Kentucky Bancshares, Inc., the holding company of Kentucky Bank, has completed its acquisition of Madison Bank. Madison Bank, formerly a wholly-owned subsidiary bank of Madison Financial Corporation of Richmond, Kentucky, has been merged into Kentucky Bank, and its three former locations will be operated as Kentucky Bank financial centers.
The acquisition, which was first announced in January, was presented as a common stock exchange between the two holding companies, with an estimated value of $7.2 million. At that time, Madison Bank was estimated to have roughly $121 million in total assets, including $83 million in loans, and with total deposits of $103 million. With the completion of the acquisition, the total assets of Kentucky Bancshares, Inc. is estimated at $975 million. The acquisition was approved by Madison Financial Corporation shareholders on July 15.
The three newly acquired offices of Kentucky Bank in Richmond, Kentucky, are located at 1001 Gibson Bay Drive, Suite 101; 660 University Shopping Center; and 724 West Main Street (Tates Creek). John Hamilton will serve as market president for Kentucky Bank’s Madison County region.
“Richmond is a wonderful community,” said Kentucky Bancshares, Inc., president and CEO Louis Prichard in a news release on the acquisition. “The reception we have received from Madison Bank customers has been gratifying ... We are looking forward to continuing banking relationships with Madison Bank customers.”
Headquartered in Paris, Kentucky, Kentucky Bank has additional offices across the state in Richmond, Winchester, Georgetown, Versailles, Nicholasville, Wilmore, Cynthiana, Morehead and Sandy Hook.