Kentucky Bank, based in Paris, Ky., recently opened new branches in Richmond and Lexington, giving the bank a presence in Fayette and all surrounding counties.
Kentucky Bank President Louis Prichard said expansion into the Lexington market has long been a goal, and bank executives were waiting for the right opportunity to make the move.
“As is the case in most strategic decisions, timing is paramount. We felt that with our strong capital position, coupled with the fact that our bank had weathered the economic recession as well as — if not better than — most, the timing was right,” Prichard said.
He credits the bank’s ability to expand during a down economy to the experience of the senior management team and those who hold other leadership positions.
“[They] have tremendous banking experience, which has been invaluable through these turbulent economic times,” Prichard said.
In May 2013, the first Lexington branch opened at 360 E. Vine St., a decision Prichard said has proven successful. In fact, the bank hopes to open other offices in Lexington and Richmond, though no specific details are available.
“We have been very pleased with the reception,” Prichard said. “In addition to traditional banking services, we have a strong wealth management department. We believe the personal service we offer in trust, estate and financial planning is equal to or stronger than many of the larger banks, which gives us a competitive advantage.”
The Richmond location opened in February at 5008 Atwood Drive.
Both locations are full-service centers. Prichard said that customers also want more electronic services, and providing those services will be a focus going forward. The new locations offer something that is equally as important, he said — the ability to talk to someone in the community about financial concerns.
“Research tells us that customers still want to be able to come to our offices to talk to our people for advice and assistance concerning matters of planning, borrowing money and other significant financial matters,” Prichard said.
According to the June 30 quarterly report for Kentucky Bancshares, Kentucky Bank’s holding company, year-to-date net income for the six months ending June 30 increased 5.2 percent over the past year, up to $3.7 million from $3.5 million. Total assets were $785.3 million, an increase of nearly 11 percent since June 30, 2013. The report also states that bank lending has increased, which was reflected by an increase in the bank’s loan portfolio of $43.9 million, or 9.7 percent. Total deposits increased $21.7 million, or 3.8 percent.
“Our strategy is to be aware of opportunities and analyze them to determine if they will be successful and serve our customers and stockholders well,” he said.
Kentucky Bank has branches in Bourbon, Clark, Elliott, Fayette, Harrison, Jessamine, Madison, Rowan, Scott and Woodford counties.