The purchase includes approximately $127 million in performing loans and $1.5 million in premises and equipment as well as approximately $132 million in customer deposits with an all-in blended deposit premium of approximately 6% or $8 million.
“We are thrilled with the opportunity to serve our new customers in Elizabethtown, Frankfort, and Owensboro. We are also excited to welcome nearly twenty new team members and associates to the Limestone Bank team. This acquisition allows us to further optimize our branch footprint regionally and solidifies our presence and ability to serve customers in Daviess, Hardin, and Franklin counties,” said John T. Taylor, Limestone president and chief executive officer.
Janney Montgomery Scott acted as financial advisor and Wyatt, Tarrant & Combs as legal counsel to Limestone. Limestone did not issue common shares in this transaction.
Limestone Bancorp is a Louisville bank holding company which operates banking centers in 14 counties through its wholly-owned subsidiary Limestone Bank.