LOUISVILLE, Ky. (WDRB) -- The Kentucky Derby Festival's oldest event has banked on a local business.

Republic Bank has renewed its title sponsorship of the Pegasus Parade through 2016. The bank began sponsoring the event in 2002.

This year's theme is "Call of the Wild." The creators of the parade floats traditionally design their units to adhere to each year's parade theme. Entries are being accepted through January 31st for floats, marching bands and other parade units. 

Applications can be found online at www.kdf.org.

The Pegasus Parade, the Festival's founding event, first held in 1956, has an estimated local economic impact of $22 million. The Parade is one nearly 70 events held ahead of the Kentucky Derby. The events generate close to $128 million for the local economy, and entertains more than 1.5 million people in a two-week period.

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