Changes may be coming soon for customers at Leitchfield Deposit Bank & Trust Company, but quality of service will remain the same, according to President/CEO Randy Pauley.
The bank, along with The Farmers Bank, of Hardinsburg, were recently acquired by The Cecilian Bank, with the merger expected to be completed by the end of the first quarter of 2016.
Representatives on all sides seem to be excited about the opportunity to continue providing top-notch “community style” banking for area residents.
Mitchell J. Bennett, President/CEO of Farmers Bank said, “It is very difficult to find another financial institution that has a long and rich tradition that could understand the value of community banking in our market area. The Farmers Bank first started its dedication to community banking in 1902 and Leitchfield Deposit Bank began its charter in 1897. The Cecilian Bank opened in 1903. WE truly believe that this merger will allow our combine employees and customers to continue our cultures maintaining the same quality service that we have provided for many years.”
Pauley commented, “I like the idea that we will be able to continue to do business with our customers with even more resources at our disposal due to the increased size of relationship lending that we can offer. The combination of these banks will allow us the flexibility to offer more delivered with a community bank style.”
Bob Owsley, Chairman of First Cecilian Bancorp, Inc., the holding company for the Cecilian Bank, said, “We believe this demonstrates our commitment to the communities in Breckinridge County and Grayson County. Our commitment is to continue the legacy of dedication to these communities provided by the Bennett family for many years.”
Cecilian Bank President/CEO Greg Pawley added, “We believe that The Farmers Bank and Leitchfield Deposit Bank are closely aligned with our core values. We best operate in strong and traditional hometowns near to us and this fits right into our footprint and banking operation. The strongest reason for an acquisition strategy is funding partnerships that closely fit our model, and these two banks are very compelling partners to join together. This strategy is particularly important in order to continue to meet the challenges of our highly competitive banking environment.”
Upon completion of the merger, which came with a $49 million price tag, The Cecilian Bank will have 16 banking centers across Grayson, Breckinridge, Meade and Hardin Counties. They will also have an anticipated $840 million in total assets, and customer deposits of approximately $670 million.
For more information, feel free to contact Pawley at (270) 737-1593.
Reach Brittany Wise at 270-259-9622 ext. 2014.