After a ten.5-month hiatus, Kentucky financial institution M&A sprung again to life final month with two offers introduced within the span of every week.
This text is a part of S&P World Market Intelligence’s collection of state profiles, which take an in-depth have a look at M&A and key banking metrics for banks and thrifts with lower than $10 billion in property.
Peaks and valleys within the Bluegrass State
Kentucky financial institution M&A was on a sizzling streak previous to this chilly spell of practically a 12 months. 9 offers have been introduced within the state in 2018 and 14 in 2019, not together with terminated offers.
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Final 12 months, whereas solely 5 offers have been introduced, the dimensions of the targets surged and reached a two-decade excessive. The focused corporations reported a mixed $3.98 billion in property previous to their deal bulletins, the very best yearly degree within the state since 2001, in response to S&P World Market Intelligence knowledge.
Cross-border exercise
Each of this 12 months’s acquisitions embody consumers from neighboring states.
Most just lately, on Oct. 25, Marietta, Ohio-based Peoples Bancorp Inc. introduced that it might purchase Louisville, Ky.-based Limestone Bancorp Inc. for $215.6 million, the state’s largest deal since April 2018 when Wheeling, W.Va.-based WesBanco Inc. introduced it deliberate to purchase Frankfort-based Farmers Capital Financial institution Corp.
The deal was Peoples’ tenth whole-bank acquisition announcement since 2012. The corporate’s final Kentucky acquisition got here in October 2018 when it introduced its take care of Prestonsburg-based First Prestonsburg Bancshares Inc.
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Limestone Bancorp’s subsidiary, Limestone Financial institution Inc., was the Thirteenth-largest Kentucky group financial institution by property as of June 30.
Every week previous to the Peoples’ deal announcement, on Oct. 18, Charleston, W.Va.-based Metropolis Holding Co. introduced its personal $60.5 million deal for Versailles, Ky.-based Residents Commerce Bancshares Inc., its third Kentucky whole-bank deal since 2018.
Kentucky’s largest group banks bulking up
Louisville-based Inventory Yards Bancorp Inc., the holding firm of Kentucky’s largest group financial institution beneath $10 billion in property, has been an energetic acquirer in recent times, closing on its $153.0 million buy of Louisville-based Commonwealth Bancshares Inc. in March and its $191.3 million deal for Paris, Ky.-based Kentucky Bancshares Inc. in Could 2021.
Louisville-based Republic Bancorp Inc., mother or father of the state’s second-largest group financial institution, introduced its personal cross-border acquisition final month, paying $51.0 million to purchase Cincinnati-based CBank in a deal anticipated to shut within the first quarter of 2023.
Now that the ink has dried and his signing with Kentucky has been made official, Jasper Johnson was finally able to be formally introduced to the Rupp Arena crowd during the Wildcats’ 87-68 win over Western Kentucky on Tuesday night.
Johnson, a class of 2025 five-star point guard born and raised in Lexington, sat courtside with his family to check out his future team in action against the Hilltoppers. During the second half, former Kentucky player Ravi Moss brought out the future Wildcat to midcourt where he was met with a chorus of cheers from the packed crowd of Big Blue Nationites.
After initially committing to Kentucky back in September, Johnson signed the necessary papers to play his college basketball at UK earlier this month. He’s been inside Rupp Arena plenty of times before over the years (and even played here with Woodford County as a sophomore), but never while wearing street clothes as the center of attention in front of over 20,000 screaming fans.
The smile says all you need to know.
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Johnson is one of three signees from Mark Pope‘s first recruiting class as Kentucky’s head coach, joining four-star center Malachi Moreno and four-star point guard Acaden Lewis. The 6-foot-4 guard is ranked No. 14 overall in the nation by the On3 Industry Ranking. He’s currently finishing up his high school career at Overtime Elite as a member of Rod Wave Elite (RWE).
Alongside Tay Kinney, a talented class of 2026 guard who is also from Kentucky and is being recruited by Pope, the two Bluegrass natives form arguably the deadliest backcourt duo in all of OTE. Through five games played this season, Johnson is averaging 19.4 points, 6.2 rebounds, and 5.4 assists per outing while shooting 47.9 percent from the floor and 42.9 percent from deep.
This time next year, we’ll hopefully see him do the same thing in Kentucky blue and white.
Johnson family – Dr. Michael Huang, Kentucky Sports Radio
NASHVILLE, Tenn. (AP) — Clara Strack scored 24 points and grabbed 10 rebounds, Teonni Key had 16 points and 13 rebounds and No. 14 Kentucky defeated Arizona State 77-61 on Tuesday in the Music City Classic to remain unbeaten.
Kentucky nearly had four players with double-doubles as Georgia Amoore added 20 points and nine rebounds and Amelia Hassett had eight points and nine rebounds for the Wildcats (6-0), who shot 42% and scored 13 points off 14 Arizona State turnovers.
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Jalyn Brown scored 16 points and Nevaeh Parkinson added 12 points and nine rebounds for the Sun Devils (3-3). Arizona State shot just 30%.
The Sun Devils cut a 19-point deficit to 11 after three quarters but a 6-0 burst with baskets by Key, Amoore and Strack built the lead back to 15 midway through the fourth.
Kentucky led 42-23 at halftime after outscoring the Sun Devils 27-9 in the second quarter, scoring the first 13 points of the period with Struck putting in the final seven in the run. A couple ASU free throws later, the Wildcats went on an 11-2 run capped by a Hassett 3 and the lead was 20. Strack scored 14 points and Key 10 in the half.
The teams continue play in the Music City Classic on Wednesday with Kentucky playing No. 19 Illinois and Arizona State facing South Dakota.
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LOUISVILLE, Ky. – Rivalry week has finally arrived. The Louisville and Kentucky football program are set to do battle once again, facing off in Lexington for the annual Battle for the Governor’s Cup.
Here are the depth charts for both the Cardinals and Wildcats:
Changes from Louisville’s Depth Chart vs. Pitt:
Quarterback
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9 Tyler Shough (6-5, 230, Gr.) 10 Pierce Clarkson (6-1, 190, R-Fr.) OR 15 Harrison Bailey (6-5, 230, R-Sr.) OR 12 Brady Allen (6-6, 220, R-So)
Running Back
25 Isaac Brown (5-9, 190, Fr.) 21 Donald Chaney Jr. (5-10, 210, R-Jr.) 26 Duke Watson (6-0, 180, Fr.) 22 Keyjuan Brown (5-10, 210, R-Fr.)
Wide Receiver
0 Chris Bell (6-2, 220, Jr.) 81 Cataurus Hicks (5-10, 180, R-Fr.)
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