Hoosier Banks Involved in $20M River Ridge Bond
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA handful of small Indiana-based banks has pitched in on a $20 million bond to fund improvements at River Ridge Commerce Center in Jeffersonville. New Albany-based Community Bank Shares of Indiana Inc. (Nasdaq: CBIN) says banks in Corydon, Madison, Charlestown and Seymour are part of the deal that involves rail and sewer upgrades, as well as a heavy haul connector road. June 9, 2014
News Release
NEW ALBANY, Ind. – Your Community Bank is pleased to announce a $20 million bond issue to River Ridge Development Authority, a 6,000-acre business and industrial park located along Highway 62 in Clark County. The bond closing took place on May 23. A team led by Your Community Bank issued the bond and included First Harrison Bank (Corydon, Ind.), River Valley Financial Bank (Madison, Ind.), New Washington State Bank (Charlestown, Ind.) Jackson County Bank (Seymour, Ind.) and Farmers Bank & Capital Trust (Frankfort, Ken.).
“We are thrilled to have played a role in this bond issue and expanding such a vital part of our region's economic development,” said Kevin Cecil, Your Community Bank president and CEO. “While none of the team's entities could issue this loan independently, we joined forces with other area institutions to help make this happen for River Ridge.”
River Ridge Development Authority plans to use the funds for a variety of road improvements that include Trey Street, River Ridge Parkway, Salem Road, and a heavy haul road needed to connect Highway 62 to a planned East End Bridge interchange immediately adjacent to the development. Completion of the heavy haul road will require $6 million of the total bond amount. Other improvement projects will include rail improvements and sanitary sewer extensions.
“We have excellent working relationships with other community banks throughout the area, and we knew this was an excellent chance to support the growth of what has become an economic powerhouse for Indiana,” said Michael K. Bauer, chief credit officer at Community Bank Shares of Indiana Inc. “Our collaborators at the five other lending institutions were vital to the success of this effort and we are honored to be a part of these improvements at River Ridge.”
These mission-critical infrastructure projects will set the stage for the future growth of River Ridge Commerce Center. The complex is currently home to more than 40 companies employing nearly 6,000 people. The entire development has made an economic impact of more than $1 billion for surrounding communities. Recent new investments to the park include American Fuji Seal, The Standard Register Company, Catamaran Rx, and Autoneum.
“This bond issue, along with the pending completion of the East End Crossing of the Ohio River Bridges Project, will position us even more strongly to serve the needs of our current and future clients,” said Paul Wheatley, director of marketing and finance for River Ridge. “We look forward to getting started.”
About Community Bank Shares, Inc.
Community Bank Shares of Indiana, Inc. was formed in 1991 and made its initial public offering in 1995 under the NASDAQ symbol CBIN. Today, Community Bank Shares of Indiana, Inc. is Southeastern Indiana's largest locally owned and headquartered bank holding company and includes Your Community Bank and The Scott County State Bank. The mission statement of Community Bank Shares of Indiana reflects its purpose: “Achieving financial goals through exceptional people and exceptional service.” Community Bank Shares of Indiana strives to help shareholders, customers, employees, and our communities achieve their respective financial goals by empowering talented individuals to provide a level of unmatched customer service. To learn more about us, please visit www.yourcommunitybank.com and www.scottcountystatebank.com.
About River Ridge Commerce Center:
The River Ridge Development Authority owns and manages the River Ridge Commerce Center, located on approximately 6,000 acres along the Ohio River in Clark County, Indiana. The River Ridge Development Authority was created by the Commissioners of Clark County on February 17, 1998 for the purpose of redeveloping the former Indiana Army Ammunition Plant. It is the mission of the River Ridge Development Authority as mandated by Indiana statutes to plan, rehabilitate, redevelop, and prepare the former Indiana Army Ammunition Plant for private enterprise and development for the benefit of the economy, property values, public health, safety, morals and welfare. For more information, please visit www.riverridgecc.com.
Source: Community Bank Shares of Indiana Inc.