LEXINGTON, Ky. (Nov. 22, 2017) – Blake Willoughby, president of First Breckinridge Bancshares, Inc., Allison Willoughby, president of Meade Bancorp, Inc. and John Mauldin, CEO of Bancorp of Lexington, Inc., have entered into a definitive agreement whereby First Breckinridge and Meade will acquire Bancorp of Lexington, Inc. and its wholly-owned subsidiary, Bank of Lexington, Inc., which has three offices in Lexington, Ky.
The agreement is subject to certain conditions, including regulatory approval, shareholder approval for Bancorp of Lexington, Inc. and customary closing conditions and is expected to close in the first quarter of next year.
“We have a strong commitment to the communities we serve and are strong advocates of community banking. We are pleased to welcome Bank of Lexington into the First Breckinridge/Meade Bancorp family,” Willoughby said.
“We have found a partner who shares the same culture and core values as our institution,” said Mauldin. “We are planning to retain our charter and employees and our commitment to excellent service for our customers.”
About First Breckinridge, Inc.
First Breckinridge Bancshares, Inc. is a privately-held Bank Holding Company with 5 wholly-owned bank subsidiaries: First State Bank of Irvington, KY, West Point Bank of Radcliff, KY, River City Bank of Louisville, KY, Bank of Clarkson of Clarkson, KY, and American Bank & Trust of Bowling Green, KY. First Breckinridge Bancshares’ subsidiaries have twenty locations and total banking assets of approximately $1.1 billion.
About Meade Bancorp, Inc.
Meade Bancorp, Inc. is a privately-held Bank Holding Company that owns Meade County Bank of Brandenburg, KY. Meade County Bank has four locations and total assets of approximately $198 million.
About Bancorp of Lexington, Inc.
Bank of Lexington, Inc., a wholly-owned subsidiary of Bancorp of Lexington, Inc., opened for business in February 2006 as a de novo bank. The Bank currently has three locations and assets of $260 million.