About Kentucky Bancshares
Kentucky Bancshares, Inc. operates as the bank holding company for Kentucky Bank that provides banking products and services. The company has its main office in Paris (Bourbon County), with additional offices in Paris, Cynthiana (Harrison County), Georgetown (Scott County), Lexington (Fayette County), Morehead (Rowan County), Nicholasville (Jessamine County), Richmond (Madison County), Sandy Hook (Elliott County), Versailles (Woodford County), Wilmore (Jessamine County) and Winchester (Clark County). The deposits of the bank are insured up to prescribed limits by the Deposit Insurance Fund (DIF) of the Federal Deposit Insurance Corporation (FDIC). The company’s non-bank subsidiary, KBI Insurance Company, Inc., is a captive insurance subsidiary. Lending The company engages in general full-service commercial and consumer banking. The company makes commercial, agricultural and real estate loans to its commercial customers, with emphasis on small-to-medium-sized industrial, service and agricultural businesses. It also makes residential mortgage, installment and other loans to its individual and other non-commercial customers. The company offers variable and fixed rate loans. Other Products The company offers its customers a variety of other services, including checking, savings, money market accounts, certificates of deposits, safe deposit facilities, credit cards and other consumer-oriented financial services. It has Internet banking, including bill payment available to its customers at www.kybank.com. Through its Wealth Management Department, the bank provides brokerage services, annuities, life and long term care insurance, personal trust and agency services (including management agency services). Market Served The company primarily conducts its business in the Commonwealth of Kentucky. Its primary market areas consist of Bourbon, Clark, Elliott, Fayette, Harrison, Jessamine, Madison, Rowan, Scott, Woodford and surrounding counties in Kentucky. Business Strategy The company’s business strategy is to continue operating a well-capitalized and independent community bank with a significant presence in Central and Eastern Kentucky. Investment Securities As of December 31, 2020, the company’s investment securities included U.S. treasury notes; U.S. government agencies; states and political subdivisions; mortgage-backed (GNMA, FNMA, and Federal Home Loan Mortgage Corporation (FHLMC) Passthroughs; and GNMA, FNMA, and FHLMC CMO’s); asset-backed securities; and other securities. Supervision and Regulation As a financial holding company, the company is subject to the regulation and supervision of the Federal Reserve Board. The company’s subsidiary bank is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Kentucky Department of Financial Institutions. The company also has a captive insurance subsidiary, which is regulated by the State of Nevada Division of Insurance. The company’s subsidiary bank is a member of the FDIC, and its deposits are insured by the FDIC’s Deposit Insurance Fund (DIF) up to the amount permitted by law. The Dodd-Frank Wall Street Reform and Consumer Protection Act contains numerous provisions that affect all bank holding companies and banks, including the company and the bank. In addition to the laws and regulations, the bank is subject to certain consumer laws and regulations that are designed to protect consumers in transactions with banks. These laws and regulations include the Truth in Lending Act, the Truth in Savings Act, the Electronic Funds Transfer Act, the Expedited Funds Availability Act, the Equal Credit Opportunity Act, the Real Estate Settlement Procedures Act, the Fair Housing Act, and the Fair and Accurate Transactions Act, among others. During 2021, the bank plans to offer additional PPP loans as authorized under the Consolidated Appropriations Act. History Kentucky Bancshares, Inc. was founded in 1851.
