Stock Yards Bank & Trust acquiring Commonwealth Bank

LOUISVILLE, Ky. (WDRB) -- A Louisville-based bank is acquiring another local bank after an agreement between the two community financial institutions.

Commonwealth Bank & Trust will be become part of Stock Yards Bank & Trust.

According to a news release Tuesday, the combined stock and cash transaction represents a total consideration of around $153 million, which is expected to close during the fourth quarter of 2021.

The name change is planned to take place sometime in the first half of next year. Stock Yards said current Commonwealth customers will have an expanded services and more locations.

"As community bankers, we need to take the initiative to build relationships and earn the trust of the people we serve," Stock Yards Bank Chairman and CEO James A. Hillebrand said in a news release. "This acquisition is further proof that Stock Yards Bank is dedicated to growing with the evolving needs of our customers, adding scale, security and strength while staying in line with our existing values."

The company said customers will get details on any changes about a month before everything is officially converted.