July 26, 2019 — Limestone Bancorp, Inc. (NASDAQ:LMST), parent company of Limestone Bank, has announced an agreement to acquire four banking centers in Kentucky from Republic Bank and Trust, a subsidiary of Republic Bancorp, Inc. (NASDAQ:RBCAA).
The purchase of offices in Elizabethtown, Frankfort, and Owensboro includes $153 million in deposits and $112 million in loans. In addition, Limestone Bank will acquire substantially all the fixed assets of these locations. The transaction is expected to close in the fourth quarter of 2019.
John T. Taylor, President and Chief Executive Officer of Limestone Bank, said, “We are pleased to enter into this agreement to acquire four banking centers from Republic Bank, which are located in both our existing markets and in nearby contiguous counties. The acquisition will allow Limestone Bank to increase its market share and better serve customers in Owensboro through the addition of two branches, and to grow its geographic footprint with entry into the Frankfort and Elizabethtown markets. I am also extremely excited about the talented sales and service staff joining our organization as a result of this acquisition.”
Matt Veneri, Managing Director, Co-Head of Investment Banking, led the transaction for Janney.
More information is available here.
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