Sacramento Deposit Bank and Bank of Caneyville Announce Plans to Merge
Sacramento Bancorp, the holding company of Sacramento Deposit Bank (Sacramento, Kentucky), founded in 1895, announced today that it has reached an agreement to purchase all of the outstanding stock of Caneyville Bancshares, Inc., the holding company of Bank of Caneyville (Caneyville, Kentucky) founded in 1897. In connection with the purchase by Sacramento Bancorp of the outstanding shares of Caneyville Bancshares, Inc., Bank of Caneyville will be merged into Sacramento Deposit Bank. The transaction is contingent upon customary conditions, including federal and state regulatory approval.
The joining of Bank of Caneyville with Sacramento Deposit Bank will allow the combined organization to more effectively expand products and services with greater customer convenience in the McLean and Grayson County markets currently served by the banks.
Michael W. Hunt, President and Chief Executive Officer of Sacramento Deposit Bank, noted, “Bank of Caneyville has an excellent reputation in the Caneyville community it serves. 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 a part of the Caneyville market.”
In commenting on the transaction, Scott L. Majors, President and Chief Executive Officer of Bank of Caneyville, said “We know that Sacramento Deposit Bank will take care of our customers with the same great service we have always strived to provide. Like Bank of Caneyville, Sacramento Deposit Bank has a commitment to community banking, and we are confident they will be a good fit for our customers, employees and the market we serve.”
Mr. Hunt also stated "It has been a pleasure working with Scott and we share the same belief that a community bank has a responsibility to be an active member of the community it serves. Both banks have served their communities for over one hundred years. We are all focused on continuing to build upon the culture and tradition that has been established over that time in our respective communities. Our commitment to this transaction is because both parties want to enhance and further develop the relationship our banks have developed with our customers and communities."
Mr. Majors added, “The merger with Sacramento Deposit will also preserve Bank of Caneyville’s tradition of community banking and local loan decision-making.” Mr. Majors will lead the combined bank’s Caneyville office.
Terms of the transaction were not released. Pending regulatory approval, the transaction is anticipated to close during the third quarter of 2016.
Sacramento Deposit Bank currently has one location in Sacramento, Kentucky and total assets of $67 million. Bank of Caneyville currently has one location in Caneyville, Kentucky and total assets of $50 million.
FOR MORE INFORMATION, CONTACT: Michael W. Hunt
President and Chief Executive Officer
Sacramento Deposit Bank
Phone: (270) 736-2212