LOUISVILLE, Ky. (WDRB) -- Louisville-based Stock Yards Bank will buy the community bank owned by the family of late-Metro Council President Jim King.
Stock Yards will pay $28 million to acquire King Bancorp, the holding company for King Southern Bank, according to a press release Wednesday.
The deal is expected to close next spring or summer.
Founded in 1919 as People’s State Bank, King Southern has three branches in greater Louisville and two in Nelson County.
Stock Yards said in a news release that the deal will grow its reach in Louisville, where it is already one of the biggest locally based banks.
King Southern Bank has about $195 million in assets, compared to $3.3 billion for Stock Yards.
James (Jimmy) O. King III, president and CEO of King Bancorp, will join Stock Yards following the sale as a member of its executive loan committee and to ensure a smooth transition for customers.
Jim King died in 2015 at age 63 after battling cancer.
