The patrons of the Bank of Caneyville can expect some changes in the future after the bank announced its decision to merge with McLean County-based Sacramento Deposit Bank, located in Sacramento, KY.
Discussions began April of last year at the Bank of Caneyville, which made the decision to merge because of the difficulty of meeting regulations due to the size of the bank and its staff.
“There are not many banks for one community anymore due to regulations,” said Scott Majors, President and Chief Executive Officer of Bank of Caneyville.
There were many banks interested in merging with the Bank of Caneyville; however the Sacramento Deposit Bank was the best candidate, according to Majors.
“We felt like this was the best fit to our customers and employees, and community; that’s why we made the decision to go with them,” Majors said, who also noted that the two banks had a similar philosophy on banking.
The holding company for the Sacramento Deposit Bank purchased all of the Bank of Caneyville’s stock, and the transaction is now pending regulatory approval, which is expected later this year. The two banks combined their assets, the Bank of Caneyville having $50 million in total assets and Sacramento Deposit Bank having $67 million.
The Bank of Caneyville is hoping that there won’t be many changes to the bank, though Majors expects any change to be positive.
“All of our staff is still going to be here and I will still be director,” said Majors, “We will be able to have additional services to customers, so it will be a positive change.”
Some of these additions include mobile banking, online banking, online bill pay and an ATM machine. All of these services are provided by Sacramento Deposit and the merge will allow these services to be offered at the Caneyville bank.
“Bank of Caneyville has an excellent reputation in the Caneyville community it serves,” said Michael Hunt, President and Chief Executive Officer of Sacramento Deposit Bank said. “We believe this is a great opportunity to expand Sacramento Deposit Bank’s footprint and fulfill our long term strategic goals, while at the same time maintaining our identity as a community bank. We look forward to becoming part of the Caneyville market.”
Majors believes that the majority of the Caneyville community is positive about this change as well.
“So far the reaction’s been positive, for the most part. Many understand it’s the times we live in and are excited about the new products we have to offer,” Majors said.
The name of the bank is still up for debate, though the word ‘Caneyville’ is hoped to be incorporated in some way.
Majors remains positive and thankful for the community’s support throughout the process.
“I’m excited about the new services we will offer. I’m excited about having more time to focus on customers. There are mixed emotions because change is hard, but I’m remaining optimistic and positive about it,” Majors said. “We so much appreciate the customers and community for all their loyalty and business over the years and we look forward to continue to serve them.”