Kentucky Farmers Bank:

The Only Locally Owned Bank in Boyd County

Melissa Owens
The Ashland Beacon


Kentucky Farmers Bank was established in 1931, when Kentucky National Bank and Farmers and Merchants Bank merged in the city of Catlettsburg.
   From the beginning it was evident that KFB was a community bank meeting the needs of its customers.
   One such situation resulted as explained by April Russell Perry, CEO and Chairman of the Board of KFB, “In 1969 my grandfather, Charles Russell was president, when a group of women asked that a branch be opened in a rural part of Boyd County. He would then go on to open a first branch.”
Located in Summit, this first branch was known as the Suburban Branch, located at 313 U.S. 60.
   In 1976, the main office would move a short distance to a brand-new building at 2500 Broadway Street and would eventually become a branch office when the main office was be moved to 6313 U.S. 60 in Summit.
   And in September 2004, the Ashland office opened at 835 Carter Avenue, Ashland.
"When people asked to expand [opening branches], the Board respected the community,” Perry said.
   By being the only locally owned and operated community bank in Boyd County, this means that Kentucky Farmers Bank’s headquarters is in Boyd County, its decisions are made locally, its shareholders are in the local community, and its controlling interest is in Boyd County.
   According to Perry, perks of a locally owned bank include: faster decision making, providing relationship banking rather than transaction banking, and not being sales oriented.
   There are certainly many other pros to this local bank, such as more personalized banking and decisions; whereas, a regional bank makes you fit into a mold and is more computerized, and personalized products and services to meet your needs. Community banking invests within the community, makes more small business loans, and makes your community a better place.
   Besides providing financial services to the community, KFB also gives to local charities as well as its officers serving on various community service organization boards.
   Perry said, “We focus on local charities, not only time, but finances.”
   If employees give through payroll deductions, KFB will match it. Other examples involve Casual Fridays, Blanket Drives, and assistance with customer or employee tragedies.
   Providing for the community, KFB partners with KDMC with free flu shots, Heart Healthy lunches, and estate planning by local lawyers.
   Kentucky Farmers Bank is the only locally owned bank in Boyd County, but it does more for its community than just banking.
   For more information on its services, call 606.929.5000.