IN THIS ISSUE
BusinessLexington SEPTEMBER 2021 | VOL. 17 ISSUE 9
BizLexQ&A
Worldly Collection Supports Global Artisans: Wholesale and retail, Lucia’s Imports and Lucia’s World Emporium are fair trade all the way PAGE 6
Fielding Rogers As Ale-8-One celebrates its 95th anniversary, the company’s leader is focused on the future
CraveWorthy: Champion ice carver Matthew Stoddart is a chip off the old block PAGE 8
PAGE 17
PHOTO FURNISHED
BizLists SBA Lenders
PAGE 13
| Commercial Lenders
PAGE 14
| Family Law Firms
After nearly a year of primarily processing PPP loans, local bankers say upticks in other areas reflect renewed economic confidence PAGE 12
PAGE 16
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John Backer, CFO, Pin Oak Stud Ashley Backer, Community Volunteer and BGCF Fundholder
PARTNERING WITH BGCF IS A SURE BET. Ashley and John Backer partner with the Community Foundation to support their family giving, and Pin Oak Stud turns to BGCF to organize its corporate philanthropy. We’re here to help with your equine, corporate or family giving. Join Ashley and John, and establish your charitable fund at the Community Foundation today.
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499 East High Street • Suite 112 • Lexington, KY 40507 / 859.225.3343
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SEPTEMBER 2021
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BusinessLexington Chuck Creacy PUBLISHER
chuck@bizlex.com Chris Eddie PUBLISHER
chris@bizlex.com Tom Wilmes EDITOR
tomw@bizlex.com Drew Purcell ART DIRECTOR
drew@bizlex.com Rena Baer COPY EDITOR
Sharon Metz BIZLISTS EDITOR
sharon.metz66@gmail.com
CONTENTS
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The comforts of home ... and then some: Economics, changing expectations and convenience fuel investments in upscale student housing
PVAStatistics
The latest statistics on local commercial and residential properties PAGE 4
EconomicAnalysis
A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky
PAGE 10
PAGE 5
GrammarGourmet
Sports verbiage: Know your present, past and present perfect tenses PAGE 5
Donna Hodsdon ASSOCIATE PUBLISHER
donna@bizlex.com Theresa Stanley DIRECTOR OF EVENTS AND PROMOTIONS
theresa@smileypete.com ACCOUNT EXECUTIVES
Amy Eddie
amy@bizlex.com Ann Staton
ann@bizlex.com
IndependentBusiness
Worldly collection supports global artisans: Wholesale and retail, Lucia’s Imports and Lucia’s World Emporium are fair trade all the way PAGE 6
BizIQ
Foundations Human Resources consultant Cathy Mills on finding and keeping employees PAGE 7
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Champion ice carver Matthew Stoddart is a chip off the old block PAGE 8
BizList
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CraveWorthy
P.O. Box 22731 Lexington, KY 40522 P: (859) 266-6537 F: (859) 255-0672 www.smileypete.com
SBA Lenders PAGE 13 Commercial Lenders PAGE 14 Family Law Firms PAGE 16
Who’sWho
Employment updates from around the Bluegrass PAGE 18
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PHOTO FURNISHED
‘Cautious optimism’ pervades lending trends: After nearly a year of primarily processing PPP loans, local bankers say upticks in other areas reflect renewed economic confidence PAGE 12
Q&A with Fielding Rogers: As Ale-8-One celebrates its 95th anniversary, the company’s leader is focused on the future PAGE 17
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PVAStatistics These statistics on local residential and commercial property are compiled by the office of the Fayette County Property Valuation Administrator. The data reflect the most up-todate information available at the time of printing for this publication, but monthly figures may be revised as additional public records of property transactions are submitted and become available.
Top Commercial Transactions for July 2021
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859.309.5305 tim@keystonemortgagecorp.com 333 W. Vine Street, Ste. 300 • Lexington, KY 40507
SALE DATE
ADDRESS
PRICE
ENTITY
7/2/21
135-143 E. Maxwell St.
$13,653,000
KAGR Lexington 135 Medical Prop LLC
7/7/21
1376 Silver Springs Drive
$9,994,896
Oakbrook Properties LLC
7/13/21
865 E. High St.
$3,625,000*
URP High Chase 21 LLC
7/13/21
867 E. High St.
7/13/21
861 E. High St.
7/6/21
1056 Wellington Way
$2,995,000
Michel Real Estate Group LLC
7/1/21
2086 Buck Lane
$2,700,000
GAB LLC
7/23/21
527 Angliana Ave.
$2,310,000**
Primestorage Lexington LLC
7/29/21
5365 Athens Boonesboro Road
$1,778,000
Lextuck LLC
7/14/21
859 E. High St.
$1,250,000
URP 859 Chase 21 LLC
7/16/21
1981 Cambridge Drive
$1,100,000*
Trower Properties LLC
7/16/21
2005 Cambridge Drive
7/16/21
1969 Cambridge Drive
7/16/21
1977 Cambridge Drive
7/16/21
1973 Cambridge Drive
7/9/21
1050 Monarch St., Ste. 302
$1,090,000*
Spring Sun LLC
7/9/21
1050 Monarch St., Ste. 301
7/9/21
1050 Monarch St., Ste. 300
7/1/21
253-255 N. Broadway
$900,000
Hale Ohia LLC
7/16/21
2163 Cypress Drive
$875,000*
Cypress Homes LLC
7/16/21
2169 Cypress Drive
7/15/21
2216 Young Drive
$790,500
Idle Hour Office Holdings LLC
7/16/21
1118 Winchester Road
$600,000
Abu Anniston Drive LLC
7/26/21
342 Aylesford Place
$410,000
Glock Nicholasville LLC
7/16/21
365-371 Southland Drive
$380,000
Evolution Properties LLC
7/2/21
305 Poage Court
$350,000
Double Properties LLC
7/23/21
1524 Parkers Mill Road
$335,000
Rusty Truck Investments LLC
7/16/21
1917 Oxford Circle
$312,000
College and Maddox Holdings LLC
7/30/21
464 N. Martin Luther King Blvd.
$300,000
TMH Construction LLC
* Sale price based on a multiple-parcel transaction ** Parcel includes multiple improvement
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Residential Sales Data for July 2021 The chart below shows the monthly residential sales activity in Fayette County for the previous 24 months. The data for the most recent month reflect a projected estimate from the office of the Fayette County Property Valuation Administrator and are subject to change. 2021 RESIDENTIAL SALES
2020 RESIDENTIAL SALES
2019 RESIDENTIAL SALES
800 700 600 500 400 300 200 100
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
7%
2%
1%
33%
16%
15%
-7%
4%
15%
23%
15%
20%
MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR
1022 Nandino Boulevard • Lexington, KY 40511 • 859.721.1832
www.speedpro.coom
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For more local residential and commercial real estate information, visit the website of the Fayette County Property Valuation Administrator at www.fayettepva.com.
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EconomicAnalysis A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky. For more on CBER, visit www.cber.uky.edu.
Recent Data August 2021
1-Month 1-Year Change Change
Payroll emp. MSA**** Manufacturing Employment Durable Goods (KY) **** Manufacturing: Lexington-Fayette MSA Total Employees**** Unemployment Rate MSA****
266,100 June 154,600 June
-0.19% -0.64%
3.46% 3.69%
28,332 June 3.90% June
-0.56% 0.10%
1.82% -0.90%
Payroll Employment, US Manufacturing Payroll Employment US Unemployment Rate, US
146,821,000 July 12,366,000 July 5.40% July
0.65% 0.22% -0.50%
5.20% 2.73% -5.10%
Consumer Price Index, Southern Region Consumer Price Index, US Producer Price Index, US
263.013 July 273.003 July 221.0 July
0.50% 0.70% 0.59%
5.80% 3.40% 9.03%
Index of Leading Indicators** Fed’s Index of Industrial Production**
116.0 July 101.1 July
0.90% 0.90%
NA 0.90%
3-Month Treasury Yield*** 10-Year Treasury Yield***
0.07% Aug. 18 1.27% Aug. 18
0.02% 0.08%
-0.02% 0.60%
Real GDP (millions $)
2nd Qtr. 2021 (Adv. Est.) $22,720,000.00
1-Month 1-Year Change Change 5.37% 3.04%
MSA: Lexington-Fayette Metropolitan Statistical Area; (p)=preliminary; NA=not available * Source: http://www.conference-board.org ** Source: Federal Reserve Statistical Release — http://www.federalreserve.gov/releases/G17/ *** Source: Federal Reserve Statistical Release — http://www.federalreserve.gov/Releases/H15/data.htm **** Source: St. Louis Federal Reserve — https://research.stlouisfed.org/fred2/ Note: In some cases 1 mo. and 1 yr. changes are based on revised data from previous mo./yr. GDP is reported in current dollars.
GrammarGourmet
By Neil Chethik
Sports Verbiage The recent Summer Olympics were a joy for those who love to watch elite athletes in competition. For those who love grammar, however, watching the Tokyo games was a constant cringe. Not because there were so many athletes from around the world who struggled with English — that was expected. But because the American announcers didn’t know the difference between present, past and present perfect — between swim, swam and swum. Can you imagine? Fortunately, with the Winter Olympics still a few months away — in Beijing next February — the broadcasters have time to learn about irregular verbs and their past participles before they’re back on the air. I’ll try to help. As we all know, there are regular verbs and irregular verbs. The regular ones — walk, for example — are easy to transform into past tense and present perfect tense. For past tense, take the present tense and add an – ed. For present perfect tense, use that –ed word, preceded by has or have. Present tense: I walk. Past: I walked. Present perfect: I have walked. Unfortunately, many Olympics-related verbs are not regular. Run. Swim. Throw. Break. Each of these has unique past and present perfect tenses. Our announcers didn’t seem to know that. “She has ran that distance much faster,” one declared. “They have swam their hearts out,” cooed another.
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IMAGE FURNISHED
As a primer for them, here is how to use these verbs in present, past and present perfect tenses. She runs. She ran. She has run. They swim. They swam. They have swum. I throw. I threw. I have thrown. He breaks. He broke. He has broken. Like athletes, it’s important for broadcasters to learn from their mistakes by the time the next games come around. They need to ask themselves now: Can I use luge as a verb? What’s the past tense of bobsleigh? And does a skeleton rider lay or lie on their sled? BL Neil Chethik, aka the Grammar Gourmet, is executive director at the Carnegie Center for Literacy and Learning (www.carnegieliteracy.org) and author of “FatherLoss” and “VoiceMale.” The Carnegie Center offers writing classes and seminars for businesses and individuals. Contact Neil at neil@carnegieliteracy.org or (859) 254-4175.
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IndependentBusiness Teresa Hendricks, right, owner of Lucia’s Imports and Lucia’s World Emporium, helps a customer with jewelry. Hendricks founded the free-trade store, named after her daughter, after returning to Lexington from Guatemala, where she lived for nearly two decades. PHOTO FURNISHED
Worldly Collection Supports Local Artisans Wholesale and retail, Lucia’s Imports and Lucia’s World Emporium are fair trade all the way BY KATHIE STAMPS CONTRIBUTING WRITER
B
orn and raised in Lexington, Teresa Hendricks studied international business and economics at the University of Kentucky’s Patterson School of Diplomacy. She went to Guatemala for a summer to learn Spanish and ended up spending 18 years there, owning three retail stores. In 2005 she came back to Lexington with a husband, Eduardo Del Pinal, and a daughter named Lucia, after her grandmother Lucy. Within a year, Hendricks had opened Lucia’s Imports, a wholesale business selling wares from Guatemalan artists and makers. In 2007 she and Del Pinal also started a retail store, Lucia’s World Emporium. Both businesses operated out of a building on East High Street in the Woodland Triangle until 2014, when they moved to the Warehouse Block of North Ashland Avenue. Lucia’s Imports and Lucia’s World Emporium are verified fair trade wholesale and retail companies. “As members of the
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Fair Trade Federation, we are committed to the principles of fair trade in all our business practices,” Hendricks said. “As wholesalers we work directly with artisans in Guatemala to create a market for their handicrafts.” From her time living and working in Central America, Hendricks “developed relationships with many of the artisans we still work with today,” she said. “For our retail store we are committed to only sourcing products from other Fair Trade Federation members.” Prior to COVID, she visited artisans in Guatemala twice a year, a tradition she hopes to get back to soon. Fair trade organizations abide by the principles of fair trade, which include fostering opportunities with marginalized producers, creating long-term trading relationships, paying a fair price and doing so promptly, ensuring that no child is exploited for labor, and practicing nondiscrimination and gender equality; as well as respecting cultural identity, providing safe working conditions, cultivating environmental stewardship, and operating as a democratic and transparent organization.
“My personal interpretation is working directly with artisans, paying them a fair wage and creating opportunities for them to create a better life for themselves and their children,” Hendricks said. In 2018, one of her wholesale customers in Michigan was retiring and wanted to know if anyone was interested in the store’s lease. Hendricks was, and she opened a second Lucia’s World Emporium retail store in Saugatuck, Michigan. Between both cities, she employs 10 people full-time, along with three part-time employees. In both retail stores, Hendricks buys products from other members of the Fair Trade Federation to sell, creating a marketplace for unique gifts, jewelry, clothing and home décor from around the world. Her title? Manager and “chief goddess,” as she refers to herself. Most of her wholesale business, about 98 percent, is conducted online, she said, with customers located across the country. Retail customers in Lexington are mostly local, with occasional out-of-towners. The opposite is true in Saugatuck, which is a tourist town. The pandemic was a scary time in the beginning, Hendricks said. “We began by revamping our retail website and adding many more products, and using Facebook Live and
newsletters [to advertise] curbside pickup,” she said. “Our local customers really showed us love and support.” In the wholesale business, she asked the artisans who produced purses and coin bags if they could make masks. “The samples were beautiful, and a new business began in our wholesale business. We ended up making many unique designs that were handembroidered or used traditional Guatemalan designs. This provided relief to our artisans. At some points, they were working way more than they ever had.” There were transportation problems when Guatemala was in lockdown, and then as new waves of COVID have begun to hit other developing nations. Hendricks’ suppliers in India and Nepal are having trouble getting product made or shipped. “Even when they get products shipped, I am hearing of delays at the port of entry in the U.S.,” she said. “We are committed to our vendors and artisans and have just had to learn to wait for some of our bestsellers.” While her Lexington customers show patience, she says the local shopping movement represents just a small percentage of residents. “It would be wonderful if more people knew about us and supported the local businesses,” she said. “There is not a lot of foot traffic in the Warehouse Block, but we work together to keep the neighborhood as a great place to spend the day visiting the local shops and eateries.” And, daily, she loves what she does, helping worldwide artisans and their families rise out of poverty. “I love creating collections of unique products for the world to enjoy.” BL
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THINK LOCAL. GROW LOCAL. BANK LOCAL.
A MONTHLY COLUMN OF BUSINESS INSIGHTS FROM CENTRAL KENTUCKY PROFESSIONALS
What’s Happening? I Can’t Find People to Operate My Business
The strategies are different, and finding and keeping employees is no longer about what we need from them. Our focus must pivot to look at what employees need from us. Other practical steps to tackle the staffing problem include the following: • Applicant pools: Broaden your pool to include minority and marginalized groups and/or those who are differently abled. Teens and retirees are also increasingly viable applicant pools. • Sourcing methods: Today’s techsavvy applicants are searching the web, looking at multiple sites and job boards. Identify your target pools, then adjust your methods accordingly. • Recruiting: Are your materials up to date? Have you included information about how your organization can meet the needs of today’s employee? Do you use multiple recruiting methods, such as direct hire, in-house and third-party recruiters for different positions? Are your recruiting efforts targeted to the people and skill sets that your business must have to thrive? Always emphasize your organization’s competitive differentiators. This is unchartered territory for most of us. Consider today’s challenging climate as a great opportunity to be the place where people want to work today and into the future. BL
T H E
12 Lexington Locations 859-253-6222 centralbank.com
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CENTRAL TO YOU.
M U N I T Y
C
O
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Foundations HR Consulting will host a one-hour webinar at 10 a.m. September 22 to outline the Kentucky Chamber of Commerce Talent Pipeline Management (TPM) Program. The TPM Program is free to participating employers and involves specialists working directly with you to identify and close hiring gaps in your staffing process. Contact Allison Catron at (859) 286-1105 to register.
Choosing a banking partner for your business has never been more important. At Central Bank, we’re right here – with local, personalized service and real solutions to help with your particular situation. We’ve been helping businesses for 75 years. Let us know how we can help yours now.
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oes finding and keeping enough talent to effectively operate your businesss keep you awake at night? You are not alone. Many employers were dealing with this problem pre-pandemic. Now, the situation is even worse. Prospective employees may be afraid, anxious and stressed, not only because of pandemic-related concerns but also due to the societal and environmenMILLS tal issues affecting us. The world of work is not immune to these factors. The pandemic significantly accelerated changes that were already underway. Even so, many of us have doubled down on the same applicant pools and methods to recruit and hire that served us well in the past but aren’t now. The strategies are different, and finding and keeping employees is no longer about what we need from them. Our focus must pivot to look at what employees need from us. What employees desire from their work place is evolving and is driving the challenge to attract and retain talent. Consider whether your organization is doing enough internally and externally to meet employee needs: • Stability: People want to feel a sense of stability from employers. This could translate to a wage and benefits package that helps employees feel secure and meets both their financial and emotional needs. The market is moving; stay abreast of what other employers are offering and recognize the employees who are staying with you. • Flexibility: People are pulled in many directions today. What flexibility do you offer for childcare or eldercare? Were you working remotely during the pandemic, but now insist employees be on-site? Do your policies help employees meet their life balance goals? • Safety and security: Prospective employees may be anxious about going to in-person jobs. Are up-to-date safety protocols in place at your workplace? Are they maintained, enforced and frequently communicated? Do you provide a safe and secure working environment? • Communications: Employees want information. Frequent and thorough communications go a long way in helping people feel less anxious and more confident, trusting and optimistic. Evaluate your programs and supplement them to include multiple modes of communication and opportunites for feedback. • Well-being: Employees’ whole health must be given necessary attention. Employers should strive to provide resources to support the psychological and physical needs of employees and their families. • Cohesion: Society is increasingly diverse, and there are large gaps between different groups. We must understand this reality and act to make our culture, programs and policies align to promote a sense of belonging, teamwork and inclusion.
• On-boarding and training: These programs allow you to tap into employee needs for belonging and achievement at work even before their first day. Multiple touchpoints with new hires during the hiring and on-boarding process is powerful. Share the great things about your organization, your mission and purpose, opportunities for growth, and the contributions your company and employees make to society. • Reflection: Map out your hiring processes to identify areas where adjustments are needed. Make necessary changes and keep trying new options to accomplish your goals.
S E R V
SENIOR CONSULTANT, FOUNDATIONS HUMAN RESOURCES CONSULTING
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BY CATHY MILLS
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BizIQ
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CraveWorthy Champion Ice Carver is a Chip Off the Old Block BY SHANNON CLINTON CONTRIBUTING WRITER
F
rom sculpting frozen punch bowls and drink luges to an entire ice bar and towering, award-winning, record-breaking sculptures, Lexington’s Matthew Stoddart has no problem putting his career ambitions on ice. Stoddart, 24, is lead ice artist for Lexington Ice Sculptures, a sister company of Seasons Caterings and Special Occasions on North Ashland Avenue. His parents, Kellie and Michael Stoddart, founded the catering company in the mid-1990s, eventually adding the ice-carving business. Matthew Stoddart won his first ice carving award at age 13. His father, who was 2012 Professional Ice Carving Champion of the National Ice Carving Association, helped train him. Since then, father and son have traveled to competitions together as a team and as solo competitors. The ice carving competition season runs from late December through mid-March, and Stoddart travels often to New York, Michigan, Ohio, Alaska and Canada to pit his skills against the industry’s best. He’s won more than 50 awards to date, and his father, about 75. In one competition, the student surpassed the master when Matthew’s carving of a wasp bested his father’s grasshopper carving. “I didn’t care about anyone else in the competition but my dad — his No. 1 single block design versus mine,” he said. “And I beat him by .8 of a point and got first. He was proud!” Matthew also hones his skills during four-day ice sculpting boot camps and at competitions, meeting and working with the industry’s best sculptors. To make the ice carvings crystal clear, water is first treated with UV light as well as micron and reverse-osmosis filtration. The water is frozen from the bottom up in tanks as a circulation pump agitates the water. It can take days to make two 40-by-20-by-10inch blocks of ice for sculpting, with each block weighing 300 pounds. Some projects require much more. The optimum temperatures for carving are between 15 to 18 degrees Fahrenheit, Stoddart said. An even-colder freezer at their Lexington facility houses finished projects and stores ice blocks. Tools of the trade can include a band saw to flatten ice, syringes and water bottles to freeze ice together, a specially modified highspeed chainsaw for larger cuts, chisels and custom ice-grinding bits, a propane torch and variety of other hand tools. Lighting enhances the finished pieces, and photos, colored sand and glitter can also be suspended in the ice to create an intended effect. It takes a minimum of six to 10 hours to design, sculpt and finish a project, depending on its complexity, and many often take days to complete, Stoddart said. Delivery and onsite installation can be arranged anywhere throughout Kentucky and beyond. The cost varies depending on size and complexity.
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Finished pieces must be handled with great care. Because they’re so heavy, they’re typically cut into manageable pieces then wrapped with layers of foam, shrink wrap and blankets for transport in a refrigerated van, with final assembly performed onsite. Accidents do happen, he said, but repairs can be made, and he takes them all in stride as learning experiences. Stoddart said he loves sharing his passion of ice sculpting with others. “I’m always open to sharing my knowledge,” he said. One mammoth team project Stoddart was a part of during the 2016 World Ice Art Championships in Fairbanks, Alaska, was titled “Cool Beans,” an ice carving that depicted the story of Jack and the Beanstalk. At 32 feet, it was the tallest ice sculpture in Alaskan history. He and other carvers worked on the project in full harness gear and helmets for more than six days. Jon Price is an apprentice ice carver with Atlanta-based Ice Sculpture Inc. He’s known and worked on sculptures with Stoddart for about four years. “Me and him are tight — we’re ice carving buddies,” Price said. “Matt, for his age, he’s beyond his skill level; beyond years. He has a cool style. I like how crisp his work is. He’s very knowledgeable.” Price said Stoddart and his father, Michael, are known nationwide for their icecarving chops. “He stands out across the U.S. Everybody knows Matt Stoddart. He’s been on some big jobs. He’s been around for a long time.” Stoddart said ice carvers he grew up admiring now ask him to work on projects with them. His talents have led to opportunities to travel and help create ice sculptures for photo shoots, movies and television productions, though nondisclosure agreements prevent him from elaborating. He travels to cities hosting ice festivals to create sculptures and conduct demonstrations, and has worked on the famed minus5 ICEBAR in Las Vegas. In 2019, Stoddart was contacted by YouTube star ZHC to, over five days, recreate in 10,000 pounds of ice a fictional character ZHC had created. Afterward they destroyed it with great fanfare — and a flaming torch. The video has been viewed more than 18 million times. “I got a few thousand followers from him … but there wasn’t a whole lot of business from it,” Stoddart said. Stoddart uses his skills in other ways for the catering business, carving elaborate designs into fruit and cheeses, and for prolevel pumpkin carving for fall displays. But eventually he hopes to do ice carving full time. While some might not understand taking such pains to create something so temporary, with a lifespan of as little as four-to-eight hours, Stoddart sees it differently. He loves watching people touch the sculptures as their faces light up and they exclaim, “Wow!” while taking photos of his work. “That’s kind of why I do what I do,” he said. “That reaction makes it for me. … Those memories are going to last a lifetime.” BL
Top: Matthew Stoddart, right, lead ice artist for Lexington Ice Sculptures, has competed in ice-carving competitions across the country. Left: Depending on intricacy and size, Stoddart’s ice sculptures take at least a day and often longer to complete. PHOTOS FURNISHED
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PHOTO FURNISHED
Menus at the newly rebranded Magee’s Baking Co. include many customer favorites, as well as new items for breakfast and lunch.
Local dining options open at UK, new menus and tweaks at Magee’s, and more restaurant news to use BY SHANNON CLINTON CONTRIBUTING WRITER
A
s students return for a new school year at the University of Kentucky, hungry Wildcats are finding new food and beverage options on campus. Christian Wallace, marketing manager for Aramark, UK’s food service partner, recently detailed some of the newcomers. “One of the changes I am most excited for is that we are bringing Great Bagel to campus,” he said. “Great Bagel will be replacing Brioche Doree in the Gatton College of Business and Economics. Other changes consist of switching some of the stations in Fresh Food Company and Champions Kitchen. Nathan’s Taqueria, which was a food truck outside of Willy T, will now have a station in Fresh Food Company. Zen Sushi will also be operating one of the stations in FFC, and they are calling it Zen Wok. Zen will be serving Asian stir fry dishes and more.” Wallace also noted that Champions Kitchen has launched a new station called Local Restaurant Row that will feature a local Lexington restaurant every week. Also, near and on campus, Bad Ass Coffee of Hawaii is now open on the first floor of Hub Lexington Limestone at 685 S. Limestone. According to Melody Flowers, UK’s executive director for strategic analysis and policy, Selma’s Kitchen and Miyako Poke Bowl have also opened at The Cornerstone, an innovation and mixed-use space. In other local food and beverage industry news: Lexington fixture Magee’s Bakery on Main Street has rebranded as Magee’s Baking Co. Romesh Sinclair, marketing director with Sinclair Group LLC, detailed the rationale behind the rebranding saying that, as the bakery industry has evolved, the company is changing with the times while preserving artisanal baking traditions with its housemade biscuits, New York-style hand rolled, boiled bagels, an 81-layer hand-rolled croissant that takes two days to complete, and scratch-made doughnuts, pies and breads.
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“Magee’s Baking Co. is excited to offer a new website that showcases our new breakfast additions, a new lunch menu and a rewards program,” he said, adding that a monthly newsletter will spotlight these and other new menu items as they’re added. Sinclair said the official launch of the baking company and related festivities will be held during the fall Thoroughbred racing season and teased that new locations may also be on the horizon. According to Lex18’s website, ChickFil-A is constructing a new location at the intersection of New Circle and Russell Cave roads that should be completed by October. And winner, winner more chicken dinners — Lee’s Famous Recipe has opened at 3014 Richmond Road, according to its Facebook page. The Creole Café is now open at 833 Georgetown St., Ste 110. The restaurant’s menu has a variety of seafood alfredo pastas, po’ boys, lobster rolls, lobster melts, Creole Cajun boil varieties and more. The folks at Elixir Downtown are partnering with Bazaar Eatery’s culinary minds for a new menu that launched in midAugust, according to an announcement from Bazaar Eatery. There’s a weekend brunch menu and a late-night menu that includes nachos, wings and a Shogun teriyaki chicken taco. Bazaar Eatery was formerly located at Ethereal Public House but in May announced its departure. With the slogan, “Come Eat, Come Drink, Come Mingle,” a new speakeasy-style bar called Pour Decisions has opened at 233 E. Main St. According to DeLuca’s Pizza proprietor and Hot Springs, Arkansas, resident Anthony Valinoti’s Facebook page, he and Thoroughbred horse racing announcer Frank Mirahmadi are opening a pizza restaurant called Frankie DeLuca’s at 508 Lexington Road, Versailles. The restaurant is expected to open this fall. BL Have a food- or beverage-related update to share? Please email info@smileypete.com.
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The Comforts of Home … and Then Some Economics, changing expectations and convenience fuel investments in upscale student housing BY TANZI MERRITT CONTRIBUTING WRITER
H
ousing on and around the University of Kentucky’s campus has changed greatly in recent years. Though many alumni fondly remember living in dorms and campus apartments constructed during the 1950s and 1960s — where students shared bedrooms outfitted with twin beds, and those living in the most-luxurious accommodations negotiated use of the bathroom with a few suitemates instead of an entire hall or floor of other students — many students today have a college experience surrounded by all the comforts of home and then some in both oncampus and off-campus housing. Following a national trend, a new type of student housing has sprung up in apartment complexes like The Lex and Hub Lexington. These luxury quarters are often fully furnished, complete with flat-screen TVs with cable, full kitchens with granite countertops, and in-unit washers and dryers, plus Wi-Fi
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at no additional cost. Shared spaces include fitness centers and yoga studios, pools and hot tubs, and co-working spaces and study lounges equipped with computers and printers. Student-centric amenities However, unlike traditional off-campus apartments, these housing options are specifically tailored to the needs of college students. “Although the apartments can house multiple people, we rent by the bedroom,” said Jason L. White, senior vice president of William Fideli Investments, the real estate investment firm that owns and operates The Lex. “That helps students because they are not responsible for more than just their rent. If a roommate moves out or doesn’t pay, the other residents aren’t responsible for that.” Apartments can be rented fully furnished and roommate matching is offered. Each bedroom has its own attached bathroom, as well as an individual lock, providing an extra level of security for each resident’s possessions. Another way in which The Lex and other
PHOTOS FURNISHED
Designed with students in mind, The Lex includes a comfortable lobby area with tables and games, top, and a well-equipped workout studio, above.
developments like it cater specifically to students is by organizing social events for the residential community, as well as providing career development opportunities. For example, The Hub Lexington partners with career centers to provide employment opportunities, skill-building and networking events, and even offers residents professional headshot sessions. “We believe in the on-campus housing
experience for students, but at many schools there isn’t enough on-campus housing for every student,” White said of the gap that these developments were created to fill. “The result has been a lot of substandard housing available near campuses at a high cost, because they are convenient. There is a need for housing designed for students who either want or have to live off-campus that is geared to their specific needs.”
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Changing expectations for on-campus housing Spurred by this new competition and preferences in student housing, universities are making on-campus housing more attractive. Many are partnerning with private development companies to renovate or build new housing that’s comparable with these new offcampus apartments in comfort and amenities. The University of Kentucky is no exception. “In 2012, the university embarked upon a historic partnership with Greystar to construct state-of-the-art student housing facilities on campus,” James Frazier, associate vice president for administration, and Penny Cox, treasurer and former implementation lead for housing transformation at UK, said in a joint statement. “Within a five-year period, in partnership with Greystar, UK built 14 new state-of-the-art residence halls [with] 6,580 beds, becoming a national model for a thriving, public residential research university.” These new options have moved far away from the dorms of yesterday. With suite-style living the norm, students living on campus are required to share their bathrooms and living spaces with only a few others. “UK completed a survey of students in 2012, in which more than 90 percent of students indicated they had never shared a room prior to coming to campus,” Frazier and Cox said. “Expectations have changed over time. Now, students expect more privacy, better access to technology and more upscale living experiences overall. “For many students, coming to UK is the first time they are living on their own,” they said. “Living on campus allows them to build strong communities, establish lifelong connections and access critical services and resources UK’s campus offers, such as the Wil-
liam T. Young Library, Gatton Student Center, Johnson Recreation Center and several dining halls across campus. Living on campus makes it convenient for students to get to class, underscoring the fact the students living in on-campus housing tend to have higher GPAs. “Students living on campus also benefit from many campus-safety measures and other support services, such as having a resident advisor and the opportunity to participate in a Living Learning Program,” they said. Cost comparisons Whether it costs more to live in a luxury off-campus condo is often a question posed in relation to these high-end developments. “We do try to keep the rents comparable to campus housing options,” White said. “And, for some, it’s even more affordable to live in one of our properties, because, with a full kitchen, food can be less expensive than a campus meal plan.” In Lexington, a comparison of on-campus housing costs to rents at these student-focused developments proves to be comparable. For example, rent for one bedroom and bathroom within a four-bedroom unit at The Lex starts at $614 per month, while a comparable unit at The Hub Lex starts at $745 per month. Costs per bedroom increase based on the number of bedrooms in a unit, with the one-bedroom and studio units — which offer the most privacy — costing in the $900 to $1,200 range. Alternatively, on-campus housing at UK starts at $3,979 per semester for a four-person suite and reaches $5,417 per semester for a two-bedroom apartment, averaging approximately $1,000 to $1,300 per month of residency. While the campus apartments have full kitchens, most on-campus housing units are
11
The Hub Lexington is designed for students inside and out, with a rooftop pool, resort-style sundeck, hot tub and lounge with BBQ area. PHOTO FURNISHED
equipped with a small kitchenette or nothing at all, and students are required to purchase a dining plan, which range from $1,630 to $2,200 per semester. The least expensive housing in combination with the least expensive meal plan will cost a student $5,609 per semester. Living a short walk from both classrooms and campus amenities and the added convenience of having prepared meals available makes this an attractive choice for many students. Ongoing improvements Lexington-based Anderson & Rodgers Construction are currently completing a large remodeling effort in several apartments and outdoor spaces at The Lex. “The owners are investing a lot in making the development even more attractive,” said company owner and president Teddy Rodgers. “They’re putting in granite countertops, new faucets, and new light fixtures in the kitchens. They are
also redoing the clubhouse to have a nicer hang-out area and a better student study area with technology.” White adds, “We’re improving the outdoor spaces as well, adding items like hammocks, fire pits, and things that make the outdoor areas more inviting and comfortable.” At UK, officials are also continually striving the improve students’ on-campus experience. Said Frazier and Cox: “We’ve created state-of-the-art living and learning spaces that give our students opportunities for connection and engagement, such as our Gatton Student Center, The 90, Jacobs Science Building and new eSports gaming lounge at The Cornerstone. This fall, we are planning for a more robust residential experience, even as we will continue to be guided by the latest science and recommendations from our START team and the [Centers for Disease Control and Prevention].” BL
empowering Kentucky businesses, now more than ever. Our support of Kentucky’s economic recovery goes beyond providing safe, reliable, affordable energy. We’re opening doors for new opportunities in a variety of ways, including identifying sites to bring new business to our state and providing grants to communities for expansion. We’ve also contributed $7 million to our communities, including COVID-19 relief efforts, to help our economy recover. Visit lge-ku.com/economic-development to learn more.
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IMAGE FURNISHED
‘Cautious Optimism’ Pervades Lending Trends After nearly a year of primarily processing PPP loans, local bankers say upticks in other areas reflect renewed economic confidence
BY LIZ CAREY CONTRIBUTING WRITER
I
n the aftermath of last year’s economic turmoil caused by the COVID-19 pandemic, bankers say businesses are on their way to getting back to some semblance of normal. Locally, banks are working with their customers to follow up on forgivable federal loans and to help them find lower interest rates, Central Kentucky bankers said. Last year, the bulk of lending activity involved bankers helping customers apply for federal Paycheck Protection Program (PPP) loans — Small Business Administration (SBA)-backed loans that were forgivable provided they were used to keep employees on the payroll. Loans could be used to fund payroll costs, to pay for mortgage interest, rent, utilities, worker protections like personal protective equipment, uninsured property damage costs caused by looting or vandalism, and certain supplier costs and expenses for operations. Lenders qualified for full loan forgiveness if they maintained employee and compensation levels, if their loan proceeds were spent on eligible expenses and if at least 60 percent of the loan was spent on payroll costs, according to the SBA. While 2020 saw bankers assisting their
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customers to get PPP loans, now bankers are working with customers to get those same loans forgiven. “The second round of SBA PPP loans was very active, primarily in the first quarter of 2021 when we deployed about half of the volume and 40 percent of the dollars into the community,” said Todd Ziegler, Central Kentucky market president with Republic Bank. “We continue to work with businesses through the forgiveness process for both rounds of ZIELGER PPP loans. Now well into the forgiveness phase, we have not experienced any significant issues for loan forgiveness.” Lending activity increases in several sectors Lending activity has picked up, Ziegler said, with mortgage activity continuing to be in high demand, and commercial lending finding its niche in the post-pandemic economy. “Banking volume in 2021 has largely returned to normal projects,” Ziegler said. “Commercial real estate and equipment financing are the most active segments.” But the real outcome and impact of the pandemic is still to be seen, he said. Businesses are continuing to find their way when it comes to balancing work-from-home employment and changes to office space. Jeff Koonce, market president with WesBanco, said the future of the office space is still shaking out. “While there is a cautious optimism among businesses, there also remains some trepidation for companies to invest or borrow to support future growth, as they work through labor and supply chain constraints, as well as get a feel for how the resurgence of the pandemic might play out in the economy,” Koonce said. “We have seen a great number
of businesses adopt some type of work from home strategy for their employees during the pandemic; and the next few years will determine their ongoing future office space needs. For example, will businesses need less space because of work-fromhome arrangements, or will they need the same amount or more space to enable socially distant office environments?” For some businesses, said Matt White, market president for Fayette County at Peoples Exchange Bank, KOONCE lending right now is all about the interest rate. “Right now we are seeing folks chasing yields,” White said. That translates, he said, to lots of investment in rental properties — from traditional rentals to Airbnbs. “Folks are willing to pay more as rates remain low, and most investors see rents doing nothing but increasing. [There’s] very little building as costs are up, and it’s hard to get supplies,” he said. That same attitude is seen on the individual side, he said. While last year was the year for home renovations, now, as the costs of supplies have increased, renovations have slowed down. The current trend, he said, is for individuals and investors to buy property to use as short-term rentals. However, there is some borrowing hesitancy in businesses, he said, as lingering changes caused by COVID — like continued illnesses, supply chain issues and a lack of employees — continue to plague business owners. Digital-first communications are here to stay Also changed because of COVID, bankers said, is the lending process itself. Restrictions during COVID forced banks to operate
digitally. That trend continues. “Not just lending but the entire suite of products and services of the financial services industry has changed due to the adoption and use of digital banking by customers across all age groups,” Koonce said. “Accessibility today combines the traditional retail financial center network and enhanced technology options, which allow customers to engage the bank on multiple platforms at times that best meet their schedules.” The lingering effects WHITE of pandemic lockdowns, bankers said, created a fundamental change in person-to-person banking. “Everything is email and DocuSign,” White said. “No one wants to meet in person or even talk on the phone, almost everything is email.” And the change to digital means a change in customer expectations, he said. “We see folks chasing speed and service like never before,” White said. “Borrowers want to email or text, and [they] want an immediate response.” Technological changes have impacted retail banking, too. Ziegler said Republic Bank’s Interactive Teller Machines (ITMs) allow retail banking customers to interact with bankers virtually in real time for assistance with transactions. The machines also function as 24-hour ATMs. “Retail banking changed with the use of technology accelerating during the pandemic, and we see this continuing,” Ziegler said. “We now have ITMs installed at every banking center providing greater access to live bankers for our clients. In fact, for typical transactions, these ITMs increase availability to live bankers by our customers 50 percent more than just traditional lobby hours. These ITMs are now the primary and preferred way to transact daily needs.” BL
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BizList
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SBA Lenders Fiscal year lenders ranked by number of loans in Kentucky
Rank
Lender Address Phone Website
Total # of Loans (2020)
1
The Huntington National Bank 710 E. Main Street, Ste. 110 Lexington KY 40502 (859) 514-6022 www.huntington.com
57
1
Community Trust Bank, Inc. 100 E. Vine St. Lexington, KY 40507 (859) 389-5350 www.tbi.com
57
3
U.S. Bank, National Association 2020 Nicholasville Road Lexington, KY 40503 (859) 232-8181 www.usbank.com
53
Republic Bank & Trust Company 601 W. Market St. Louisville, KY 40205 (502) 584-3500 www.republicbank.com
26
Hancock Bank & Trust Company 8289 US Highway 60 W Lewisport, KY 42351, (270) 295-3713 www.hancockbankonline.com
14
PNC Bank National Association 301 E. Main St. Lexington, KY 40507 (859) 281-5383 www.pnc.com
13
7
First Financial Bank 201 Limestone Drive Frankfort, KY 40601 (502) 875-4500 www.bankatfirst.com
9
8
Live Oak Banking Company 1741 Tiburon Drive Wilmington, NC 28403 (910) 790-5867 www.liveoakbank.com
8
8
United Midwest Saving Bank 4848 Reed Road Columbus, OH 43220 (859) 538-9400 www.wmwsb.com
8
10
Fifth Third Bank 250 W. Main St. Lexington, KY 40507 (859) 455-5353 www.53.com
7
TIE
TIE
4 5 6
TIE
TIE
TIE
504 Lenders Rank
Total Loan $/ Total Loan Average $ (2020)
Top Official and/or SBA Loan Officer
$9,149,700/ $160,521
Perry Dunn (SBA Specialist)
2020
Rank
$2,728,500/ $51,481
Larry Jones (Central Regional President), Andrew Jarvis (SBA Specialist) Perry Allen (Regional President)
Todd Ziegler (Market President)
Keith Williams (President)
$7,150,000/ $1,021,429
Larry W. Myers (President & CEO)
12
Stock Yards Bank & Trust Company 12900 Factory Land Louisville, KY 40245 502-222-8424 www.syb.com
6
$508,500/ $84,750
James A. Hillebrand (CEO)
12
First Commonwealth Bank 730 Montgomery Road Cincinnati, OH 45212 (513) 830-7990 www.fcbanking.com
6
$6,164,000/ $1,027,333
Matt Zuro (Northern Ohio Regional President)
12
Old National Bank 110 W. Vine St., Ste. 100 Lexington, KY 40507 (859) 825-6072 www.oldnational.com
6
$5,996,000/ $999,333
Christin Fangmeyer (Branch Manager)
12
FNB, Inc. One North Shore Center Pittsburgh, PA 15212 www.fnb-online.com
6
$660,100/ $110,017
Vincent J. Delie, Jr. (President)
16
Forcht Bank - National Association 2404 Sir Barton Way Lexington, KY 40509 (859) 264-2265 www.forchtbank.com
5
$636,600/ $127,320
Tucker Ballinger (President)
TIE
TIE
$1,401,900/ $107,838
John Gohmann (Regional President of Central and Southeast Kentucky)
TIE
Archie M. Brown, Jr. (President & CEO)
16
Byline Bank 1001 Lake St. Oak Park, IL, 60301 (708) 660-1000 www.bylinebank.com
5
$3,781,100/ $420,122
$12,740,000/ $2,548,000
Alberto Paracchini (President & CEO)
Huntley Garriott (President)
16
First Home Bank 700 Central Ave. St. Petersburg, FL 33701 (727) 440-6848 www.firsthomebank.com
5
$12,755,000/ $1,594,375
$961,000/ $192,200
Anthony N. Leo (President)
Bob Strouse (COO)
19
Newtek Small Business Finance, Inc. 1440 Broadway New York, NY 11042 (212) 356-950 www.newtek.com
4
$985,000/ $123,125
$7,464,000/ $1,866,000
Peter Downs (President)
$1,394,600/ $199,229
Greg Carmichael (President & CEO)
19
Five Star Bank 3100 Zinfandel Drive Rancho Cordova, CA 95670 (859) 851-5440 www.five-star-bank.com
4
$905,000/ $226,250
James Beckwith (President & CEO)
TIE
TIE
TIE
TIE
Fiscal year lenders ranked by number of loans in Kentucky
Lender Address Phone Website
Total # of Loans (2020)
Top Official and/or SBA Loan Officer
7
TIE
$7,953,500/ $568,107
Total Loan Amount/ Avg. Loan for 2020 ($)
First Savings Bank 501 E. Lewis and Clark Pkwy. Jeffersonville, IN 47129 (812) 282-0724 www.fsbbank.net
TIE
$10,602,800/ $407,800
Total # of Loans for 2020
10 TIE
$7,714,500/ $135,342
Bank Address Phone Website
Total Loan $/ Total Loan Average $ (2020)
Top Official and/or SBA Loan Officer
1
Community Ventures 1450 N. Broadway Lexington, KY 40505 (859) 231-0054 www.cvky.org
11
$9,824,000/ $893,091
Kevin Smith (President & CEO)
2
Premier Capital Corporation 151 N. Delaware St. # 175 Indianapolis, IN 46204 (317) 974-0504 www.504partner.com
6
$2,771,000/ $461,833
Alexander Villegas (President & CEO)
3
Capital Access Corporation - Kentucky 401 N. Main St. Ste.2010 Louisville, KY 40202 (502) 584-2175 www.cac-ky.org
5
$2,011,000/ $402,200
Bill Fensterer (President, SBA)
Rank
2020 Bank Address Phone Website
Total # of Loans for 2020
Total Loan Amount/ Avg. Loan for 2020 ($)
Top Official and/or SBA Loan Officer
4
Hamilton County Development Company, Inc. 1776 Mentor Ave. Cincinnati, OH 45212 (513) 631-8292 www.hamiltoncountyohio.gov
3
$1,204,000/ $401,333
David A. Jackson (Chief SBA officer)
5
Access Business Development & Finance, Inc. 8922 Beckett Road West Chester, OH 45069 (513) 777-2225 www.accessbdf.com
2
$1,998,000/ $999,000
Andrew J. McCreanor (CEO)
Source: Source: US Small Business Administration, Lender Relations Specialist/District International Trade Officer. Note: minimum loans 4, this is due to spacing. These totals include PPP and EIDL. SBA stands for the Small Business Administration. The Small Business Administration is a federal agency dedicated to helping entrepreneurs improve their small businesses, take advantage of contracting opportunities, and get better access to small business loans.
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Commercial Lenders Lexington area lenders ranked by dollar amount of commercial loans
June 30, 2021 UBPR Report Fayette County Offices/ Branches
Lender Address Phone Website
Dollar Amount Commercial Loans as of 6/30/21 (thousands)
Total Earnings Assets as of 6/30/21 (thousands)
New Peer Group # Insured Commercial Bank
Top Local Executive
1
Central Bank & Trust Company 300 W. Vine St. Lexington, KY 40507 (800) 637-6884 www.centralbank.com
$495,563
$3,341,600
3 - assets between $3 billion and $10 billion
Luther Deaton Jr. (President & CEO)
12
Central Bancshares, Inc./ Lexington, KY
2
Republic Bank & Trust Company 333 W. Vine St. Ste. 102 Lexington, KY 40507 (859) 300-3333 www.republicbank.com
$491,693
$5,739,752
3 - assets between $3 billion and $10 billion
Todd Ziegler (Market President)
5
Republic Bancorp, Inc./ Louisville, KY
3
Community Trust Bank, Inc. 100 E. Vine St. Lexington, KY 40507 (859) 389-5350 www.ctbi.com
$454,185
$5,109,573
3 - assets between $3 billion and $10 billion
Andy D. Waters, CTFA (President & CEO)
6
Community Trust Bancorp, Inc./ Pikeville, KY
4
Traditional Bank 49 W. Main St. Mount Sterling, KY (859) 296-0000 www.traditionalbank.com
$173,942
$2,069,799
4 - assets between $1 billion and $3 billion
Daniel Mason (President)
5
Traditional Bancorporation, Inc/ Mount Sterling, KY
5
Kentucky Bank 401 Main St. Paris, KY 40361 (800) 467-1939 www.kybank.com
$77,423 *
$1,170,229 *
4 - assets between $1 billion and $3 billion
Louis Prichard (President & CEO)
2
Kentucky Banshares, Inc./ Paris, KY
6
Whitaker Bank 2001 Pleasant Ridge Drive Lexington, KY 40509 (800) 650-0099 www.whitakerbank.com
$63,507
$1,940,257
4 - assets between $1 billion and $3 billion
Mark Walls (Regional President)
5
Whitaker Bank Corp. of KY/ Lexington, KY
7
Forcht Bank 2404 Sir Barton Way Lexington, KY 40509 (866) 523-1445 www.forchtbankky.com
$59,979
$1,348,026
4 - assets between $1 billion and $3 billion
Tucker Ballinger (President & CEO, Lexington area)
4
Forcht Bancorp., Inc./ Corbin, KY
8
Peoples Exchange Bank 175 Brooks Place Way Winchester, KY 40391 (859) 744-4159 www.pebank.com
$20,568
$459,478
5 - assets between $300 million and $1 billion
Mathew White (Market President)
2
Genbeach Co., Inc./ Winchester, KY
9
Citizens Commerce National Bank 534 Marsailles Road Versailles, KY 40383 (859) 879-9455 www.citizenscommerce.com
$19,832
$292,912
5 - assets between $300 million and $1 billion
Mark Yates (Lexington Market President)
4
Citizen Commerce Banshares, Inc./ Versailles, KY
10
Bank of the Bluegrass & Trust Co. 101 E. High St. Lexington, KY 40507 (859) 233-4500 www.bankofthebluegrass.com
$15,950
$299,306
8 - assets between $100 million and $300 million
Tom Greinke (President)
4
Bluegrass Bancshares, Inc./ Lexington, KY
11
Bank of Lexington 761 Corporate Drive Lexington, KY 40503 (859) 219-2900 www.bankoflexington.com
$2,744
$249,812
5- assets between $300 million and $1 billion
Cindy Burton (President)
3
First Breckinridge Bancshares, Inc./ Irvington, KY
Rank
** Lenders with Bundled Figures from FDIC
June 30, 2021 UBPR Report Bank Address Phone Website
Dollar Amount Commercial Loans as of 6/30/21 (thousands)
Total Earnings Assets as of 6/30/21 (thousands)
4
Truist Bank 360 W. Vine St. Lexington, KY 40507 (859) 281-2120 www.truist.com
$66,983,000
$448,041,000
$408,747,114
5
Fifth Third Bank 250 W. Main St. Lexington, KY 40507 (859) 455-5333 www.53.com
$43,366,166
$184,709,291
$497,670,279
6
WesBanco Bank 400 E. Vine St. Lexington, KY 40507 (859) 244-7204 www.wesbanco.com
$1,609,333
$14,772,598
Lender Address Phone Website
Dollar Amount Commercial Loans as of 6/30/21 (thousands)
Total Earnings Assets as of 6/30/21 (thousands)
1
Chase Bank 201 E. Main St. Lexington, KY. 40507 (859) 231-2710 www.jpmorganchase.com, www.chase.com
$197,042,000
$2,923,237,000
2
PNC Bank 301 E. Main St. Lexington, KY 40507 (859) 281-5383 www.pnc.com
$93,330,335
3
US Bank Nationl Association 2020 Nicholasaville Road Lexington, KY 40503 (859) 232-8181 www.usbank.com
$76,041,066
Rank
Bank Holdings/ Location
Rank
Source: Source: FDIC.gov, Federal Financial Institutions Examination Councel (FFIEC), Uniform Bank Performance Report (UBPR), June 30, 2021, utilizing the figures from the Balance Sheet $. Footnote: * 3/31/2021 figures. ** There are local banks who bundle totals for the FDIC reports and the local figures could not be secured. Some did not respond to our deadlines or messages.
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(SO WE ARE TOLD!) We are honored to once again be voted as one of the Best Places to Work in Kentucky and Best-In-State Credit Union by Forbes®! We would like to extend our humble gratitude to the wonderful communities we call home and to our Commonwealth Credit Union family for making this incredible achievement possible. Thanks to you, it’s clear that we really do CU Differently!
LEARN MORE AT CCUKY.ORG/BEST INSURED BY NCUA
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Family Law Firms Ranked by total number of lawyers in office/or family law divisions - Lexington area Firm Name Address, Phone Website
# Lawyers in Office/or Family Law Divisions
1
Stoll Keenon Ogden, PLLC 300 W. Vine St., Ste. 2100 Lexington, KY 40507 (859) 231-3000 www.skofirm.com
19
32/ 12
2
Osborne Fletcher, PLLC 302 W. High St. Lexington, KY 40507 (859) 287-0949 www.osbornefletcher.com
5
3
Britton Johnson, PLLC 200 W. Vine St., Ste. 800 Lexington, KY 40507 (859) 963-2241 www.brittonjohnsonlaw.com
3
2021
Managing Partner(s) in Office
Year Founded Locally/Number of Offices
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation, post-nuptial agreements, post-dissolution planning
P. Douglas Barr
1897/ 6
5/ 5
Divorce, property division, prenuptial agreement, spousal support, post-divorce modification, grandparents’ visitation, child support, adoption, domestic violence, estate planning, legal separation, foreign/out of state orders and more
Crystal Osborne, Kate Green Fletcher
2016/ 1
4
4/ 1
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation
Anita M. Britton
2011/ 1
Kershaw & Baumgardner 250 W. Main St., Ste. 1850 Lexington, KY 40507 (859) 381-1145 www.kbfamilylaw.com
4
3/ 1
Divorce, custody and visitation, post-divorce modification, child support, spousal support, grandparents’ rights, paternity actions, prenuptial agreements, mediation, collaborative divorce, property division, arbitration
Valerie S. Kershaw
2003/ 1
5
Oeltgen & Yavelak, PLLC 120 N. Mill St., Ste. 300 Lexington, KY 40507 (859) 523-1606 www.familylawky.com
3
2/ 2
Divorce, annulment, child custody, timesharing/visitation, child support, domestic violence, maintenance/alimony, adoption, paternity, assisted reproductive technology, family law work inclusive of LGBTQ
Lisa J. Oeltgen, Esq., Rachel Yavelak, Esq.
2011/ 1
6
Embry Merritt Shaffar Womack, PLLC Chase Tower, 201 E. Main St., Ste. 1402 Lexington, KY. 40507 (859) 543-0453 www.emswlaw.com
2
15/ 1
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation
Darren L. Embry, Joyce A. Merritt, Suzanne L. Shaffar, James G. Womack, Samantha T. Nance
2011/ 3
Gess Mattingly & Atchison, PSC 201 W. Short St., Ste. 102 Lexington, KY 40507 (859) 252-9000 www.gmalaw.com
2
11/ 4
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, grandparents’ rights, child custody and visitation
Guy M. Graves
1954/ 1
McBrayer, PLLC 201 E. Main St., Ste. 900 Lexington, KY 40507 (859) 231-8780 www.mcbrayerfirm.com
2
1/ 1
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation, adoption, surrogacy contracts
James H. Frazier, III
1963/ 3
6
Thompson Law Office 219 N. Upper St. Lexington, KY 40507 (859) 280-2222 www.ethompsonlaw.com
2
2/ 2
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation. Other: child abuse/neglect, adoptions, grandparents and third party custody, domestic violence
Eddy Thompson
2007/ 1
10
Fowler Bell, PLLC 300 W. Vine St, Ste. 600 Lexington, KY 40507 (859) 252-6700 www.fowlerlaw.com
1
NA/ NA
Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody
Taft McKinstry
1950/ 1
The Cornett Law Firm, PSC 155 E. Main St., Ste. 101 Lexington, KY 40507 (859) 255-2889 www.thecornettlawfirm.com
1
1/ 0
Divorce, property division, child support, spousal support, post-divorce modification, grandparents’ rights, child custody, depencency, neglect, abuse and guardianship
Crafton Cornett
2010/ 1
Rank
TIE
TIE
TIE
6 TIE
6 TIE
TIE
TIE
10 TIE
Local Partners/ Paralegals
Family Law Practices Area Focus within Family Law
Source: Business Lexington questionnaire, firm websites, firm representatives and legal directories. Other firms may have qualified but did not respond by deadlines. Key: NA=Not available.
COMING IN OCTOBER The October 2021 Business Lexington will feature the following BizLists:
• Manufacturing Employers • Information Technology Firms • Intellectual Property Law FIrms AD SPACE DEADLINE: SEPT. 11 • AD MATERIALS DEADLINE: SEPT. 16 TO ADVERTISE CALL (859) 266-6537 OR EMAIL ADVERTISE@SMILEYPETE.COM
BLX_Sept21.indd 16
BusinessLexington 8/23/21 1:03 PM
SEPTEMBER 2021
WWW.BUSINESSLEXINGTON.COM
17
BizLexQ&A
Fielding Rogers As Ale-8-One celebrates its 95th anniversary, the company’s leader is focused on the future BY TOM WILMES BUSINESS LEXINGTON
I
n 1926, George Lee Wainscott, who owned a bottling plant in Winchester, held a contest at the Clark County Fair to name his new soft drink — a carbonated soda spiced with a proprietary blend of fresh ginger and citrus flavors. The winning entry, “A late one,” later adapted as Ale-8-One, reflected the latest thing on the market. Ninety-five years since the launch of its flagship brand, Ale-8-One Bottling Co. is still innovating as the business furthers its heritage with new brands and business streams. Fielding Rogers, Wainscott’s great-great nephew, is the fourth generation to lead the company, which is still privately held and family owned. “There’s a photo of me in the office when I was 5 days old,” he says. Rogers worked in the family business summers while in school and graduated from Washington and Lee University with a degree in business management. He became president of Ale-8-One Bottling Co. in 2009 at age 28. Since then, he’s overseen the development of Ale-8’s first permanent product extension — the introduction Cherry Ale8-One in 2018 — along with seasonal flavors and sugar-free versions and has helped grow Ale-8’s distribution footprint beyond Kentucky and throughout the region. He’s also the keeper of Wainscott’s secret recipe. Every few weeks he climbs a spiral staircase in the Winchester plant to a private batching room, where he mixes the proprietary blend used to flavor every batch of Ale-8-One according to his great-great-uncle’s handwritten instructions.
Did you always know that you wanted to be involved in the family business? I always knew that at some point I would be involved, because it is a family business and it’s truly in my blood. I spent a lot of my childhood here and watched my dad mix up the secret formula on a regular basis — and now that’s my responsibility. It’s also one of the most fun aspects of my job. You walk into a room, you’re the only person there, and you produce something tangible that, at the end of the day, you know a whole lot of people are going to enjoy.
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How do you balance Ale-8’s legacy with innovation? Legacy, to me, means what we’re leaving for future generations. I look at it as I’m a steward of the brand. I’m trying to build a brand that’s even more recognizable, foster a strong company culture and perpetuate a sustainable business model that that will work for the next 10, 20 or even 100 years. We’ll always be a family business. I just want us to be nimble enough to adapt to the new practices of the day and do what we need to do to keep the brand around for more generations. A company our size is unusual in our category — we’re very vertically integrated for as small as we are. We’re effectively running three different businesses. One is our IP — formula, trademarks and branding — one is manufacturing, and one is distribution. We do some manufacturing and distribution for different brands that fit well with our retail partners. And we benefit most when we fill our manufacturing and distribution with our own stuff, so that’s a big reason why we are interested in new product development.
“I’m a steward of the brand,” says Fielding Rogers, president of Ale-8-One Bottling Co. “I’m trying to build a brand that’s even more recognizable, foster a strong company culture and perpetuate a sustainable business model that that will work for the next 10, 20 or even 100 years.” PHOTO FURNISHED
What’s the decision-making process when developing new brands? First, we look at what will fit well with the market and what works well for our company and our systems. We talk with our retail partners and customers to find out what they’re excited about, and then we make a whole bunch of different things and see what we really love. We’re super selective about what we bring out. We put a lot of time and effort into making sure that that one thing is perfect and we’re 100 percent sure about it. Have you had a lot of requests for Cherry Ale-8 over the years? I used to drink cherry Ale-8 all the time as a kid — you basically make a Shirley Temple with Ale-8 and maraschino cherry juice. It was a natural fit as the first new flavor we’ve ever come out with. It was also quite a process. There are several hundred varieties of cherry flavoring you can use, for example. I think the one we chose is the one that’s most like I remember drinking a cherry Ale-8 as a kid. And if you haven’t tried Cherry Ale-8 Zero
— I’m literally drinking one right now — we love it and it’s exceeded our expectations. In some places it’s outselling the regular cherry version. There’s no sugar, no calories and no aspartame. It took us a while to develop, and we spent a lot of time to get it just right, but that’s one that customers really seem to want. What’s the strategy when it comes to expanding Ale-8’s distribution footprint? We are very deliberate in entering into new markets. We want to make sure that there’s going to be strong customer demand. Because Ale-8 has been around for 95 years, we have more brand recognition than a startup. Our job is to find out how to make the right decisions to expand into a new geography where fans already exist, along with finding the right retail partners and distributors to better serve them. We also spend a lot of time on market research and marketing. We try and make sure that our products are going to do well and all our partners are going to be happy. I feel like I haven’t seen as many Ale-8 commercials on television as I used to but more presence on social media. Is that deliberate? You can spend an awful lot of money on advertising, but if it’s not done strategically and in the right way, you don’t see a lot of benefit. We’re very careful about making sure we’re getting a good bang for our buck, and we’re big on measuring the results. We have a passionate following on social media, and we’ve also developed a grassroots network of local fans who are product ambassadors and who do a lot of their own generated content, and that has been very effective. How would you describe your leadership style? I would call myself very thoughtful. I try to be very analytical and try not to be impulsive. My No. 1 focus is to always consider the long-term when making decisions. A lot of times it’s easier to make a decision that might work out well in the short term, but I think it’s always better to make the harder choice that’s better in the long run. In terms of my leadership style, I like to set goals and set a direction and then hire the right people, get out of their way and let them run with it. We’re very much a team-oriented, family business. BL
8/23/21 1:03 PM
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SEPTEMBER 2021
WWW.BUSINESSLEXINGTON.COM
Who’sWho
EMPLOYMENT NEWS AND AWARDS IN OUR COMMUNITY
BRYANT
PAYNE
FORD
BORDEN
HIGGINS
PALMER
KELLER
NELSON
NELTNER
TILGHMAN
LOWRY
ROSE
SIMPSON
SARRETT
NORTH
ROYSE
GREINKE
B. FRYMAN
T. FRYMAN
WARD
SAWIN
GILLIAM
GRIGSBY
LANCHO
CONLEY
HARGIS
SCHICKLI
DECKER
RITTSCHOF
RYDER
CALOHAN
New Hires & Promotions Field & Main Bank has announced the promotion of Jessica Bryant and Andrea Payne to the rank of senior vice president. The Kentucky Chamber has named Jim Ford chief resource officer overseeing the membership and business services department of the organization. The Visit Horse Country, Inc., board has welcomed new president Gathan Borden. The transition also marks the outgoing of long time founding board president Price H. Bell, Jr., who served for the organization’s first seven years. Along with the change in leadership, Visit Horse Country unanimously elected Heather Higgins, VP corporate partnerships for Breeders’ Cup, and Harold Palmer, president The Jockey Club technology services, to serve on its board. AgTech leader AppHarvest has named Amazon veteran Mark Keller as senior vice president, software applications platform, and Julie Nelson as executive vice president, operations. Benjamin Neltner, MD, has joined CHI Saint Joseph Medical Group – Primary Care in Lexington. Stock Yards Bank & Trust has hired Barbara Tilghman for its wealth management group in central Kentucky. James Lowry, IV, has joined Nash Marshall, PLLC, as of counsel.
Landrum & Shouse LLP announced that Estee Rose has joined the firm as its newest associate.
pointed Tyler Fryman as operations supervisor for the company’s central and southern divisions.
named to the Kentucky Intellectual Property Alliance’s executive advisory committee.
Davis H. Elliot Company, Inc., a full-service electrical contractor headquartered in Lexington, has promoted Keith Simpson and Brian Sarrett to senior vice presidents.
NetGain Technologies announced that Rick Ward, chief financial officer, has retired after a long tenure of service and leadership. Dwight Sawin was hired to succeed Ward as the vice president of finance.
The Saint Joseph Hospital Foundation has announced its 2021-2022 board of directors, effective July 1. The board will consist of four new members: Anna Cambron, Julia Hall, Stephen Hillenmeyer and Delaine Thiel. Other Saint Joseph Hospital Foundation board members are: Larry Cowgill, chair; Daryl K. Love, vice chair; Tracy Colon, secretary; Alan VanArsdall, treasurer; Tony Houston, CEO, CHI Saint Joseph Health; Leslie Smart, CFRE, president, Saint Joseph Hospital Foundation; Judy Albrecht; Kathy Arms; Judy Cummins; Lisa GummGray; Laura Hayden; Missy Lange; Christy Nash; and Gregory Yeary.
OperaLex has elected Stites & Harbison, PLLC, attorney Jordan Gilliam to its board of directors.
Clare Rittschof, University of Kentucky assistant professor of entomology, recently was selected as a committee member of the New Voices in Science, Engineering and Medicine of the National Academies of Sciences, Engineering and Medicine. Committee members are considered by the National Academies to be rising stars in their fields and are selected through a competitive review process.
PepperPointe Partnerships, a Lexington-based dental service organization, has named David North as its new chief operating officer. Tyler Royse has joined Peoples Exchange Bank as vice president – loan officer for the Scott County market. Bank of the Bluegrass has announced the promotion of Tom Greinke to senior vice president, and the addition of Ben Fryman as vice president, commercial lending. Kentucky American Water has ap-
ABEL Construction Company has named Lynn Grigsby as new director of human resources. Susan Lancho, Kentucky American Water external affairs manager, has been promoted to senior manager, external communications.
Kudos Justice Robert B. Conley of Eastern Kentucky was formally sworn in as a justice of the Supreme Court of Kentucky on Aug. 20. Conley was elected in the Nov. 2020 general election to serve the 7th Supreme Court District, which is made up of the commonwealth’s 22 easternmost counties. Managing Intellectual Property magazine has named nine Stites & Harbison, PLLC, attorneys to the 2021 “IP Stars” list. Three Lexington attorneys Michael S. Hargis, Warren D. Schickli and Mandy Wilson Decker were among those honored as the most highly regarded intellectual property attorneys in the U.S. Decker was also recently
WHO’S WHO FOR YOU? BLX_Sept21.indd 18
Advertising Age Magazine named Cornett its Southeast Gold Winner in its Small Agency Awards for 2021. It is the first time the Lexington agency has won the award. Commerce Lexington has announced the participants of its 2021-22 Leadership Lexington program, who include: Najwa Abu-Taha, Crank and Boom Craft Ice Cream; Natalie Appel, Junior Achievement of the Bluegrass; Keleigh Arnett, PNC Bank; Rania Belmadani, Lexington-Fayette Urban County Government; Eden Bennett, Lexington Public Library; Allie Beto, McBrayer PLLC; Emily Biggins, Morgan Stanley; Kara Covert, Transylvania University; Rachel Elam, Larry E. Botts; David Farrar, Kentucky American Water; Cam Freeman, WealthSouth; Alex Garcia, Office of the Kentucky Attorney General; Sarah Geegan, University of Kentucky Public Relations; Amy Green, Fayette County Public Schools Board of Education; Daenayia Hudson, Freeman, Mathis
& Gary, LLP; Opa Johnson, Sokari & Company, LLC; Seth Lockard, Lexington Fire Department; Lindsay Mattingly, Fayette County Public Schools; Stinson Miller, WesBanco Bank; Tressa Neal, University of Kentucky; Jackie Newman, Lexington Police Department; Hunter Porter, BC Wood Properties; Dean Roethemeier, Keeneland; Jennifer Rose, UK HealthCare; Martin Schafer, FCPS Chief of Police; Dylan Schneider, MCM CPAs & Advisors; Shericka Smith, Fayette County Public Schools; Terry Snow, LG&E & KU; Adam Stuart, Aphix; Kim Thuringer, Lexmark International; Thomas Travis, Wyatt, Tarrant & Combs, LLP; Katie Williams, United Way of the Bluegrass; Kristie Woodrum, Commerce Lexington Inc.; Lin Wu, Lexmark International; Nathan Zamarron, LexArts. Justin Ryder, CCIM, advisor, of SVN | Stone Commercial Real Estate, Lexington, has been awarded the Certified Commercial Investment Member (CCIM) designation by the CCIM Institute, one of the leading commercial real estate associations in the world. The American Academy of Nursing (Academy) announced that Frontier Nursing University Department Chair of Psychiatric-Mental Health Jess Calohan, DNP, PMHNP-BC, has been selected to be inducted into the 2021 Class of Fellows. Calohan is one of 225 distinguished nursing leaders selected by the Academy who will be formally inducted into the 2021 Class of Fellows during the Academy’s annual Health Policy Conference, October 7-9. BL
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8/23/21 1:03 PM
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