Covington's Bill Butler to Acquire Kentucky Bank
He has built a skyline in Covington and hundreds of thousands of square feet in office space across the country, and now Corporex chairman Bill Butler is branching out into a new industry.
It was announced Wednesday that Butler will acquire American Founders Bank (AFB), a locally owned bank founded in 2001 and headquartered in Lexington. Butler will move its headquarters to Louisville.
“When I began my business in the late 1960's I built many buildings in Louisville and developed the ‘Ole Brickyard Park’ on Bishop Lane," Butler said in a statement. "I love Louisville and have many fond memories of successful relationships there. I am excited with the prospect to return and be a part of the community once again.”
Barry Brauch, AFB’s CEO, will relocate from Lexington to Louisville. Trish Osborn, currently AFB’s Louisville Market President, will be promoted to Chief Banking Officer.
“I am making this investment because I have great confidence in Barry and Trish’s ability to lead and grow a solid community banking enterprise," Butler said. "The new American Founders Bank of Louisville will have unique corporate and commercial real estate business expertise and will be positioned to execute a full service growth strategy.”
“This transaction positions our established and experienced Louisville team to build on past successes by continuing to offer both current and future customers a full range of innovative financial solutions," said Brauch. "We appreciate our current roster of Louisville customers and intend to enthusiastically service and support their growth.”
The transaction is pending regulatory approval and is expected to close in the third quarter of this year, according to a news release. It will involve dissolution of AFB’s parent holding company, Financial Holdings, Inc., through a section 363 bankruptcy procedure. The move follows the just-announced acquisition of AFB’s Lexington branches by City National Bank of West Virginia.
In Northern Kentucky, as head of Corporex, Butler has built RiverCenter I & II, the Ascent, the Marriott and Embassy Suites in Covington, and Madison Place, among other developments.
Photo: Bill Butler via Alpine Ranch & Mountain Club