October 15, 2019
FOR IMMEDIATE RELEASE
Senior Vice President/Marketing
Citizens Union Bank
CITIZENS UNION BANK ANNOUNCES MERGER WITH
PEOPLES BANK & TRUST COMPANY
Owenton, KY – Citizens Union Bancorp of Shelbyville, Inc., the parent of Citizens Union Bank (CUB), is pleased to announce a definitive agreement with Owenton Bancorp, Inc., parent of Peoples Bank and Trust Company (Peoples), to merge CUB and Peoples. CUB has total assets of $840 million with 15 branch locations and Peoples has total assets of $55 million with one location.
David Bowling, CEO of CUB commented, “We have admired Peoples Bank for years and we believe we share many of the same core values – providing great customer service, treating people fairly and with respect and focusing on growing the communities where we live and work. Owen County is an important community for us and we feel this merger will enable us to provide even more banking services and resources to the Peoples customers.”
James Beach, Chairman and CEO of Peoples said, “CUB just seemed like a perfect fit for us. We have had a friendly relationship for many years and have always had a mutual respect for one another. We are excited about the benefits a larger community bank can bring to our customers and we are pleased they share our commitment to this community.”
After completion of the merger, CUB will have 15 banking centers across Owen, Gallatin, Shelby, Oldham, Spencer, Jefferson, Bullitt and Hardin Counties.
For further information, please contact David Bowling, CEO of Citizens Union Bank, at (502) 633-4450.