United Bank to become WesBanco
The mid-April decision to merge by the boards of directors of Farmers Capital Bank, United Bank and WesBanco Bank will not affect local employees or customers, according to the president and CEO of Farmers and United.
United Bank is the wholly owned subsidiary of Farmers Capital Bank and has two branches in Versailles (United Drive and Locust Street) and one in Midway.
Shareholders will vote on the merger on July 23, according to Lloyd C. Hilliard Jr., president and CEO of Farmers Capital Bank and United Bank. (United Bank is the wholly owned subsidiary of Farmers Capital Bank.) If shareholders approve the deal, United Bank branches will change names to WesBanco sometime during the first quarter of next year, Hilliard said.
“United Bank in Versailles will see little change. You’ll see the same familiar faces at the teller line, the branch managers, the lending officers. So the customers will be little impacted in terms of people,” Hilliard said. “WesBanco is a strong banking company that has a 150-year history, just like our bank.”
A representative of the Midway Branch said she was unable to speak about the post-merger fate of her branch. Hilliard said the move will allow the merged banks to offer more services to customers.
“So we think our customers and our shareholders and our communities will benefit,” Hilliard said. “Just like United Bank, WesBanco has a strong commitment to their communities, so the same type of support that Woodford County has received from United Bank in the past will continue to be received in the future.”
After charters were merged Feb. 17, United Bank’s headquarters moved from Versailles to Frankfort, Hilliard said.
Hilliard said WesBanco has performed well in tests established by the Community Reinvestment Act, which measure a bank’s ability to meet community credit needs.
“WesBanco has received six consecutive outstanding ratings on CRA,” he said.