By Abby Laub
Growth is on the mind of financial centers in Northern Kentucky.
“We are experiencing considerable growth in a variety of business sectors that are locating and expanding in Northern Kentucky,” said Central Bank’s Northern Kentucky Market President James R. Uebel. “That’s also creating strong residential growth as people choose to live close to where they work. This employment diversity is a tremendous strength that is happening throughout our market.”
Central Bank is “excited and optimistic,” he said, about the market’s fast-paced upswing and has “opted to take a proactive approach to our evolving market.” So much so that it will be expanding its own operations with the addition soon of a fourth banking center in Union.
“We have also expanded our lending, retail and wealth management staff to ensure we keep pace with the growth in our communities,” he added. “We currently have three banking centers, stationed in Florence, Crestview Hills and Fort Mitchell.”
The Northern Kentucky financial market benefits from its location over the river from the nation’s 28th largest metropolitan area, with a population of more than 2 million and home to a list of Fortune 500 companies. The six Northern Kentucky counties – Boone, Campbell, Gateway, Gallatin, Grant, Kenton and Pendleton – have bank deposits of nearly $7 billion, accounting for nearly 10 percent of the state’s total.
Those numbers are likely to rise in the coming years.
“The Northern Kentucky banking market should continue to benefit from the steady growth of the overall greater Cincinnati region and the improving performance of the U.S. economy,” said Republic Bank’s Managing Director of the Northern Kentucky Market Jason Payne. “At Republic, we expect to see strong growth in equipment financing opportunities as local manufacturing firms look to expand their operations to meet increasing consumer demand, as well as take advantage of the favorable depreciation that the tax reform will bring. In addition, our recent investment in treasury management sales officers will allow us to grow deposits at a faster rate going forward.”
The local housing market continues to experience consistent year over year growth, Payne said, and should bode well for the bank’s residential mortgage line of business in 2018. This will add to the bank’s already impressive bottom line.
“Republic Bank-Northern Kentucky/Cincinnati has grown in asset size from $30 million to $280 million by expanding relationships organically in the Northern Kentucky area,” Payne said. “Overall, Republic Bank has about $5 billion in assets, which makes us a large community bank with considerable flexibility. After expanding into Cincinnati in August 2016, we expect similar double-digit growth with our high-touch community bank philosophy.”
Republic plans a new regional banking office in Crestview Hills in March 2018 and hopes to announce one additional location near Westchester later in 2018.
Community banks are huge players for the area.
One main example is Heritage Bank. Based in Burlington, Heritage has been locally owned and operated since 1990. Heritage Bank President & CEO Lytle Thomas sees a bright banking future for his small but influential bank.
“I am very optimistic about economic opportunities in our region,” Thomas said. “Heritage Bank has grown tremendously, and we have added many talented employees to accommodate that growth. The number one concern I hear from our customers is the lack of skilled labor to fill local workforce needs. I believe this shortage will be our biggest challenge in the coming year. With the support of our Northern Kentucky Chamber, and our area schools and educators, we will work together to address workforce readiness in our community.”
Also in Northern Kentucky are a variety of local and large financial centers like Huntington Bank, Forcht Bank, BB&T, Fifth Third Bank, and United Bank.
Republic Bank
535 Madison Ave.
Covington, KY 41011
(859) 462-9082
Republic Bank has grown to become the largest locally-owned community bank in Kentucky, offering a full array of banking and financial services for individuals as well as small and large businesses.
Central Bank & Trust Co.
7310 Turfway Road, Suite 200
Florence, KY 41042
(859) 905-5502
A full-service community bank, Central Bank offers banking, insurance, investments and wealth management services for personal and business needs. And it’s a great time to make the switch to Central as we are growing in NKY. Visit one of our convenient locations in Florence, Fort Mitchell or Crestview Hills, and coming soon to Union, to learn more.
Heritage Bank
1818 Florence Pike
Burlington, KY 41005
(859) 586-9200
Heritage Bank is more than just a bank; we’re your neighbors, friends, school volunteers, community advocates, and fellow residents. We’re committed to knowing our customers personally and providing a friendly banking experience. Locally owned and operated since 1990, Heritage Bank is a trusted advisor and partner to individuals and businesses throughout Kentucky.
Allied Financial Solutions
Florence – allied-financial-solutions.com
Alphamark Advisors
Fort Mitchell – alphamarkadvisors.com
Altus Wealth Management
Fort Mitchell – altuswm.com
Apprisen
Florence – apprisen.com
Aviatra Accelerators
Covington – aviatraaccelerators.com
Bannockburn Global Forex, LLC
Cincinnati, OH – annockburnsecurities.com
Bartlett & Co.
Cincinnati, OH – bartlett1898.com
BB&T
Crestview Hills – bbt.com
Bottom Line Services
Fort Mitchell – bottomlineservices.com
The Catalytic Fund
Covington – thecatalyticfund.org
Central Bank
Florence – centralbank.com
Chase
Cincinnati, OH – chase.com
Citi
Florence – citigroup.com
United Bank
Newport – unitedbankky.com/newport-branch
Citizens Deposit Bank
Fort Wright – cdbt.com
Citizens Federal Savings & Loan Association
Covington – citizens-federal.com
Commonwealth Bank & Trust Co.
Florence – cbandt.com
Coppage Wealth Management
Florence
COVE Federal Credit Union
Edgewood – covefcu.org
Eagle Financial Services, Inc.
Florence – eagle.com
Edward Jones
Edgewood, Erlanger – edwardjones.com
Envoy Mortgage, Ltd.
Crestview Hills – envoymortgage.com
Fidelity Investments
Covington – fidelity.com
Fifth Third Bank
Florence – 53.com
Focus On Success
Fort Mitchell – focusonsuccess.com
Forcht Bank
Burlington – forchtbank.com
Fourth Street Performance Partners, Inc.
Covington, – fourthst.com
FTJ Fund Choice, LLC
Hebron – ftjfundchoice.com
Guardian Savings Bank
Multiple braches – guardiansavingsbank.com
Heritage Bank
Burlington – heritagebank-ky.com
Hilliard Lyons
Fort Mitchell – hilliard.com
Huntington Bank
Florence – huntington.com
Kemba Credit Union
Florence – kemba.org
Kentucky Federal Savings & Loan Association
Covington – kentuckyfederal.com
Kentucky Land Title Agency, Inc.
Fort Mitchell – kentuckylandtitle.com
L & N Federal Credit Union
Erlanger – lnfcu.com
Legacy Financial Advisors
Covington – legacyfinancialadvisors.com
MCF Advisors
Covington – mcfadvisors.com
Merrill Lynch
Fort Mitchell – ml.com
Morris & Bressler
Florence – morrisbressler.com
Odyssey Financial Advisors
Edgewood – ameripriseadvisors.com
OMEGA Processing Solutions, LLC
Fort Thomas – omegap.com
Option Financial, LLC
Fort Mitchell – optionfinancial.com
PNC Bank
Cincinnati, OH – pnc.com
Polaris Home Funding
Cold Spring – homeloansuccess.com
Primerica Financial Services
Fort Wright – primerica.com
Principled Wealth Advisors, LLC
Covington – rincipledwealth.net
Prosperity Financial Group
Fort Mitchell – prosperityconnect.com
Renaissance Investment Management
Covington – reninv.com
Republic Bank
Covington – republicbank.com
Stock Yards Bank & Trust Company
Cincinnati, OH – syb.com
Stockton Mortgage Corp.
Florence – smcapproved.com
U.S. Bank
Covington – usbank.com
Union Home Mortgage Corp.
Fort Mitchell – unionhomemortgage.com
United Community Bank
Lawrenceburg, IN – bankucb.com
Victory Bancorp, Inc.
Fort Mitchell – victorycommunitybank.com
Wells Fargo Advisors, LLC
Fort Mitchell – wellsfargoadvisors.com
Wells Fargo Bank
Louisville – wellsfargo.com
Wurz Financial Services
Covington
Information provided by Northern Kentucky Chamber of Commerce
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