 200-member Versailles Kroger staff.
STATE
Tennessee-based LifePoint Hospitals has changed its name to LifePoint Health to reflect its offerings across the continuum of care. LifePoint’s Kentucky hospitals are located in Georgetown, Lebanon, Mayfield, Maysville, Paris, Russellville, Somerset, Versailles and Winchester.
The Kentucky Community and Technical College System board of regents has approved an $888,114,300 budget for the 2015-2016 year and a 1 percent salary increase (or $1,000, whichever is greater) for full-time faculty and staff. The 2015-16 budget represents a $36 million reduction from the prior year due to a decline in state funding, the decision not to raise tuition and a decrease in enrollment that is being attributed to an improved economy.
Gov. Steve Beshear and his wife traveled to England in June to promote Kentucky tourism to British travel operators and media representatives. According to Tourism Arts and Heritage Secretary Bob Stewart, the United Kingdom ranks No. 1 in the number of overseas travelers visiting Kentucky and a recent travel forecast from the U.S. Commerce Department indicates continued growth in international visitors through 2020.
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