Harrison Deposit Bank is merging with The Bank of Henderson, a Henderson, Ky., financial institution, if the proposal receives regulatory approval.
In a Monday press release, it was announced that the transaction will be accomplished through a merger of the banks’ respective holding companies.
Barry Hall, who is Harrison Deposit’s chairman and president, will retire at the time of the merger. He will be succeeded by Tonya Dryden, a veteran of the bank’s management team.
Dryden will become market president of the Cynthiana financial services operation. Outside directors of Harrison Deposit will also be retained.
Dale Sights, president and CEO of The Bank of Henderson, and Hall issued the following joint statement:
“We believe that community banks are the backbone of local economic systems. Therefore, it was our mutual desire to structure an affiliation that will uphold that tradition. Further, it is our feeling that through the merger, the institution will expand its capacity to improve the economic and social wellbeing of the valued clientele that we serve.”
According to the release, the merger is expected to occur in early November.
“At that time, a new name and brand that reflects the company’s range of services will be announced,” the release states.