Stock Yards Bancorp to acquire Commonwealth Bancshares for ~$153M

Stock Yards Bancorp, Inc.

Commonwealth shareholders receive 0.9267 SYBT shares + $11.20 cash per share; implied price $55.35 based on SYBT close of $47.64.
Combined entity: ~$7.4B assets, $4.9B loans, $6.4B deposits, $7.0B trust AUM; #1 Kentucky community bank.
Expected Q4 2021 close; EPS accretion ~12% in 2023; tangible book value earnback <2 years (crossover method).
Commonwealth: $1.3B assets, $733M loans, $1.1B deposits, $86M tangible common equity, $2.6B wealth AUM (June 30, 2021).
Adds 16 branches (Louisville, Shelby, Northern Kentucky); combined will operate 79 branches.

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