Farmers Bank & Trust

What Farmers Bank & Trust does

Farmers Bank & Trust Company is an independent community bank founded on December 1, 1899, in Marion, Kentucky, and operating today as a wholly owned subsidiary of Farmers Bancorp, Inc. (formed 1987). The bank serves individuals, small businesses, and farms across five Western Kentucky counties (Crittenden, Hopkins, McLean, Muhlenberg, and Warren) through nine full-service branch locations plus digital channels, with total assets exceeding $600 million as of 2023. Its core deposit franchise spans checking, savings, money market, and certificate of deposit products, complemented by a Centsible Savings round-up program and tiered balance-based pricing on business and personal money market accounts.

The bank's product surface covers the full retail and small-business banking stack: mortgage lending (conventional, VA, FHA, Rural Housing Development, construction), home equity lines of credit, personal installment loans, agricultural and commercial real estate lending, business lines of credit, personal and business credit cards (including a Preferred Points Rewards card), and treasury services such as ACH origination, Positive Pay, Remote Deposit Capture, and merchant card processing delivered through a BancCard partnership. Digital delivery is provided through an iOS/Android mobile banking app (with mobile deposit and text banking), a full-service online banking platform with bill pay and external account aggregation ('My Money Story'), surcharge-free ATMs at all branch locations, and wire and coin-counting services.

Farmers Bank & Trust operates under a relationship-based, local-decision-making go-to-market model, with revenue generated from traditional spread-based interest income on loans, deposit and service fees, transaction-based merchant card processing revenue, and recurring credit card fees. Distribution is hybrid: nine physical branches for high-touch acquisition and servicing, augmented by self-serve mobile and online channels. Leadership has been stable under President & CEO J. Wade Berry (President since 2010, CEO since 2011), and the institution is regulated as an FDIC-insured, Equal Housing Lender under Kentucky law, with USA PATRIOT Act and Gramm-Leach-Bliley compliance frameworks in place.

Name

Farmers Bank & Trust

Legal name

Farmers Bank & Trust Company

Website

https://farmers247.com

Company type

Private

Founded year

1899

Operating status

Operating

Headcount range

101–250 employees

Short description

Farmers Bank & Trust is a community bank founded in 1899 in Marion, Kentucky, operating nine full-service branches across five Western Kentucky counties with over $600 million in total assets. It provides traditional deposit, lending, mortgage, credit card, and merchant services to individuals, small businesses, and farms.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking
• Deposit products
• Commercial lending
• Agricultural loans
• Mortgage lending

Headquarters

HQ city

Marion

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including mortgage loans, personal loans, business loans, agricultural loans, and commercial real estate loans
2. Deposit and Service Fees: Fees from checking accounts, savings accounts, money market accounts, and certificate of deposit accounts; includes service charges and paper statement fees
3. Merchant Card Processing: Revenue from credit and debit card processing services through BancCard partnership for business merchants
4. Credit Card Fees: Annual fees and interest charges on personal and business credit cards including the Preferred Points Rewards card

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Farmers Bank & Trust is a privately held community bank offering a full range of traditional retail and small-business banking products, including checking, savings, money market, and certificate of deposit accounts, plus consumer, mortgage, home equity, commercial, and agricultural loans, personal and business credit cards, and merchant card processing. The bank serves individuals, small businesses, and farms across Western Kentucky through nine full-service branch locations, online banking, and a mobile app, with local decision-making for loan approvals.

Product overview

Farmers Bank & Trust operates as a community bank offering a comprehensive suite of traditional banking products and services to individuals and businesses in Western Kentucky. The company's core offerings span deposit products (checking, savings, money market accounts, and certificates of deposit), lending services (personal, mortgage, home equity, business/commercial, and agricultural loans), credit cards (personal and business), and digital banking platforms (mobile and online banking with bill payment, fund transfers, and account management). Business services include cash management with ACH origination, merchant services for card processing, and Remote Deposit Capture. The bank operates 10 branch locations across Western Kentucky and maintains over $600 million in total assets as of 2023.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking accounts with no minimum balance requirements and access to digital banking services, available in multiple account types to suit different customer lifestyles.
• Business Checking Accounts Business checking accounts including Business Checking (no minimum, no service charge), Business+ Checking with a $2,500 minimum for interest-earning, and Business Analysis accounts with full cash management services for small businesses.
• Personal Savings Accounts Personal savings accounts including Centsible Savings, a round-up program that automatically transfers the difference between debit card purchases and the nearest dollar into a savings account with a 20% introductory match.
• Business Savings Accounts Business savings account with a $500 minimum balance or $5 monthly service charge, and a $1 transaction fee if more than 6 transactions per quarter are processed.
• Personal Money Market Accounts Personal money market account with a $5,000 minimum balance or $10 monthly service charge, offering competitive tiered rates based on balance amounts.
• Business Money Market Accounts Business money market account with a $10,000 minimum balance or $15 monthly service charge, offering tiered rates based on balances of $50,000+, $100,000+, and $250,000+.
• Certificates of Deposit (CDs) Certificates of Deposit with terms from 31 days to 60 months offering competitive interest rates with FDIC insurance coverage; early withdrawal penalties may apply.
• Mortgage Lending Home financing including conventional mortgage loans, VA mortgage loans, FHA mortgage loans, Rural Housing Development loans, construction loans, and home equity lines of credit, with an online mortgage application portal.
• Personal Loans and Lines of Credit Personal lending products including home loans (adjustable and fixed rate), home equity lines of credit, farm real estate loans, farm operating loans, commercial loans, construction loans, automobile loans, installment loans, short-term loans, and letters of credit.
• Business, Commercial, and Agriculture Loans Small business and agriculture lending with local decision-making, including commercial real estate loans, commercial operating loans, farm loans, and business lines of credit.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity that can be used for home renovations, debt consolidation, vacations, and large purchases, with downloadable loan applications.
• Personal Credit Cards Two personal credit card options: a Low Rate card with no annual fee and introductory rates, and a World/Preferred Points Rewards card that earns points redeemable for cash back, travel, gift cards, and merchandise.
• Business Credit Cards Business credit cards including a Standard Card with no annual fee and a Preferred Points Rewards Card with a $49 annual fee that earns points redeemable for cash-back, gift cards, travel, and merchandise.
• Mobile Banking Mobile banking app for iPhones, iPads, and Android devices with mobile deposit capability, plus text-only mobile banking with commands for balance inquiries and transaction history (BAL, BAL ALL, ACT).
• Online Banking Full-service online banking platform providing 24/7 account access, fund transfers between Farmers Bank and other institutions, bill payment (one-time and recurring), debit card management, alerts, and 'My Money Story' tool linking external assets and liabilities.
• Cash Management Services Business cash management services including ACH origination for direct deposit and payment collection, merchant card processing, Positive Pay fraud detection service, and Remote Deposit Capture for business check deposits from the office.
• Merchant Services Merchant card processing services through the BancCard partner, supporting VISA, MasterCard, Discover, American Express, PIN debit, EBT, corporate purchasing cards, fleet cards, Diners Club, JCB, and UnionPay, with EMV/NFC terminals, wireless/PC/software/virtual terminal options, next day funding, and online reporting.
• Visa Debit Card Visa debit card with free ATM access at surcharge-free ATMs, instant issue cards available, card management through the mobile app, and Centsible Savings round-up program integration.
• Safe Deposit Boxes Secure safe deposit boxes available at the Marion Main, Salem, Henderson, Madisonville, Calhoun, Livermore, Central City, Greenville, and Bowling Green offices with dual control access and annual prices ranging from $15 to $60.
• Wire Services Domestic and international wire transfer services, with special instructions and wire fees applying, available at all full-service office locations.
• Coin Counting Self-serve coin counting machine at the Main Office (Marion), Salem Office, and Madisonville Office, free for Farmers Bank customers and a 10% charge for non-customers.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• BancCardcoreChannel Partner/ Reseller/ DistributorBancCard is a merchant services partner providing credit and debit card processing for commercial and retail customers. Partnership offers VISA, MasterCard, Discover, American Express processing, PIN debit, EBT, and EMV/NFC terminals. Also provides next-day funding, electronic check services, gift/promotional cards, and point-of-sale solutions.
• Strategy CorpsminorGTM or Marketing PartnerJoint marketing partner identified in the bank's Privacy Policy. Strategy Corps works with financial institutions on co-marketing of financial products and services.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Independence Bank of Kentucky: Kentucky-headquartered community bank offering comparable deposit products, mortgage lending, business banking, and agricultural loans across multiple KY counties. Closely matched in scale, geography, and community-bank positioning.
• Planters Bank, Inc. Hopkinsville, KY-based community bank of comparable size serving Western Kentucky with similar deposit, lending, and agricultural banking products. Operates in adjacent counties with overlapping customer demographics and product mix.
• Citizens Bank (Kentucky): Kentucky-headquartered community bank of comparable scale providing personal and business banking, including ag-adjacent lending. Direct overlap in community-bank positioning and Kentucky geography.
• PBK Bank: Small Kentucky community bank offering traditional deposit and lending products in rural KY markets. Similar in size, scope, and customer-segment focus as Farmers Bank & Trust.
• South Central Bank of Kentucky: Kentucky community bank with similar full-service offerings (checking, savings, lending, business banking) across rural Kentucky markets. Operates in overlapping geography with comparable customer profile and asset scale.

Broad incumbents

• Central Bank & Trust (Kentucky): Lexington-based Kentucky bank significantly larger than Farmers Bank & Trust, offering similar consumer/business banking products. Provides competitive overlap in the broader Kentucky banking market.
• Community Trust Bancorp: Larger Kentucky-based community banking holding company serving Eastern and Central Kentucky with full-service deposit, lending, and wealth management. Operates with broader geographic footprint and more product breadth, but targets overlapping customer segments.
• Republic Bank & Trust Company: Kentucky-based community/commercial bank with consumer and business banking plus specialized lending (mortgage, equipment finance). Overlaps in KY geography but operates at materially larger scale.
• Stock Yards Bank & Trust: Kentucky-headquartered bank significantly larger than Farmers Bank & Trust, with full-service consumer, business, and wealth offerings. Serves similar customer types but at greater scale and broader geography.
• First Financial Bank: Multi-state regional bank serving similar Midwestern/Southern community-banking markets (OH, KY, IN, IL) with comparable deposit, lending, and ag-banking products. Broader geographic reach but similar community-bank DNA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/farmersbank247
• Facebookfacebook.com/farmers247

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Farmers Bank & Trust