CRESTVIEW HILLS, KENTUCKY – Friday, July 5, 2013 – The Bank of Kentucky Financial Corporation (the “Company”) (NASDAQ: BKYF), the holding company of The Bank of Kentucky, Inc. (the “Bank”), today announced that it has signed agreements to be the lead bank and lender in a $43.5 million project to redevelop and reopen the State’s former No.1 paid tourist attraction, Kentucky Kingdom, located in Louisville, Kentucky. Ed Hart, President of Kentucky Kingdom, LLLP, and his partners, made the announcement inside the front gate of the theme park before a large crowd of supporters, state officials, media, and park employees.
The Bank of Kentucky has been working with Ed Hart and his partners for several months, finalizing a funding package that includes a $15 million loan from The Bank of Kentucky, as well as related banking and treasury management services when the park reopens on May 24, 2014. Brett Blackwell, Vice President, Commercial Real Estate Lending Division at The Bank of Kentucky, stated, “It has been a pleasure to work with Mr. Hart and his team on such an exciting and impactful project for the Bank and the State of Kentucky. We are pleased to be a part of this project and look forward to seeing the park open next year and visited by families from throughout the region.”
The project to fully renovate the park’s 100 buildings and 40 rides will also include the construction of the first new rollercoaster in 17 years and a 10 acre expansion of Hurricane Bay, Kentucky Kingdom’s water park. The expansion of the water park will add three new waterslide complexes with multiple slides, a 12,000-square-foot wave lagoon, and an adventure river. In addition to restoring the amusement park that has been closed since 2009 after Six Flags entered bankruptcy, Kentucky Kingdom adds approximately 60 full-time workers and 1,000 seasonal jobs to the local economy. Robert W. Zapp, President & CEO of The Bank of Kentucky, added, “A project of this magnitude, that positively impacts the community, both economically and culturally, is a perfect fit for us. Since opening our doors more than 22 years ago, we have remained committed to improving the communities we serve, leveraging our company to be a key source of funding for meaningful projects like Kentucky Kingdom in Louisville. We commend Ed Hart and everyone involved in making this happen.”
For more information about Kentucky Kingdom and to follow the progress of reopening the amusement park, the organization has setup a website at www.kentuckykingdom.com.
For more information about The Bank of Kentucky, please visit www.bankofky.com or contact Mark Exterkamp, Executive Vice President, The Bank of Kentucky, (859) 409-9973, firstname.lastname@example.org.
The Bank of Kentucky Financial Corporation, a bank holding company with assets of approximately $1.8 billion, offers banking and related financial services to both individuals and business customers. The Bank operates 33 branch locations and 56 ATMs located throughout the region in Boone, Kenton, Campbell, Grant, Gallatin, Pendleton, and Hamilton County.