In an unexpected move, Henderson-based Field & Main Bank—which holds the largest share of the local market—is to be acquired by the parent company of Louisville-based Stock Yards Bank & Trust Co. in an all-stock transaction valued at $105.7 million, according to a news release issued Tuesday evening.
The acquisition will mean there will no longer be a commercial bank headquartered in Henderson, a trend that began with bank consolidations in the 1980s.
Stock Yards Bancorp Inc. (traded publicly under the symbol SYBT on NASDAQ) announced the signing Tuesday of a definitive agreement to acquire Field & Main Bancorp Inc., the parent company of Field & Main Bank.
Stock Yards will acquire the privately held stock of Field & Main, subject to approval of Field & Main shareholders and completion of customary regulatory approval and closing conditions.
The transaction is expected to close May 1, although a name change from Field & Main to Stock Yards isn’t expected until later in the year when a conversion of Field & Main’s information technology, or computer system, to the Stock Yards is completed, according to Field & Main Chairman & CEO Scott Davis.
Davis acknowledged in an interview with the Hendersonian on Tuesday night that the announcement was unexpected by most.
“But if you think about it,” Davis said, “in the course of the life of an organization, opportunities present themselves from time to time, and seldom do you find one that is as well aligned as this one. There is no other bank whose brand I would welcome as thoroughly as I do Stock Yards partnering with us.”
Davis acknowledged that not all current Field & Main employees will remain with Stock Yards.
“For most of our of team, this is a very positive thing,” he said, citing the “opportunities and prospects with a larger organization. For those of whom no transition will be available, their renumeration and severance and extension of benefits will be very magnanimous.”
Davis said he has “been asked to join the board of Stock Yards,” but he will not remain in a management role with the merged bank.
“My focus will be with the Preston Trust and the Preston Foundation,” the philanthropic organizations founded by the late Raymond B. Preston, the majority owner of the former Ohio Valley National Bank before it became Field & Main Bank in 2015, he said. “The Preston Foundation will still have the same commitment to this community and this market that it always has.”
Doug Lawson, who has served as president and COO of Field & Main Bank, will serve as Henderson-Evansville market lead.
Preston, who made his fortune in the chemical distribution business here, years ago became majority owner of what was known informally as OV Bank.
Preston eventually consolidated his ownership of Ohio Valley National Bank by buying out all minority shareholders in the bank.
In 2015, Ohio Valley Financial Group acquired the last remaining locally headquartered bank, BankTrust Financial (formerly Henderson National Bank) to form Field & Main. At that time, the heirs of the late Raymond B. and Hattie Preston held 69% of Field & Main Bancorp stock while the former BankTrust shareholders held the other 31%.
That acquisition extended Ohio Valley/Field & Main’s long run as the biggest bank in Henderson, as measured by local deposits.
As of June 30, 2025, Field & Main Bank held a nearly 44% share of deposits in Henderson County, well ahead of Independence Bank (19%), Fifth Third Bank (15%) and Old National Bank (13%), among other institutions, according to the Federal Deposit Insurance Corp.
Stock Yards Bank & Trust currently has 75 offices in the Louisville, central, eastern and northern Kentucky markets, as well as the Indianapolis and Cincinnati metropolitan markets.
Acquiring Field & Main will help Stock Yards expand into western Kentucky. In December, Stock Yards announced the hiring of a market president for Bowling Green, although it doesn’t yet operate a branch there. Stock Yards stated it had a “commitment to meaningful, long-term growth in the corridor stretching from Henderson through Owensboro, Bowling Green and Hopkinsville to Paducah and beyond.”
“Field & Main’s franchise provides an immediately scalable presence in this region, and its community-first, relationship-driven culture aligns closely with Stock Yards’ longstanding focus on disciplined growth, profitability, and high-touch customer service,” Stock Yards stated in a news release. “Together, the combined organization will be positioned to deepen market penetration, enhance operating leverage, and deliver expanded capabilities to customers across Western Kentucky and adjacent markets.”
“We are thrilled to welcome Field & Main and its dedicated employees to the Stock Yards team,” commented James A. (Ja) Hillebrand, chairman and CEO of Stock Yards, said in a statement. “This combination joins two community banks whose values and cultures are closely aligned and significantly expands our reach in Western Kentucky. Field & Main customers will continue to receive the outstanding service they have come to rely on, with the added benefit of our extended branch presence” elsewhere in Kentucky as well as Cincinnati and Indianapolis.
“Both banks have always been committed to delivering a modern craft banking experience that includes great customer service, strong community ties and an environment where employees can thrive and grow,” Field & Main Davis’ said in the Stock Yards news release. “We’re excited to partner with the Stock Yards team to build the premier community bank in the region.”
Field & Main operates six retail branches in Henderson, Lexington and Cynthiana, Kentucky, and Evansville.
As of Dec. 31, Field & Main reported approximately $861 million in assets, $652 million in loans and $781 million in deposits. Field & Main also maintains a Wealth Management and Trust Department with total assets under management of approximately $800 million at Dec. 31.
With the acquisition of Field & Main, Stock Yards will operate 81 branches with total assets of approximately $10.4 billion, $7.9 billion in gross loans, $8.6 billion in deposits and $8.4 billion in trust assets under management.
Stock Yards Bancorp on Tuesday announced record net income in 2025 of $140.2 million, or $4.75 per diluted share, up 22% from 2024. It credited loan growth in all markets combined with net interest margin expansion and strong credit quality.
Stock Yards Bank & Trust was established in 1904, working with businesses that supported the livestock industry; its parent company was incorporated in 1988.
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Stock Yards executive management will host a conference call to discuss the strategic and financial implications of the transaction at 8 a.m. (CST) on Wednesday, Jan. 28, 2026. The call will be broadcast live via the internet.
Interested investors may listen to the call live via webcast by visiting www.syb.com and clicking on the Investor Relations tab.
Update: This version of the article was updated with a more precise lead sentence.
