Community Trust Bancorp is an American regional bank holding company that was founded in 1903 as Pikeville National Bank. The renamed corporation continues to have its headquarters in Pikeville, Kentucky, at the heart of Appalachia. Community Trust Bancorp operates a commercial bank, Community Trust Bank, and a trust company, Community Trust and Investment Company of Lexington.
| Community Trust Bank | |
| Company type | Public |
| Nasdaq: CTBI | |
| Industry | Financial services |
| Founded | 1903 (as Pikeville National Bank) |
| Headquarters | , |
Number of locations | 81 |
Area served | Eastern, north-eastern, central, and south-central Kentucky, southern West Virginia, north-eastern Tennessee |
Key people | Mark A. Gooch (CEO) |
| Products | Banking services, investments |
 $78.0 million (2023) $81.8 million (2022) [1] | |
| Total assets |  $5.5 billion (2023) $5.4 billion (2022) |
| Total equity | US$702 million (2023) US$ 628 (2022) |
Number of employees | 967 (2023) |
| Website | www |
The bank operates over 80 retail branches, most of which are located in eastern, north-eastern, central, and south-central Kentucky. As of 2023[update], the bank had total deposits of US$4 billion and a market share of 3.53%. Community Trust Bancorp is the second-largest bank headquartered in Kentucky, after Stock Yards Bank of Louisville.[2]
History
editIn the first years of the twentieth century, the economic future of Pike County, Kentucky, looked sufficiently promising to warrant the creation of another bank. This was thanks to the economic success of coal mining, but also the beginning exploration for oil and gas. Thus, Community Trust was founded on November 27, 1903, as Pikeville National Bank.[3] From 1903 through 1912, J. E. Yost served as the institution's first president.
The challenging economic climate of the 1930s brought the first two of many acquisitions. Pikeville National Bank acquired two failing competitors: the National Bank of Hellier and the Day and Night National Bank of Pikeville (the latter's name advertised the fact that the bank promised its customers to be open for business 24 hours a day).[4]
In 1969, Pikeville National Bank began to expand its reach through branch offices, the first of which opened in Phelps. Other innovations of the time included the introduction of VISA cards, the beginning of computer-based transaction processing, and the creation of new departments, such as Audit and Credit.
In 1981, the bank moved its headquarters from the original building on Pikeville's Main Street to a new structure on North Mayo Trail, on the outskirts of town. In the same year, the holding company was brought into existence to facilitate further development. By the end of 1981, the bank had 160 employees and 17 departments.
In 1997, Pikeville National Bank changed its name to Community Trust Bancorp., Inc.[5]
Services
edit
Community Trust Bank offers all the usual services involved in commercial and personal banking, whereas Community Trust and Investment Company focuses on trust and investment services.
References
edit- ^ "Form 10-K for the year ending December 31, 2023". Securities and Exchange Commission. Retrieved 2024-08-18.
- ^ "Summary of Deposits - Market Share Reports". Federal Deposit Insurance Corporation. Retrieved 2024-08-18.
- ^ "Pikeville National Bank: The First 79 Years". Pike County Historical Society.
- ^ "The Day and Night National Bank of Pikeville National". Pike County Historical Society.
- ^ ”Company Profile: Community Trust Bancorp Inc.,” MarketLine (10 Jun 2014, Reference Code: A1329C1F-08C5-4117-9422-565F882860BF), p. 6.
Further reading
editMuch of the historical account above is based on a brochure that Pikeville National Bank produced in 1981 under the title, Pikeville National Bank: The First 79 Years. This can be viewed at the website of the Pike County Historical Society, as referenced above.
External links
edit- Official website
- Business data for Community Trust Bancorp: