In early November, City National Bank closed on its purchase of American Founders Bank’s three Lexington branches, firmly establishing City’s presence in the market.
But it wasn’t the first deal City had closed in Lexington. During 2015 alone, City has already closed and funded more than $5 million in commercial loans in Lexington, with an additional $15 million in local commercial projects projected to close by year-end.
“We’re thrilled to establish deeper and more permanent roots in Lexington,” said Skip Hageboeck, President and CEO of City National Bank. “Lexington makes sense for City. It offers some of the best opportunities in this region of the country, and is a logical extension of our franchise which previously had its western border in Ashland, KY.”
“We were immediately impressed with AFB’s commercial lending team in Lexington. Not only do they have decades of experience, but they’re intimately involved in Lexington. Community involvement is a primary focus for City, and we were looking for team members who share that focus.”
Previously serving as President of AFB, and now as City’s Market President, Bill Craycraft leads the Lexington commercial team and has welcomed the transition to City. “Joining City has expanded our ability to make loans for our commercial clients,” said Craycraft. “We’re able to continue our relationship-based style of banking, but City offers the advantages of a much larger bank.”
“With City, loans of $500,000 to $25 million are typical, although we can make loans up to $40 million – and we’re still able to work one-on-one with our clients to develop the best solutions for them. That really distinguishes us in this market.”
Since purchasing the new branches, City has also hired an expert home mortgage lender in Lexington. Cheryl Bromagen, who brings more than 25 years of banking experience, joins City’s well-established mortgage lending team.
On Wednesday, December 2, City will hold a reception with current and prospective customers and community leaders to celebrate the bank’s growing presence in Lexington. Craycraft says he looks forward to hosting the event and welcoming clients and partners to City: “They’re going to be excited that now, no matter what their loan size, we can meet all of their needs.”
City National Bank has 85 branch locations across West Virginia, Kentucky, Virginia and Southern Ohio. For more information, visit bankatcity.com.