Market Review | Financial services in Greater Louisville topped $25 billion in deposits at 40 institutions

By Robert Hadley

Originally founded in 1854 as Quigley and Lyons in Louisville, Hilliard Lyons is one the oldest investment firms in the United States.
Originally founded in 1854 as Quigley and Lyons in Louisville, Hilliard Lyons is one the oldest investment firms in the United States.

The financial industry in Greater Louisville and Southern Indiana is tough to beat. According to the Federal Deposit Insurance Corp., in 2016 the Louisville-Jefferson County market had more than $25 billion on deposit at its 40 financial institutions, almost triple Kentucky’s second largest market in Lexington-Fayette County.

Mortgage lending in Louisville appears to retain its post-recession bump, according to a real estate economic outlook presentation sponsored by the Homebuilders Association of Louisville last September. Jefferson County is among the state’s lowest in delinquencies, with 2-4 percent in default 90 days or longer compared to many counties in Eastern Kentucky with delinquencies of between 4 and 10 percent. Home price appreciation is up 6 percent.

This year, the Metro area not only retains all the superlatives it has enjoyed in years past, but has added a couple to sweeten the pot.

Hilliard Lyons ranking

In a move that enhances its reputation as a premier financial services firm, Hilliard Lyons told The Lane Report in March 2016 that Mitch Settle and Elias “Yaz” Hassan were named to Barron’s annual America’s Top 1,200 Financial Advisors list.

“These advisors represent an elite group and are true industry leaders,” said CEO Jim Allen. “They exemplify the exceptional quality and service that all Hilliard Lyons advisors continually strive to deliver.”

This marks the seventh year in a row that Settle, a senior vice president working out of the Owensboro office, earned a spot on the prestigious list – in fact, his No. 3 ranking was five points better than last year.

Hassan, a Murfreesboro, Tenn.-based vice president for the firm, was rated No. 11 among Barron’s financial advisors in Tennessee.

International firm opens doors

First came the February announcement by Ernst & Young LLP that it is opening a $4.35 million support center in downtown Louisville. Based in London, England, EY is a $29 billion professional services firm currently listed on Forbes magazine’s best management consulting firms and ranked 11th on the magazine’s list of America’s largest private companies.

The company – considered one of the world’s “Big Four” accounting firms – provides insurance, tax, transaction and advisory services to many of the world’s largest companies

In announcing the new facility’s opening, Gov. Matt Bevin mentioned Louisville and the state’s strong business reputation.

“Kentucky is quickly becoming the destination of choice for corporate and shared-service centers, thanks to our skilled professional workforce, high quality of life and low business operating costs,” Bevin said. “We are confident that EY’s Louisville-based, executive support team will be able to effectively serve their executives across the United States.”

EY partner Brent Summers, leader of the firm’s Americas enterprise support services division, was involved in the site-selection process. Pointing out that the center was a newly conceived location, rather than a relocation, he mentioned six reasons behind the Metro’s selection.

“Louisville has an attractive cost of labor and real estate, a stable economy, capable workforce and good transportation infrastructure, especially following recent significant upgrades,” Summers said, as well as a “large college and university system, and a supportive state and local government.”

Small business loans

The Louisville area is not just a hub for business loans from commercial banks, as a trio of deals announced in the first quarter of 2017 attest. METCO, the city’s Metropolitan Business Development Corp., loaned $410,000 in seed money to help launch three local businesses..

Andy Blieden, owner of three downtown properties through Butcherblock Properties LLC, will use three loans to upgrade the facades and accessibility of properties on Wenzel, Washington and Main streets in the Butchertown neighborhood.

Nathaniel and Holly Gravely and Cory and Kelly Buenning, owners of Gravely Brewing LLC, received a $200,000 loan for renovate property on Baxter Ave (just east of downtown) into a brewery and taphouse. Music will also be served.

Jamie Keith and Mary Jefferson received $15,000 to help The CERA Group LLC, an educational consultancy, to open offices downtown.

The recent accolades, openings, and loans prove that Greater Louisville’s financial services scene is friendly to businesses of all shapes and sizes.


American Founders Bank

The Bank – Oldham County


Louisville –

Bedford Bank

Bedford, Ky. –

Central Bank

Louisville –

Chase Bank

Louisville –

Citizens Deposit Bank

Emminence, Ky. –

Citizens Union Bank of Shelbyville

Shelbyville, Ky. –

Commonwealth Bank & Trust Co.

Louisville –

Eclipse Bank

Louisville –

Farmers Bank of Milton

Milton, Ky. –

Fifth Third Bank

Louisville –

First Citizens Bank

Elizabethtown, Ky. –

First Capital Bank of Kentucky

Louisville –

First Harrison Bank

Corydon, Ind. –

First Savings Bank, F.S.B.

Clarksville, Ind. –

Forcht Bank

Louisville –

Independence Bank

Kentucky Home Bank

Bardstown, Ky. –

King Southern Bank

Louisville –

MainSource Bank

Meade County Bank

Brandenburg, Ky. –

Mid-Southern Savings Bank

Salem, Ind. –

The New Washington State Bank

New Washington, Ind. –

Old National Bank

PBI Bank Inc.

Louisville –

The Peoples Bank of Bullitt County

Shepherdsville, Ky. –

Peoples Bank Mt. Washington

Mt. Washington, Ky. –

The Peoples Bank of Taylorsville

Taylorsville, Ky. –

PNC Bank

Louisville –


Southern Indiana –

Republic Bank

Louisville –

River City Bank

Louisville –

River Valley Financial Bank

Madison, Ind. –

Springfield State Bank

Springfield, Ky. –

Stock Yards Bank & Trust

Louisville –

Town & Country Bank and Trust Co.

Bardstown, Ky. –

United Citizens Bank & Trust Company

Campbellsburg, Ky. –

U.S. Bank

Louisville –

Wilson & Muir Bank & Trust Co.

Bardstown, Ky. –

WesBanco, Inc.

New Washington State Bank

New Washington, Ind. –


Baldwin CPAs

Louisville –


Louisville –

Blue & Co. LLC

Louisville –

Beutow LeMastus & Dick PLLC

Louisville –

Crowe Horwath LLP

Louisville –

Dean Dorton Allen Ford PLLC

Louisville –


Louisville –

Deming Malone Livesay & Ostroff PSC

Louisville –

Ernst & Young LLP

Louisville –

Harding Shymanski & Co. PSC

Louisville –

Henderman, Jessee & Company PLLC

Louisville –

Jones Nale & Mattingly PLC

Louisville –


Louisville –

Louis T. Roth & Co. PLLC

Louisville –

Mather & Co. CPAs LLC

Louisville –

Monroe Shine CPAs

New Albany, Ind. –

Mountjoy Chilton Medley LLP

Louisville –

PricewaterhouseCoopers LLP

Louisville –

Rodefer Moss & Co. PLLC

New Albany, Ind. –

Strothman & Co. PSC

Louisville –

Welenken CPAs

Louisville –

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