The Bank of Kentucky plans to open a full-service branch at 4th & Walnut
CRESTVIEW HILLS, KENTUCKY, June 10, 2011 – The Bank of Kentucky Financial Corporation (the “Company”) (NASDAQ: BKYF), the holding company of The Bank of Kentucky, Inc. (the “Bank”), finalized a lease agreement to occupy space located at 100 East Fourth Street in downtown Cincinnati. The Bank of Kentucky will occupy the corner, ground-floor, retail space in the Mercantile Center Building at Fourth and Walnut streets. The new branch will mark The Bank of Kentucky’s first office located outside the state of Kentucky. As Northern Kentucky’s largest bank in terms of market share, the company currently operates 31 branches located throughout Northern Kentucky and has been interested in opening a branch in Cincinnati for some time, but was waiting for right opportunity and ideal location.
Robert Zapp, President and CEO stated, “We currently conduct a significant amount of business in Ohio and many Northern Kentuckians work downtown. In fact, we have grown to be the sixth largest bank in Greater Cincinnati. Opening a full-service branch in Cincinnati is a planned progression of our retail banking business and acquiring space on such a high profile corner, near many of our competitors and close to the new Banks development gives us a great opportunity to grow quickly. We will continue to seek ways to grow our business in Ohio and Northern Kentucky, building upon what we’ve done for the past twenty years.”
The Bank of Kentucky will begin renovations of the 5,900 square foot space in July and will open for business in the fall. Plans for the space include a large lobby, four teller stations, several offices, a conference room, and a secondary entrance from inside the Mercantile Center Building. In addition, the branch will offer street-level ATM access, a night drop, and safe deposit boxes located inside.
With the addition of its downtown location, The Bank of Kentucky will operate 32 branch locations and 53 ATMs located in Boone, Kenton, Campbell, Grant, and Gallatin counties in Northern Kentucky and in Hamilton County, Ohio. The Bank of Kentucky Financial Corporation has assets of approximately $1.637 billion.
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