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SY Bancorp to expand presence in Oldham County with Bancorp acquisition

US based SY Bancorp, parent company of Stock Yards Bank & Trust Company, has agreed to acquire all of the common stock of The Bancorp in a cash-and-stock deal, estimated at nearly $19.9m.

Based on the agreement, the deal consideration will include 534,885 shares of the acquirer’s common stock, valued at $11.7m and $7.8m in cash, both subject to adjustment.

Approved by board of directors of both firms, the transaction is expected to complete during the second quarter of 2013, pending regulatory and Bancorp’s shareholders approval, and other customary conditions.

After completion of the transaction, the acquired enterprise will merge with the firm and is expected to create the largest locally owned community bank in the Louisville MSA in terms of deposits relative to the total deposits.

Frost Brown Todd and Stites & Harbison acted as legal counsels and Stifel Nicolaus Weisel and Sandler O’Neill + Partners served as financial advisors to SY Bancorp and Bancorp.

Headquartered in Kentucky, Bancorp is the holding company for THE BANK, which manages four branches, one each in La Grange, Louisville, Crestwood and Prospect.

As of 30 September 2012, the firm had nearly $137.4m in assets, $46.8m in loans, $114.9m in deposits and $19.4m in tangible common equity.

Incorporated in 1988 as a bank holding company, S Y Bancorp has more than $2.10bn in assets.