Ohio corporation acquires Inez Deposit Bank in new partnership

Published: Sep. 28, 2020 at 4:17 PM EDT
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INEZ, Ky. (WYMT) - An Ohio corporation just announced a new partnership with Inez Deposit Bank.

First State Bank announced the acquisition Friday, saying it is taking over Community Holding Company and its subsidiary Inez Deposit Bank.

According to First State Bank President and CEO Michael Pell, the corporation is excited to move forward with the partnership, which is its first in Kentucky. He said Mike Duncan, Chairman and CEO of Inez Deposit Bank, is the perfect partner for the new venture.

“We were looking for a partner that really specializes in serving small communities,” said Pell. “(Duncan) and his family have been operating this community bank for four generations, so we’re excited to join forces.”

The acquisition will transition into effect at the beginning of 2021, but the First State Bank crew spent Monday meeting the Inze Deposit Bank team. According to Pell, it was about learning how the two teams will meld together to continue serving Lawrence and Martin County.

“We’ve got some products and services that we think the community will embrace and really we’re learning a lot about how Inez has served their clients for many, many years,” Pell said. “I think we’re gonna learn from each other on how we can best serve the customers."

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