Stock Yards Bancorp has received the green light from the Federal Reserve to proceed with the acquisition of Commonwealth Bancshares.
The deal was also approved by the Federal Deposit Insurance Corporation and the Kentucky Department of Financial Institutions.
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By GlobalDataWith all regulatory approvals now received, the acquisition is set to close around 7 March 2022. The closure is subject to meeting the remaining closing conditions.
Stock Yards Bancorp, the parent company of Stock Yards Bank & Trust Company, signed the agreement to acquire Commonwealth Bancshares in August last year.
The stock-cash deal was then valued at around $153m.
Commonwealth’s subsidiary Commonwealth Bank & Trust Company has 15 retail branches.
Once the deal closes, the combined entity will have 79 branches with total assets of around $7.4bn.
At the time of announcement, Stock Yards chairman and CEO James Hillebrand said: “This combination brings together two local community banks based in Louisville, who are very like-minded with similar cultures.”
Recent bank deals in the US
According to a research by GlobalData, acquisitions in the retail banking sector increased significantly in the second half of 2021.
Recently, SoFi closed Golden Pacific Bancorp acquisition. The acquisition was a key step for SoFi to obtain a national bank charter.
First Citizens BancShares has also completed the acquisition of CIT Group. The all-stock deal was valued at around $2.16bn.
