Two Kentucky-based banks are combining forces as the Stock Yards Bank & Trust officially completed their acquisition of Commonwealth Bank & Trust. Both parent companies of the banks first announced the sale in August 2021.
“We both have a similar approach to dealing with clients developing relationships. We like to build our banking brand here in the Northern Kentucky market one client at a time,” said Stephen Brown, Stock Yards Market President of Cincinnati/Northern Kentucky. “The businesses and consumers can appreciate any kind of advisory role with their bank, trusted, trusted advisor role. Both banks have that similar approach to dealing with clients.”
Since the completion of the sale, Stock Yards is now the largest bank headquartered in Kentucky and the largest bank-owned trust company in Kentucky. The bank has a presence in Kentucky, Ohio and Indiana with total assets of approximately $8 billion, $4.9 billion in gross loans, $7.5 billion in deposits, and $7.5 billion in trust assets under management.
All customers of Commonwealth Bank customers, staff, and branch locations will all be a part of Stock Yards by Monday, March 28. The sale will affect 73 total locations.
The Stock Yards Bank in Florence at 4790 Houston Road will permanently close on March 25 due to overlap and its close proximity to another branch. Customers of this branch have been notified of the impending closure.
“All the familiar faces that you’ve dealt with either at Stock Yards or Commonwealth are going to still be here. We pledged to keep all employees from Commonwealth at the end of the transaction. All have stayed with us through this transition period. We’re going to be here as we open up our Stock Yards for about two weeks,” Brown said. “First and foremost, most of the people you’ve always dealt with in either bank are still going to be here. We’re hoping to offer some enhanced product offerings that both banks bring to the table. There’s some things Commonwealth has done that we’re going to continue to do at Stock Yards.”
For customers of Commonwealth Bank, here are some important upcoming dates to remember relating to the transition into Stock Yards services.
- March 14: New debit cards mailed and should arrive within a few business days.
- March 23: Last day to schedule a bill payment using Commonwealth Bank BillPay.
- March 24: Last day to make a mobile deposit with Commonwealth Bank app.
- March 25: Last day to access accounts through Commonwealth Bank digital banking.
- March 27: Last day Commonwealth Bank debit cards will be active.
- March 28: First day to use new Stock Yards Bank debit card, log into Stock Yards Bank digital banking, use Stock Yards Bank BillPay, start making loan payments to Stock Yards Bank, begin using all 73 branch locations and ATMs of Stock Yards Bank and accessing other services at SYB.com.
For more information, contact the Stock Yards Bank call center (502) 582-2571 or email onlinecustomerservice@syb.com. The call center is available Monday through Thursday from 8 a.m. to 5 p.m., Friday from 8 a.m. to 5 p.m., and Saturday from 9 a.m. to 12 p.m.