Limestone Bancorp, Inc., parent company of Limestone Bank, announced Thursday they will acquire all Republic Bank locations in Owensboro.
They will also be taking over branch banking centers located in Elizabethtown, Ky., and Frankfort, Ky.,
The purchase includes $153 million in deposits and $112 million in loans. In addition, Limestone will acquire substantially all the fixed assets of these locations. The transaction has received approval from each party’s board of directors and is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary closing conditions.
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.”
