Business Lexington May 2021 by Smiley Pete Publishing

IN THIS ISSUE

BusinessLexington M AY 2 0 2 1 | V O L . 1 7 I S S U E 5

CraveWorthy: Two friends parlay a mutual affection for fermented foods into culture-changing business PAGE 8

Independent Business: From rentals and sales to guided trips and glamping, Canoe Kentucky helps clients enjoy time on the water PAGE 10

BizLexQ&A

Crystal Wilkinson Kentucky’s new poet laureate on a life in letters and the business of books PAGE 21 PHOTO BY MARK CORNELISON UKPHOTO

BizLists Banks

PAGE 16

| Credit Unions

PAGE 18

| Engineering Firms

Resilient Under Pressure: Plight of Lexington-based manufacturer illustrates disproportionate impact of pandemic on Blackowned businesses PAGE 12

PAGE 20

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crave the date crave food+music festival august 14-15, 2021

bluegrass fairgrounds @ masterson station park

delicious local food • $2, $3 and 5$ options • food cook-offs and demos live music both days • craft beer & cocktails • family and kid area free parking • only $8 to get in kids 10 and under free sponsor & vendor info available at www.cravelexington.com

Bringing the Bluegrass region to you YOUR BUSINESS CAN REACH OVER 90,000 CENTRAL KENTUCKIANS WITH SMILEY PETE PUBLISHING.

F O R A D V E R T I S I N G O R E V E N T S P O N S O R S H I P I N F O R M AT I O N , E M A I L A D V E R T I S E @ S M I L E Y P E T E . C O M O R P H O N E 8 5 9 . 2 6 6 . 6 5 3 7.

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MAY 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

CONTENTS EconomicAnalysis

A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky PAGE 5

Creating a Support System: Micro loans, financial support programs available for small businesses and families struggling during pandemic PAGE 14

GrammarGourmet

Continually improving your grammar PAGE 5

ART DIRECTOR

drew@bizlex.com Rena Baer COPY EDITOR

Sharon Metz BIZLISTS EDITOR

sharon.metz66@gmail.com 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

PVAStatistics

The latest statistics on local commercial and residential properties PAGE 6

BizIQ

Common sense questions to address a host of workplace challenges PAGE 7

CraveWorthy

Two friends parlay a mutual affection for fermented foods into culture-changing business PAGE 8

QuickBites

Local spots serving up cool treats ahead of summer’s heat PAGE 9

IS HI

Y ILE PE

IndependentBusiness

P.O. Box 22731 Lexington, KY 40522 P: (859) 266-6537 F: (859) 255-0672 www.smileypete.com

Canoe Kentucky Celebrates 40 years: From rentals and sales to guided trips and glamping, Canoe Kentucky helps clients enjoy time on the water PAGE 10

BizList

Banks PAGE 16 Credit Unions PAGE 18 Engineering Firms PAGE 20

Who’sWho

Employment updates from around the Bluegrass PAGE 22

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ILLUSTRATION FURNISHED

Disc Golf Takes Off: Retail specialty store Bomb Discs aims to capitalize on sport’s growing popularity PAGE 11

Resilient Under Pressure: Plight of Lexington-based manufacturer illustrates disproportionate impact of pandemic on Black-owned businesses PAGE 12

Q&A with Crystal Wilkinson: Kentucky’s new poet laureate on a life in letters and the business of books PAGE 21

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BusinessBriefs Summit Biosciences partners with Altimmune to produce nasal spray COVID vaccine

Let’s help our parents live out their lives with the dignity they’ve earned. Learn more about Accessory Dwelling Units (ADUs)

Lexington-based Summit Biosciences has partnered with Altimmune, Inc., a clinicalstage biopharmaceutical company, to manufacture a metered nasal spray of AdCOVID, Altimmune’s intranasal COVID-19 vaccine candidate, the company announced. The spray is currently being evaluated in a phase 1 clinical trial. The trial will evaluate the safety and immunogenicity of the drug in healthy adult volunteers between the ages of 18 and 55. As part of the trial, the test subjects will receive one of three dose levels of AdCOVID administered as a nasal spray. Altimmune said it anticipates it will have results of the phase 1 trial in the second quarter of 2021. “As we continue to build our manufacturing consortium and progress the development of AdCOVID, we are pleased to partner with Summit Biosciences to manufacture AdCOVID in a customized multidose nasal spray delivery device,” Vipin K. Garg, president and CEO of Altimmune, said in a statement. “We expect this delivery may be a convenient and efficient option when vaccinating patients in high-demand settings where our vaccine candidate’s anticipated room temperature stability profile will also be important. In addition, Altimmune will continue to produce a single dose presentation of AdCOVID to provide alternative forms of administration.” Summit, located in the University of Kentucky Coldstream Research Center, is a privately held pharmaceutical company that is focused on developing, manufacturing and commercializing general and innovative nasal spray medicines. “I am pleased that Altimmune, a recognized leader in intranasal vaccine development, selected Summit in this exciting endeavor,” Gregory Plucinski, president and COO of Summit Biosciences, said in a statement. “Summit has a proven track record in bringing nasal spray medicines from concept to market with its states-of-the-art capabilities that are ideal for this program. Together, we will combine our respective expertise and capabilities with the goal of ultimately introducing a potentially novel, needle-free, nasal spray vaccine for the SARS-CoV-2 pandemic.”

Accessory Dwelling Units: A new name for an old idea. For generations, families have helped their aging parents by moving them into their homes, or into living quarters on their residential property. We’ve known these dwellings as mother-in-law suites and carriage houses. Today they’re known as Accessory Dwelling Units, or ADUs. ADUs are an ideal solution to keep families together — an economic alternative to the high cost of assisted living centers. ADUs allow seniors to age in place — living out their lives in their communities and near their loved ones. But despite the long history of ADUs, they need city ordinances to allow their construction. Most ordinances haven’t been updated since the 1960s and they no longer reflect today’s needs. It’s time to update our ordinances to give families the flexibility they need to let their loved ones live out their lives with the dignity they’ve earned.

For more information, contact AARP Kentucky at kyaarp@aarp.org.

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The companies said that while traditional intramuscular vaccine injections can stimulate immunity as measured in the blood, they have not been shown to create immunity in nasal passages — one of the places where the virus enters the body. AdCOVID, the

companies said, is designed to deliver the vaccine directly to the site of entry and stimulate immunity in the nasal cavity and respiratory tract, which could offer an important early defense against the virus. Altimmune said the AdCOVID nasal spray does not need to be stored at ultra-low temperatures like the Pfizer and Moderna vaccines. This would allow for the spray to be stored in refrigerators in doctors’ offices for up to two years or more, the company said.

Woodford Reserve to Expand Versailles Distillery Brown-Forman Corporation has announced plans to expand its Woodford Reserve Distillery to meet growing demand for the brand. The expansion will double the distillery’s production capacity. In addition to three new copper pots stills, bringing the total to six, the expansion includes a new building that will house a boiler plant, additional fermentation tanks, a grain unloading area, a barrel unloading and storage area, and a conference and training center for employees. Construction will begin this spring and is expected to be completed in summer 2022. The site, located at McCracken Pike in Woodford County, will be remain operational throughout the expansion. “Woodford Reserve is celebrating its 25th anniversary throughout 2021, and the expansion of the distillery allows us to look to the next 25 years,” said Chris Morris, master distiller. Brown-Forman opened the Woodford Reserve Distillery and introduced Woodford Reserve Kentucky Bourbon in 1996. Woodford Reserve Distillery is a national historic landmark and has been a site of distillation dating back to 1812. The expansion plans were reviewed by the Kentucky Heritage Council, the state historic preservation office. “Woodford Reserve is a key driver of growth for the company — and the investment ensures the brand continues to expand around the world,” said Lawson Whiting, BrownForman president and CEO. “Woodford Reserve has enjoyed exceptional growth over the past decade, maintaining a doubledigit net sales growth rate year-to-date with more than one million case sales.” In addition to Woodford Reserve, whiskey brands in Brown-Forman’s portfolio also include Jack Daniel’s, Old Forester, Coopers’ Craft, GlenDronach, Glenglassaugh and Slane. BL

Brown-Forman recently began an expansion project at its Woodford Reserve Distillery, located in Woodford County, to meet growing demand for the brand. Construction is expected to be completed by summer 2022. PHOTO BY DAN DRY / POWER CREATIVE

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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 April 2021

1-Month 1-Year Change Change

Payroll emp. MSA**** Manufacturing Employment Durable Goods (KY) **** Manufacturing: Lexington-Fayette MSA Total Employees**** Unemployment Rate MSA****

266,600 Feb. 154,100 Feb.

0.60% 0.85%

-5.70% -5.11%

28,045 Feb. 4.00% Feb.

-0.45% 0.00%

-6.54% 0.60%

Payroll Employment, US Manufacturing Payroll Employment US Unemployment Rate, US

144,120,000 March 12,284,000 March 6.00% March

0.64% 0.43% -0.20%

-4.46% -4.02% 1.50%

Consumer Price Index, Southern Region Consumer Price Index, US Producer Price Index, US

264.877 March 255.319 March 214.3 March

0.80% 0.70% 1.28%

2.90% 1.60% 5.20%

Index of Leading Indicators** Fed’s Index of Industrial Production**

110.5 March 104.7 Feb.

0.20% -2.24%

NA -4.56%

3-Month Treasury Yield*** 10-Year Treasury Yield***

0.02% April 12 1.69% April 12

-0.02% 0.05%

-0.24% 0.93%

Real GDP (millions $)

4th Qtr. 2020 $21,479,529.00

1-Month 1-Year Change Change -1.23% 1.46%

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

First annual column on the word ‘inaugural’ Here’s a question: If you were invited to the “First Annual Belly-Flop to Fight Hernias” fundraiser, how many years would you think the fundraiser had been going on? Seeing the phrase, “First Annual,” many people would suspect this year’s Belly-Flop event is the first. They’d probably be right. But if the American Hernia Foundation were using “First Annual” correctly, this year’s event would actually be the second. A first-time event has its own word: inaugural. Inaugural means, according to MerriamWebster, “making a beginning” or “the first in a projected series.” So the Hernia Foundation (if it existed — and it doesn’t) might be hoping that this year’s Belly Flop didn’t flop and that the demand for another such event would surface. That’s fine. But it’s that second Belly Flop event that would be accurately termed the “First Annual.” (How often do these kinds of “annual” fundraising events make it to year two anyway? This year, the Hernia folks may try belly-flopping; next year, it’ll be on to bellydancing.) The Associated Press Stylebook makes it clear: “An event cannot be described as annual until it has been held in at least two successive years.” AP suggests that if an edi-

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PHOTO FURNISHED

tor receives a press release with the words “First Annual,” he or she should delete that offending two-word phrase and note instead that the event’s sponsors plan to hold it again a year from now. Think of it this way: The day a boy is born is not his first birthday. It is the day of his birth. Only a year later — on the “first annual” date of his birth — do we say he celebrates his first birthday. On the 15th annual date of his birth, he celebrates his 15th birthday. Which, incidentally, is about the time to start educating him about hernias. 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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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 March 2021 SALE DATE ADDRESS

PRICE

STRUCTURE

3/5/21

2167 N. Broadway

$1,424,000

Discount Department Store

3/11/21

233 Southland Drive

$580,000

Retail

3/9/21

502 W. Second St.

$446,000

Retail

3/1/21

309 Romany Road

$250,000

Multifamily

3/16/21

976 Delaware Ave.

$250,000

Manufacturing/Processing

Top Commercial Property Sold: 2167 N. Broadway $1,424,000 * Sale price based on a multiple-parcel transaction ** Parcel includes multiple improvement

Maximize Your Cash Flow On Commercial Real Estate

Residential Sales Data for March 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

KEYSTONE

300

M O RTG AG E CO R P O R AT I O N

200

Your Lending Alternative for Commercial Real Estate Loans o up to o t t p u to Industry Respected....Client Trusted

Tim M. Winton, Senior Vice President t

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to t t

op o to

100

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

-19%

-4%

-19%

-21%

-6%

19%

15%

22%

15%

20%

MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR 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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BizIQ

A MONTHLY COLUMN OF BUSINESS INSIGHTS FROM CENTRAL KENTUCKY PROFESSIONALS

Common Sense Questions to Address a Host of Workplace Challenges BY CAROL SAMPSON CONTRIBUTING WRITER

s your organization attracting qualified employees? Does your business have employee turnover under control? Does your company have a plan to raise morale and avoid the employee unrest occurring at major companies? If not, you are not alone. At Foundations Human Resources Consulting, we talk with company managers every day who tell us that workplace instability is a top concern. The reality is that it is hard to attract and retain talent — this was true prior to the pandemic and remains the case. Often, the solution is as simple as it is complex. Start with evaluating the work environment, and honestly answer some tough questions.

“If we don’t speak to our employees, if we don’t know their name or have any personal SAMPSON connection to them as people, how do we expect to ever reduce turnover and be an employer of choice for highly capable talent?” • Walk through the office or plant. Look at the physical environment from an employee’s perspective. Is it clean? Cluttered? Is it well-lit? Is the paint dull? Are there comfortable break and relaxation areas? Is equipment broken? Do employees have the tools and resources they need? Does this look like a place that would motivate employees to do their best and most inspired work? Is the physical facility safe and secure? Does your business have good curb appeal? • Confirm you have the best management team in place. Are they managing, or do they lead? Are they highly capable from a technical standpoint, but sadly deficient in being effective leaders of people? Is the team diverse? Does this team model the company’s mission, vision and values? Have you focused on their development? • Review your compensation program. Are you paying a competitive wage that allows your employees to enjoy a comfortable standard of living? Is your pay program equitable? Does your benefits program meet the needs of your employees? • Read your policies and other work rules. Are your policies fair? Consistently enforced? Have you effectively communicated your work rules to your leaders and to your employees? Do your policies meet the

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needs of today’s multi-generational workforce? Are they flexible? Do they address the modern workplace, or are they outdated and no longer relevant? • Determine if you are in touch with your employees. Do you have ways to grasp employee morale? Do you know your employees’ concerns? What process is in place to resolve employee issues in a timely manner? Are employee ideas not only sought but welcomed and implemented? When was the last time you met with an employee simply for the joy of learning something new about that person? How do you communicate with your employees? How do employees communicate with you? • Ask yourself whether your employees are your most important asset. Are they able to move up within your organization? Do you show them appreciation? Do they know their contributions are valued? How are they recognized? Are employee programs and benefits the first cuts made during tight budget periods? Do you promote life-long learning? Do you treat employees as disposable resources? Can they work safely? • Assess your culture. Is it toxic? Is it free from harassment and discrimination? Does it promote inclusiveness? Would you want your own family members to work here? Are your employees proud to work here? Does it inspire employees to bring their best selves every day? Do you treat your employees with dignity and respect? • Confirm your organization’s higher contribution to society. Are you ethical in all your business dealings? Do you have ways for key stakeholders to anonymously report concerns? Do you make giving back to society a value that is promoted throughout the company? Is the organization respected not only for the product or service you provide, but also by your employees, customers and communities? While the items I just highlighted seem like common sense, we find that organizations struggle to create and maintain a solid foundation of positive employee relations. I offer this example in support of this statement. When we conduct leadership training, we ask the attendees this question at the start of the class: “Before you came to class today, how many of you spoke to every employee who reported to work today?” Sadly, the response is quite low. If we don’t speak to our employees, if we don’t know their names or have any personal connection to them as people, how do we expect to ever reduce turnover and be an employer of choice for highly capable talent? BL

Carol Sampson is co-founder and executive director of Foundations Human Resources Consulting. For more information, visit FoundationsHR.com or email FHRC@FoundationsHR.com.

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CraveWorthy Counterculture Ferments utilizes lacto-fermentation to make its products. The process preserves vegetables, and helps create pro-biotic and vitamin-rich foods that are vegan and gluten-free. PHOTO FURNISHED

Two friends parlay a mutual affection for fermented foods into culture-changing business BY SHANNON CLINTON CONTRIBUTING WRITER

ith a company name like Counterculture Ferments and the slogan “The Revolution Will Not Be Pasteurized!,” you know the people behind the brand are change makers. Co-owners Ryan Koch, a longtime Lexington resident, and Lexington native Stephen Pavey founded the enterprise as a home-based business in 2018 based a mutual love for fermented foods. In fermentation, microbial growth is manipulated so that, over time, it converts carbohydrates into organic acids, changing and preserving the food. And in an apt metaphor, the two friends’ shared vision for Counterculture Ferments is for it to evolve over time and to help fund their broader humanitarian interests. Koch is the founder and former director of Seedleaf, a community gardening and composting organization. He now works full time at GreenHouse17, a nonprofit organization seeking to end intimate partner abuse that also has a therapeutic horticulture component. Pavey, who has a doctorate in anthropology, is a self-described contemplative activist and artist. He immerses himself in marginalized communities and, with the help of those he meets and learns from, uses photography and writing to share their perspective with the wider world. Their food prep kitchen is located at

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Embrace Church on North Limestone Street. Koch primarily focuses on sales and delivery, while Pavey develops recipes and makes the company’s small-batch products. Current varieties include jalapeno kimchi, signature kraut, smoky garlic kraut, and seasonal offerings like curtido (a Salvadoran fermented cabbage relish) and red miso kimchi. They say their products can be used like a relish and are also great additions to beans, tuna or chicken salad, soups, sandwiches and dips. Pavey said fermentation is an age-old preservation method that, while at times obscure, is making a cultural comeback. He pointed to chocolate, wine, yogurt, ketchup and hot sauces as foodstuffs that incorporate elements of fermentation. Counterculture Ferments’ items are vegan and gluten free, and are made using a lactofermentation method that make them rich in probiotics, as well as vitamins K and C. Fermentation is equal parts art and science involving working with living bacteria, Pavey said. Although it’s time consuming, it isn’t complicated. Most preparations involve shredding, pulverizing and squeezing the vegetables, adding salt solutions, spices and other ingredients, and monitoring pH levels as chemical reactions take place. The flavors continue to evolve over time, Pavey said. Both men have separately attended a workshop shop offered by Sandor Katz, a highly regarded expert in fermentation techniques. For their needs, Koch said the sweet spot

for full fermentation is between 15 and 18 days. When they taste it, they know when it’s ready, he said. “There’s variability, just because of the seasonality and what the room temperature is doing different parts of the year,” he said. Eating fermented foods is good for the digestive system, Pavey said, as good bacteria within the foods help fight off bad bacteria. Probiotic pills for this purpose can be expensive, but simply eating fermented foods as often as you can is a natural, less-expensive option, he said. Pavey said he’s talked with people who have been working with fermented food for decades, and like them, he’s found there’s always something new to learn. Lately he’s been experimenting with making kosho, which traditionally is a combination of fermented yuzu (similar to a grapefruit) zest and hot chilis. Though the company isn’t yet profitable, Pavey said it’s been a worthy time investment that they’d like to grow to be self-sustaining and help support others. They’ve purchased property on York Street for a future smallscale commercial kitchen. They hope to also include affordable housing units for domestic violence survivors. Counterculture Ferments’ products are currently available by ordering off its website, countercultureky.com, at Good Foods CoOp, Thrive Kombucha, Wilson’s Grocery at Greyline Station, at Kenwick and Lexington Farmers Market, and Truly Local in Morehead, Kentucky.

PHOTO FURNISHED

Ryan Koch, left, and Stephen Pavey started Counterculture Ferments as a home-based business in 2018. They currently operate out of Embrace Church and recently purchased a new location on York Street.

Koch said what he enjoys most, aside from having a meaningful venture between friends, is meeting new people and having them “appreciate our art.” “It still feels like a hobby that kind of pays for itself,” he said. BL

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QuickBites Local spots serving up cool treats ahead of summer’s heat BY SHANNON CLINTON CONTRIBUTING WRITER

s the weather warms up, a frozen frenzy is coming to Lexington, with several new places offering frozen treats for the summer ahead. A fourth location of Spotz Gelato opened in April in Midway at 130 E. Main St., with dine-in, takeout and curbside options for rotating small-batch gelato and sorbet flavors, as well as new custom dipped and rolled cones and vegan gelato. Other locations are in Shelbyville, Georgetown and Versailles. “The opening of Spotz Gelato Midway is extra special because we make the products on our farm, which is near the historic town,” owner Beth Richardson said in announcing the new location. “We spend a lot of time in Midway and look forward to being part of the movement to encourage people to embrace Kentucky’s small towns and small businesses.” Sorella Gelateria recently announced via Facebook that it will move from North Limestone to Jefferson Street. The new location will have more outdoor seating and parking, the announcement said. And according to its Facebook page, Freddy’s Frozen Custard and Steakburgers announced it will be opening soon at 2217 Nicholasville Road in a former Burger King. As mentioned in last month’s roundup, Buzzed Bull Creamery is coming to The

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Summit at Fritz Farm this summer. And, following the success of its over-the-top Cattywampus Shakes at Georgetown’s Matriarch Bakery, Cattywampus Station is set to open in May at Lexington Green. In other local restaurant news: Crumbl Cookies is coming soon to Hamburg, according to Thoroughbred Hospitality Group’s Facebook page. The Crumbl Cookies website describes the concept as having different cookie flavors each week available for takeout and delivery. Recent offerings at existing sites include Reese’s Chip, Salted Caramel Cheesecake and Chilled Pina Colada. Porterhouse BBQ is opening a restaurant in Greyline Station in early June, according to owner and longtime Lexington resident Tadd Porter. Porter launched a food truck trailer in 2017, which will remain in use for large events and festivals, he said. Carryout and eat-in service will be available, and the new restaurant will have both indoor and outdoor seating. Menu highlights include brisket, mac and cheese, ribs and unique offerings like smoked salmon, smoked cabbage, pork belly burnt ends, turkey ribs, whole hog and whole lamb. “I also only use traditional stick burner smokers, so no gadgets or buttons to make the long cooking times easy,” he said. Another food truck-turned-restaurant coming to Greyline Station is Rise Up! Pizza, which recently announced on its Facebook page that it will be launching a crowd-funding

campaign and opening in early June. Rise Up! Pizza has artisan pizzas with sourdough crust with both traditional and unusual varieties such as date and bacon, and whipped feta, olives and spinach. LexLive has opened on South Broadway. The entertainment complex includes a 300seat Game Day sports bar, Corner Bar on the ground floor boasting more than 50 brands of bourbons, as well as beer, rye, and Canadian, Irish and Scotch whiskeys, wines, martinis and cocktails, along with small plates and snacks. A concessions area has traditional fare like soft pretzels, candy and sodas, as well as pizza, sliders and salads. The concessions area also sells beer, wine and cocktails. LaRosa’s new Nicholasville location is now open at 350 E. Brannon Road at Brannon Crossing near Lexington Road. It’s owned by franchise owner One Holland Corporation and will include dine in, pickup and delivery. The dining room will seat 160. Though Roulay Restaurant and Bar officials announced its closure on Facebook in March, an announcement followed a few weeks later that it’s back, touting its rooftop patio seating, small plates and drink specials. The former Roulay culinary team is launching its own venture Lady Remoulade following a crowd-funding effort launched in April, according to Facebook, where it’s described as “a Cajun/CreoleFrench restaurant fusion project hoping to bring Bourbon Street to the Bourbon State.”

Eppings on Eastside has reopened after a more than three-month hiatus for dinner and weekend brunch service, with a refreshed menu focused on a variety of sharable small plate. Customers can choose bottles for onsite consumption or carryout from a new wine cellar at the Walton Avenue building entrance, with hundreds of bottles to be offered at competitive retail pricing. Local LEX Market has opened at 439 Southland Drive, with more than 100 makers, onsite classes and pop-up shops, according to co-owner Karen Gomez. Middle Fork Kitchen Bar on Manchester Street has closed permanently, according to a Facebook post. Postmasters Pub held its grand opening at 307 W. Short St. April 3. Dinner highlights include loaded mac and cheese, grilled salmon, tuna poke bowl, salads, sandwiches, sides and shareables. Big Kahuna BBQ is coming to Lexington at 904 Liberty Road, according to its Facebook page, with menu items including BBQ chicken, coconut shrimp, katsu chicken or pork, grilled tuna and grilled tofu, as well as sandwiches. Big City Pizza is opening a new location at Hamburg Pavilion, 2312 Sir Barton Way, Suite 110, with an estimated opening date of May 1, according to co-owner Curtis Gordon, who owns the restaurant along with Joey Davis and Johnny Hunt. There are existing locations in Lexington (Chinoe Road), Danville, Nicholasville and Richmond. BL Have a food-related news? Email info@smileypete.com.

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IndependentBusiness Nathan Depenbrock, pictured with daughter at left on a family vacation, and spouse Allison Depenbrock are the secondgeneration owners of Canoe Kentucky. Allison’s parents, Ed and Bess Councill, founded the business in 1981. PHOTO FURNISHED

Canoe Kentucky Celebrates 40 years From rentals and sales to guided trips and glamping, Canoe Kentucky helps clients enjoy time on the water BY KATHIE STAMPS CONTRIBUTING WRITER

rom its headquarters on the Elkhorn Creek in the Peaks Mill area of Frankfort, Canoe Kentucky has been providing customers with rental excursions for four decades. Canoe Kentucky commercially operates on 19 miles of the Elkhorn, and most customers choose either a five-mile or 10-mile trip, said co-owner Nathan Depenbrock. “You’ll go five miles in about two hours,” he said. “It’s very easy and leisurely. The water, on average, is only about knee deep.” Canoe Kentucky also offers trips on the Kentucky River. Canoers and kayakers can paddle upstream or downstream as far as they wish and stop near downtown Frankfort at one of several riverside restaurants for a bite to eat. Ed and Bess Councill started Canoe Kentucky in 1981 and ran it until the early 2000s.

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Their daughter Allison and her husband, Nathan Depenbrock, now own and operate the family business. In addition to rentals, Canoe Kentucky offers instructional programs for canoeing and kayaking, guided fishing trips, a “try before you buy” retail component, and a free shuttle to and from access points on the creek with a canoe or kayak purchase. With a fleet of 275 watercraft — 100 canoes, 125 kayaks and 40 tandem kayaks, plus rafts and paddleboards — Canoe Kentucky can logistically accommodate up to 400 or so people for a day on the water. Prior to COVID, companies like Big Ass Fans, Toyota and Lexmark held corporate outings at Canoe Kentucky. “Anderson County Middle School used to bring their entire seventh grade out every year, so that was 450 kids,” Depenbrock said. Which craft is the most popular for rentals? That would be kayaks, which account for 70 percent of boat rentals at Canoe Kentucky. “Paddle sports are exploding right now,”

he said. “Last year was phenomenal. Everybody wanted to get outside. We saw a huge uptick in the number of users.” Depenbrock keeps in touch with outfitters and retailers throughout the eastern United States, all of whom had a banner year, he said. Canoe and kayak manufacturers can’t keep up with the demand. “Even though we brought in a large inventory of boats to sell, we’re going through them very, very quickly,” Depenbrock said. “If we had somebody walk in our shop today and special order a boat that we currently don’t have on order, it would be 2022 before we can even get it for them.” The Depenbrocks made a decision many years ago not to sell boats online. Canoe Kentucky is an experiential business, and the owners and staff members want to share in their customers’ experiences. “We like to make sure that people are getting exactly what they need, not just what they think they need,” he said. There is, however, online registration for customers to schedule reservations for their trips and fill out a liability waiver, “so that you can basically show up, tell us you’re there, we put you in a lifejacket, we load you up on a bus and off you go,” Depenbrock said. As long as a Kentucky waterway is considered commercially navigable, the water is owned by the public, Depenbrock said. “It is considered a public right of way, just like any of the roads are considered public right of ways.” It gets tricker for those who want to pull up a canoe onto the shoreline for a picnic lunch, because that land is often someone’s private property. “Most landowners are used

to seeing paddlers,” he said. “And as long as paddlers are respectful, most bodies of water in Kentucky are very accessible and the landowners are very giving of their property.” With a year-round staff of five — Nathan and Allison Depenbrock plus three team leaders — Canoe Kentucky employs upward of 40 seasonal workers as drivers, boat handlers, customer service reps and summer camp staffers. The summer camps are on hiatus in 2020-21 due to the pandemic. New for 2021 is creekside glamping on the Elkhorn Creek, with three luxury tents available for rent. Allison and Nathan Depenbrock are both graduates of Western Kentucky University. They met when he was the head animal keeper at Kentucky Down Under, an adventure zoo in Horse Cave, Kentucky. She also has an MBA from Xavier University, and Nathan has certifications in outdoor safety. They both hold a master’s license from the U.S. Coast Guard. They split co-owner duties, with Allison handling payroll, accounts payable and receivable, and communications with manufacturers, while Nathan supervises employee scheduling and construction and maintenance projects. “For our 40th anniversary this year, Allison and I will be more present in the frontline operations of the business,” he said. Their three children, ages 9, 14 and 16, help out washing lifejackets, loading and unloading boats, answering phones and helping customers. “We start them out early,” Nathan said. “We hope to be a third generationowned business someday.” BL

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Disc Golf Takes Off Retail specialty store Bomb Discs aims to capitalize on sport’s growing popularity BY LIZ CAREY CONTRIBUTING WRITER

t may be a testament to disc golf’s growing popularity that a line had formed outside of Bomb Discs before the doors were even open. Stephen Cassity, who co-owns Bomb Discs with Jimmie Newsome, said the shop’s opening day was a busy one. Located on Moore Drive, the disc golf retail store and training facility opened on April 9 to a steady stream of customers. Disc golf has grown in popularity, especially since the beginning of the pandemic, Cassity said. “It gets people outside. It’s cheap, and there are disc golf courses in several of the local parks around here, so playing is free. It became something people could do safely,” he said. In fact, getting involved with disc golf during the pandemic was the impetus for starting the business, he said. Cassity, a disc golf player for years, introduced Newsome to the game. “I got started in disc golf last summer. There was not a lot going on because of the pandemic, and Stephen actually reached out to me and asked me if I’d ever played disc golf before and I hadn’t,” Newsome said in a video on the company’s Facebook page. “He invited me out for a round. We played at Botts Park in Mount Sterling, and ever since that round I’ve been hooked.” As Newsome got more involved in the game, he turned to the internet to buy discs to use. But, after about six months of buying

new discs online and realizing they sometimes weren’t exactly what he wanted, Newsome suggested to Cassity that they start a retail store that specializes in the sport. The store sells new and used discs, as well as other disc golf items like grip enhancers, bags, water bottles and other accessories. Cassity said a starter set of discs — a putter, a mid-weight disc and a driver — starts at about $15. The store is also home to a training facility where players can practice putting at one of three nets and learn more about how to play the game. “We have a throwing net for people to throw into, and we can take a video of them and help them with their throw,” Cassity said. “And we have a speed gun, not just because everyone wants to see how fast their throw is, but because the speed of your throw helps us figure out what kind of a disc you should get.” Cassity said he doesn’t see the popularity of disc golf fading any time soon. Nationally, the sport continues to grow in popularity. Locally, disc golf groups have grown exponentially. One group that plays at Shillito Park had about 70 members prior to the pandemic and has grown to about 120, Cassity said. The sport’s popularity led ESPN to air the Disc Golf Pro Championship for the first time in November. And, on March 2, professional disc golfer Paul McBeth signed a 10-year, $10 million contract with Discraft Disc Sports — becoming the highest-paid disc golfer in history. “I don’t think we’re in a bubble. I think this is going to continue to grow,” Cassity said. BL

“BANKS CAN AND SHOULD BE A GREAT SOCIAL FORCE.” – Garvice D. Kincaid – Founder, Central Bank

Garvice D. Kincaid

75 years later, it’s words like these that still guide Central Bank. While we’ve made some modern advances since 1946, we’ll never stray from the community-driven mission of our founder, Garvice D. Kincaid. Garvice knew that a bank could and should be a pillar of its community – in good times and bad. True back in 1946. And equally true today.

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Bomb Discs, a retail specialty store offering disc golf supplies and instruction, opened recently on Moore Drive.

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Member FDIC

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Resilient Under Pressure Plight of Lexington-based manufacturer illustrates disproportionate impact of pandemic on Black-owned businesses

BY LISA A. BROWN CONTRIBUTING WRITER

he shelf life of rubber, a versatile and flexible material used to seal a variety of products, is determined by how it is stored. Temperature, light, humidity and ozone affect its longevity. Under the right conditions, its life span is greatly increased. Danette Wilder, president and CEO of SealingLife Technology, a Lexington-based manufacturing and distributing company that produces O-rings and gaskets, hopes her company continues to experience longlasting endurance like the products she manufactures. “We were looking to create a company that focused on science and technology that would be around a long time,” she said. Founded by Wilder in 2008, SealingLife designs, manufactures and assembles sealing devices and WILDER systems. It creates custom polymer-based materials, including thermoplastics and rubber, and converts them into parts primarily for the aerospace, energy, utility and sports apparel industries. Similar to its rubber gaskets, SealingLife needs the right conditions to thrive, but the two pandemics — COVID-19 and systemic discrimination — are equally affecting its lifespan. Wilder, a Detroit native who originally moved to Kentucky for a job with Toyota before founding SealingLife, was featured in a recent ProPublica article about the disproportionate impacts the pandemic has had on Black-owned businesses nationally and in exacerbating longstanding inequalities. Wilder said SealingLife has lost approximately 60 percent of its revenue since COVID struck. One of its largest customers, Parker Hannifin, a Cleveland-based corporation specializing in motion and control technologies, stopped purchasing O-rings from Wilder’s company and started manufacturing them in-house. The company has also experienced a reduction in revenue with state and federal projects. While the pandemic has had a crippling effect on many small businesses, Black-owned businesses have been disproportionately affected. A report by the Federal Reserve Bank of New York found that between February and April 2020, 41 percent of Black entrepreneurs closed their businesses, as compared with 17 percent of white business owners. The report also revealed alarming gaps between Black- and white-owned businesses receiving monies from the Paycheck Protection Program (PPP). “These loans reached only 20 percent of eligible firms in states with

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the highest densities of Black-owned firms, and in counties with the densest Black-owned business activity, coverage rates were typically lower than 20 percent,” it said. As a Black female engineer and business owner in the STEM (science, technology, engineering and mathematics) field, Wilder says she has felt these disparities, even prior to COVID, in her relations with peers in the industry, with clients and in seeking funding. “This is not something that I asked for, but that I still must deal with as a business owner,” she said. Although SealingLife received $500,000 in the U.S. SBA’s (Small Business Administration) and PPP programs, Wilder says it’s especially challenging for her to secure bank loans and contracts, demonstrate her capabilities and to network with others in her industry. “There is an inherently built-in discrimination,” she said. Les Burd, owner of ElastoSeal, a Lexington-based corporation that fabricates and manufactures customized elastomer products, agrees with Wilder. Burd, who is white, said it’s difficult for a Black woman to start a business from ground zero in an industry historically run by white men. “No matter how bad we want equal footing, there are folks out there in the business world today who still would hold somebody back,” he said. Most of the monies SealingLife generates comes from clients outside the state. Wilder said Kentucky is a tight-knit area and people often prefer to do business with individuals they know personally. She’s also had clients express they do not want to hire too many Black people or hire a Black receptionist to answer the phone for fear they will be perceived as a Black company. Wilder appreciates their candor but also finds it troubling. “It’s good that I’m establishing relationships with my clients where they can be honest and open with me, but it’s bad from the standpoint that you have the audacity to say that to me,” she said. “It means you probably don’t value me.”

Paycheck Protection Program loans reached only 20 percent of eligible firms in states with the highest densities of Black-owned firms, and in counties with the densest Black-owned business activity, coverage rates were typically lower than 20 percent. FEDERAL RESERVE BANK OF NEW YORK REPORT

PHOTO BY TOM WILMES

Danette Wilder, president and CEO of SealingLife Technology, inspects a shipment of materials at the company’s facility on Industry Drive.

Terrence Woodley, owner and vice president of Seventh Sense Consulting, a northern Virginia-based company that provides IT support for federal agencies, said Wilder is talented, intelligent and capable but needs decision makers in the business realm to give her an opportunity. He also said the govern ment may have to intervene, assess true value, and grant direct awards to minority-owned businesses. Despite facing discrimination and gender bias, Wilder makes certain her company continuously evolves. Besides manufacturing rubber-related products, SealingLife also focuses on research and development, as well as testing and prototyping custom-made materials. Consulting with their clientele, they ensure customers understand the materials they are procuring and how to best utilize them. SealingLife also offers supply chain management, warehousing space and for-hire logistics utilizing its fleet of dump trucks and semi-tractor trailers. Initially, the trucks were used for waste management services and supporting SealingLife’s manufacturing, but Wilder said she saw “a need to diversify, expand and get better use out of the trucks.” The company’s vision also includes finding ways to integrate technology into its custom-made materials, allowing intelligent materials and parts to work in tandem and communicate information effectively.

Woodley, of Seventh Sense Consulting, first became acquainted with SealingLife through Goldman Sachs 10,000 Small Businesses, a program designed to assist small businesses meet strategic goals and increase revenue. Woodley said he was impressed with SealingLife and its certification with ISO (International Organization for Standardization ) 9001:2015, one of the major accreditors for quality management, and its AS9100D certification, the standard certification for companies supplying products and services to aviation, defense and space industries with a concentration in aerospace. “SealingLife played a vital part in developing our quality management system,” Woodley said. “They worked hand-in-hand with our administration and employees and built from the ground up, a top-of-the-line system.” Woodley said Wilder has excellent credentials and the ability to grow infrastructure. Late last year, Wilder was named the Supplier of the Year by the National Minority Supplier Development Council. Wilder said the recognition is a testament of the quality of work she and her team provide. Wilder says she is motivated to fulfill her vision of creating a sustainable business in the areas of engineering and science while providing opportunities for her employees. “Ultimately, I want to sustain my family and give back to the community,” she said. BL

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Creating a Support System Micro loans, financial support programs available for small businesses and families struggling during pandemic

BY LIZ CAREY CONTRIBUTING WRITER

hile the economy seems to be recovering, some businesses and families are still struggling, and banks are reaching out to help. Central Bank Chairman, President and CEO Luther Deaton announced in April that it would be partnering with the Brighton Center, a Northern Kentucky nonprofit, to offer the Central Credit Connection Loan, a micro loan for families and individuals struggling during the pandemic. The Connection Loan offers qualifying families and individuals earning less than $64,079 annually the opportunity to borrow between $500 and $3,500. The loans can be used for just about any purpose and are open to bank customers and non-customers. Borrowers who are entered into the Brighton Center’s Credit Smart Program, a financial education program, will receive a lower interest rate. In exchange, the Brighton Center will refer clients who come to them with financial concerns to Central Bank for the loan. “We looked at their requirements for their

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Credit Smart Program and at our requirements for our existing small dollar loan and kind of meshed and married the two to come up with a program that would meet their needs and that was acceptable from our credit risk standpoint,” said Chris McGaughey, community development officer with Central Bank. “In doing so we, in essence, redeveloped our existing small-dollar loan program that we have available through all of our branches.” With terms of 12 to 36 months, depending on the applicants ability to pay, the loans are designed to help low- to middle-income people establish or re-establish credit, or to meet short-term cash needs, McGaughey said. In revamping the program, the bank increased the credit limitation and eliminated what they saw as some of the credit barriers on the previous loan program to make it more accessible to those who may not have traditional credit, she said. Diana Webster, retail development officer for Central Bank in Northern Kentucky, said that while the program was relatively new, there were people working through the Brighton Center who were waiting for the program to start. At Republic Bank, individuals and families can get help through the bank’s website. “On the consumer side of this discussion, we have participated in virtual events focused on individuals, family money management and debt management,” said Todd Ziegler, Republic’s Central Kentucky market president. “Republic’s online banking platform provides debt- and budget-management tools that help individuals and families plan their finances more effectively.” For Republic, helping small businesses and entrepreneurs during the pandemic is

key. In response to the pandemic, the bank created a fund to support businesses. “In response to the challenges of 2020 and the issues around economic equality, Republic Bank created a Community Loan Fund for businesses seeking loans up to $50,000,” Ziegler said. “The intent behind the Community Loan Fund is to support small businesses and promote business development and job creation in communities impacted by inequality and inadequate access to capital.” In an effort to make applying easier, the application for the loan is only one-page long, and a dedicated processing team helps businesses seeking the loan. Republic has also helped hundreds of businesses apply for Paycheck Protection Program loans, he said, resulting in more than $750 million flowing to area businesses and helping to retain 39,488 jobs in Kentucky in 2020. “Republic Bank understands the importance of serving the community, as exemplified in our long history of working with the Small Business Administration [SBA] to meet the needs of our small business clients — earning us a ‘Preferred Lender’ designation with the government agency. Given this relationship, upon the onset of the pandemic and mandated shutdowns, Republic was uniquely positioned to ensure a swift rollout of the Paycheck Protection Program [PPP],” he said. “PPP loans were, and continue to be, a necessary lifeline for small businesses across the country… Decades-old businesses and start-ups alike were affected, meaning many companies are taking advantage of the assistance provided by these programs, and the response has been overwhelmingly positive… In fact, we happily served over 800 businesses that were not originally our clients with getting a PPP loan.”

At Central Bank, Greg Shewmaker, executive vice president of retail services, said the bank had issued nearly 4,000 PPP loans totaling more than $590 million. He estimates it will total more than $600 million by the time the program ends. In March, President Joe Biden’s American Rescue Plan increased and expanded eligibility for government assistance programs like the PPP, Economic Injury Disaster Loans (EIDL) and Shuttered Venue Operators Grant Program. Additionally, the stimulus plan established the Restaurant Revitalization Fund to help restaurants during the economic crisis. “It was set to expire March 31, and it’s been extended to May 31, and we’re taking applications every day,” Shewmaker said. In early April, the Small Business Administration increased the maximum amount small businesses and nonprofit organizations could borrow through the EIDL program. The new limit for COVID-19 EIDL loans is $150,000 for six months of economic injury and up to $500,000 for 24 months of economic injury. “More than 3.7 million businesses, employing more than 20 million people, have found financial relief through SBA’s Economic Injury Disaster Loans. The EIDL provides low-interest emergency working capital to help save their businesses,” said SBA administrator Isabella Casillas Guzman. “However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses. That is why I’ve decided to more than triple the amount of funding they can access.” In March, the SBA announced that it would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer businesses more time to build back. In order to do this, the SBA pushed back the first payment due date for disaster loans made in 2020 to 24 months from the date of the note and to 18 months from the date of the note for all loans made in 2021. BL

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WWW.BUSINESSLEXINGTON.COM

BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Banks

Local institutions ranked by total deposits inside of market

Rank

Bank Name Address Phone Website

Figures from June 30, 2020

Deposits (inside of market) as of 6/30/2019 (figures in thousands (000’s)

Market Share Percentage

Branches In MSA

Branches Outside of MSA

Outside Market Deposits

Bank Charter Class

Charter Type

Top Local Official

Central Bank & Trust Company 300 W. Vine St. Lexington, KY 40507 (859) 253-6013 www.centralbank.com

$1,948,021

15.40%

$593,350

State

Luther Deaton, Jr. (Chairman, President & CEO)

Chase Bank 201 E. Main St. Lexington, KY 40507 (859) 231-2122 www.jpmorganchase.com www.chase.com

$1,942,497

15.35%

4,965

$1,702,711,503

Federal

Donald Hellmann (President of Central Kentucky); Paul Costell (President of JP Morgan Chase of Kentucky)

Fifth Third Bank 250 W. Main St. Lexington, KY 40507 (859) 455-5353 www.53.com

$1,430,874

11.3%

1,125

$161,013,966

Federal

Kimberly Holbauer (President of Kentucky Region)

PNC Bank 301 E. Main St. Lexington, KY 40507 (859) 281-5383 www.pnc.com

$1,228,203

9.7%

2,312

$336,857,816

Federal

John Gohmann (Regional President)

Traditional Bank 2801 Palumbo Drive Lexington, KY 40509 (859) 263-2801 www.traditionalbank.com

$1,038,638

8.2%

$561,893

State

Andy Baker (CEO)

Community Trust Bank, Inc. 100 E. Vine St. Lexington, KY 40507 (859) 389-5350 www.ctbi.com

$605,214

4.7%

$3,392,498

State

Larry Jones (Central KY Region President)

Kentucky Bank 339 Main St. Paris, KY 40361 (800) 467-1939 www.kybank.com

$580,395

4.59%

$370,536

State

Louis Prichard (President & CEO)

Truist 360 W. Vine St. Lexington, KY 40507 (859) 281-2120 www.truist.com

$511,627

4.0%

2,914

$390,709,373

State

Laura Bolson (Market President - Lexington); Tom Elder (Regional President 2, Kentucky Region)

WesBanco Bank Inc. 110 W. Vine St. Lexington, KY 40507 (859) 253-2605 www.wesbanco.com

$418,396

3.3%

222

$11,768,375

State

Jeff Koonce (Market President)

Republic Bank & Trust Company 641 E. Euclid Ave. Lexington, KY 40502 (859) 255-6267 www.republicbank.com

$387,522

3.06%

$4,730,947

State

Todd Ziegler (Market President)

Whitaker Bank 2001 Pleasant Ridge Drive Lexington, KY 40509 (800) 650-0099 www.whitakerbank.com

$295,650

2.3%

$730,625

State

Elmer Keith Whitaker (President & CEO)

Bank of the Bluegrass & Trust Co. 101 E. High St. Lexington, KY 40507 (859) 233-4500 www.bankofthebluegrass.com

$249,414

1.97%

State

Mark Herren (Chairman), Bill Allen (President)

Bank of Lexington 761 Corporate Drive Lexington, KY 40503 (859) 219-2900 www.bankoflexingtonky.net

$238,992

1.89%

State

Craig Dunn (President)

Citizens Commerce Bank 534 Marsailles Road Versailles, KY 40583 (859) 879-9455 www.citizenscommerce.com

$223,220

1.76%

$27,273

State

Mark Yates (Lexington Market President), Michelle Oxley (President & CFO)

City National Bank of West Virginia 318 E. Main St. Lexington, KY 40507 (859) 367-3700 www.bankatcity.com

$206,016

1.6%

$4,209,993

Federal

Bill Craycraft (Lexington Market President)

Peoples Exchange Bank 901 Richmond Road Lexington, KY 40502 (859) 255-8193 www.pebank.com

$193,921

1.53%

$177,964

State

Charles Beach, III (Chairman), Tony Parrish (President & CEO)

U.S. Bank National Association 2020 Nicholasville Road Lexington, KY 40503 (859) 232-8181 www.usbank.com

$185,132

1.46%

2,769

$398,267,583

Federal

Perry Allen (Regional President)

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MAY 2021

WWW.BUSINESSLEXINGTON.COM

BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Banks

Local institutions ranked by total deposits inside of market

Rank

Bank Name Address Phone Website

Figures from June 30, 2020

Deposits (inside of market) as of 6/30/2019 (figures in thousands (000’s)

Market Share Percentage

Branches In MSA

Branches Outside of MSA

Outside Market Deposits

Bank Charter Class

Charter Type

Top Local Official

The Farmers Bank 110 E. Brannon Road Nicholasville, KY 40503 (859) 971-1180 www.fnbky.com

$156,560

1.24%

State

Bruce Marshall (President & CEO)

Forcht Bank 2404 Sir Barton Way Lexington, KY 40409 (866) 523-1445 www.forchtbankky.com

$135,243

1.07%

$977,209

Federal

Tucker Ballinger (President & CEO, Lexington Area)

Guardian Savings Bank 501 Southland Drive Lexington, KY 40503 (859) 263-3335 www.guardiansavingsbank.com

$120,981

0.96%

$816,312

Federal

Rick Burkhart (President, retiring the end of April 2021)

WinFirst Bank 57 S. Main St. Winchester, KY 40391 (859) 744-1900 winfirstbank.com

$97,338

0.07%

Federal

Kari Gough (President & CEO)

First Southern National Bank 3060 Harrodsburg Road Lexington, KY 40503 (859) 223-3743 www.fsnb.net

$93,713

0.74%

$777,696

Federal

Bryan Fuller (President)

Limestone Bank 2424 Harrodsburg Road, Ste. 100 Lexington, KY 40503 (859) 296-4822 www.limestonebank.com

$80,776

0.64%

$1,047,364

State

John T. Taylor (President & CEO)

Old National Bank 110 W. Vine St., Ste. 100 Lexington, KY 40507 (859) 825-6072 www.oldnational.com

$53,499

0.42%

165

$16,318,438

Federal

Scott Cvengros (President, Central Kentucky)

South Central Bank 386 Waller Ave, Ste. 110 Lexington, KY 40504 (859) 223-0170 www.southcentralbank.com

$51,325

0.04%

$1,126,924

State

Tommy Ross (President)

First State Bank of the Southeast, Inc. 2257 Harrodsburg Road Lexington, KY 40504 (859) 278-5858 www.ourfsb.bank

$32,958

0.26%

$281,051

State

Katherine J. Reese (Chairman & CEO)

Bluegrass Federal Savings and Loan Association 600 High St. Paris, KY 40361 (859) 987-2951 www.bluegrassfederal.com

$25,511

0.20%

Federal

Shanda Smith (President & CEO)

German American Bank 2352 Sir Barton Way Lexington, KY 40509 (859) 899-8880 www.germanamericn.com

$25,142

0.20%

$4,019,728

Federal

Cindy Kinnarney (Regional President)

CVNB Cumberland Valley National Bank 1721 Nicholasville Road Lexington, KY 40503 (859) 268-1189 www.cvnb.com

$23,346

0.18%

$532,214

Federal

Rockie Mason (Market President, Lexington)

Source: Information was obtained from the U.S. Federal Insurance Corp’s (FDIC) web site, the FDIC annually updates occurs in June ( June 30, 2020) and the deposits inside of market ( minimun $23,000 ($000)), market share percentage, branches inside/outside of MSA, total assets, net loans/leases and liabilities, and representatives of listed banks and their websites. Key: Bank Charter Class: N= national Bank, SM=Federal Reserve member, SA=Saving Association, SB= FDIC Saving Bank, MSA=Metropolitan Statistical Area, HQ=Headquarters, WND= Would Not Disclose, NA= Not Available, NPR=Not Previous Ranked. Footnote: * FDIC Henderson County market shares report, June 30, 2019.

Get business news when it breaks. Sign up for Business Lexington’s Weekly Wire at www.bizlex.com.

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BLX_May21.indd 17

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BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Credit Unions Ranked by total assets Rank

ending Dec. 31, 2020

Credit Union Name Address, Phone Website

Assets

Total Loans

Type

Peer Group

Total Shares & Deposits

Number of Members

Principal Officer

$1,426,076,669

110,113

Karen Harbin

Commonwealth Credit Union 417 High St. Frankfort, KY 40507 (502) 564-4775 www.ccuky.org

$1,658,002,806

$1,150,494,987

Nonfederal

University of Kentucky Federal Credit Union 2557 Sir Barton Way Lexington, KY 40509 (859) 264-4200 www.ukfcu.org

$1,135,327,920

$854,147,882

Multiple Common Bond; Primary Educational

6-$500,000,000 and greater

$988,487,742

93,315

David Kennedy

Park Community Credit Union * 2515 Blankenbaker Pkwy. Louisville, KY 40299 Local Branch: Bluegrass Region 2217 War Admiral Way, Ste. 102 Lexington, KY 40511 (800) 262-2780 www.parkcommunity.com

$1,121,794,262

$799,647,677

Nonfederal

6-$500,000,000 and greater

$987,098,900

84,170

Jim Spradlin

Members Heritage Federal Credit Union 440 Park Place Lexington, KY 40511 (859) 259-3466 www.membersheritage.org

$459,003,224

$256,069,131

Nonfederal

5-$100,000,000 < $500,000,000

$410,449,593

47,650

Pat Ferry

Health & Education Credit Union 424 Park Place Lexington, KY 40511 (859) 231-8262 www.thefcu.com

$105,440,903

$33,737,422

Multiple Common Bond Health Care

5-$100,000,000 < $500,000,000

$96,707,119

13,579

Pam Henson

EXPREE Credit Union 100 Moore Drive Frankfort, KY 40601 (502) 564-5597 www.EXPREE.org

$88,601,451

$55,400,456

Nonfederal

4-$50,000,000 < $100,000,000

$78,573,950

9,129

John Graham

Greater Kentucky Credit Union Inc. 1001 Red Mile Road Lexington, KY 40504 (859) 231-9300 www.gtkycu.com

$88,322,382

$63,876,013

Nonfederal

4-$50,000,000 < $100,000,000

$75,255,326

9,965

Debbie Pyle

KUEFCU — Kentucky Utilities Employees One Quality St. Lexington, KY 40507 (859) 367-1230 www.kuefcu.com

$51,777,956

$17,355,151

Multiple Common Bond; Primary Communications & Utilities

3-$10,000,000 < $50,000,000

$44,995,522

3,264

Stephanie Gillis

Metro Employees Credit Union 1306 Versailles Road, Ste. 140 Lexington, KY 40504 (859) 258-3990 www.metroemployeescu.org

$38,291,736

$20,182,865

Nonfederal

4-$50,000,000 < $100,000,000

$33,396,722

4,612

Piper Graham

Lexington Postal Credit Union 124 Louie Place Lexington, KY 40511 (859) 252-5151 www.lexpcu.com

$25,492,733

$8,893,663

Nonfederal

3-$10,000,000 < $50,000,000

$22,579,333

2,452

Sharon Stafford

6-$500,000,000 and greater

Source: Information obtained from the NCUA-National Credit Union Association report reflects the financials from the first quarter, ending Dec. 31, 2020. Footnote: * These credit unions have local branches in Lexington.

COMING IN JUNE The May 2021 Business Lexington will feature the following BizLists:

WHO’S WHO FOR YOU? Submit your company’s recent hirings, promotions, and awards for listing in the Who’s Who section of Business Lexington. Email a press release and photo to info@bizlex.com.

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BizList

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Engineering Firms Ranked by total number of licensed engineers Rank

Firm Name Address, Phone Website

Number of Local Licensed Engineers

2021

Type of Engineering

Notable Projects or Clients

Top Local Officials

Year Founded Locally

Stantec Consulting Services Inc. 3052 Beaumont Centre Circle Lexington, KY 40513 (859) 422-3000 www.stantec.com

112

Civil, Geotechnical, Transportation, Water Resources, Environmental, Structual

US 68 / KY 4 Double crossover diamond interchange; KY statewide bridge inspections; KDOW Dam Safety Hazard Mitigation Program; KY Lock and Dam renovations; Statewide Kentucky Flood Mapping Program; Ohio River Bridges in Louisville; LFUCG’s Sanitary Sewer Capacity Assurance Program Bridging Kentucky; extending life of 1000 bridges; Lexmark Rainwater Harvesting System; KAW’s system-wide model recalibration & updates

Glenn Hardin, PE (VP); Mark Litkenhus, PE (VP); Bret Lavey, PE (Senior Principal); Jason Maxwell, PE (Principal)

1966

HDR Engineering, Inc. 2517 Sir Barton Way Lexington, KY 40509 (859) 629-4800 www.hdrinc.com

Civil, Electrical, Structural, Environmental, Mechanical, Water Resources, Geotechnical, Transportation

Bluegrass Airport; KY Transportation Cabinet; LFUCG; RJ Corman; KY American Water; LG&E and KU; Louisville Metropolitan Sewer District; Northern KY Water District; Danville, KY; Louisville Water Company; Bardstown, KY; Paducah-McCracken Joint Sewer Agency; Ashland, KY; Elizabethtown, KY

Ben Edelen, PE (Senior VP); R. Larry Anderson, PE (VP); Brent A. Tippey, PE (VP)

1989

GRW 801 Corporate Drive Lexington, KY 40503 (859) 223-3999 www.grwinc.com

Water Resources, Transportation, Civil/Site, Electrical, Structural, Mechanical, Plumbing

LFUCG; Keeneland; cities of Georgetown, Versailles, Nicholasville, and Frankfort; KY Transportation Cabinet; Louisville Metro Sewer District; Northern KY Water District; Sanitation District No. 1 of N. KY; Berea College; McDonald’s

Ron D. Gilkerson (Chairman)

1964

CMTA Engineers * 2429 Members Way Lexington, KY 40504 (859) 253-0892 www.cmtaegrs.com

Mechanical, Electrical

University of Kentucky; Fayette County Public Schools; Eastern Kentucky University; Northern Kentucky University; Morehead State University

Kevin Mussler, PE (VP)

1968

Denham-Blythe Company, Inc. 100 Trade St. Lexington, KY 40511 (859) 255-7405 www.denhamblythe.com

Civil, Mechancial, Electrical, Structural

Lexmark, Inc.; Appalachian Regional Hospitals; Corning, Inc., Okonite, Inc.; Berea College; Toyota; Asahi-Forge; Electrolux; Logan’s Aluminum; Buffalo Trace Distillery; Catalent; Henkel; Veolia

James K. Davis (President); Bill Quenemoen (CEO)

1976

Bell Engineering 2480 Fortune Drive, Ste. 350 Lexington, KY 40509 (859) 278-5412 www.hkbell.com

Civil, Mechancial, Electrical, Structural

University of Kentucky; LFUCG; Winchester Municipal Utilities; Richmond Utilities; Berea Municipal Utilities; City of Somerset; City of Hopkinsville; Ale-8-One; Sherwin-Williams; Pepsi-Cola; Keystone Foods; Okonite, Inc.

Kelly G. Gillespie (President); James K. Roberts, PE, PLS (Exec. VP); Stephen H. Caudill, PE (VP); John D. Prince, PE (VP); David F. Schrader, PE (VP); Robert L. Pickerill, PE (VP)

1914

Shrout Tate Wilson Consulting Engineers 628 Winchester Road Lexington, KY 40505 (859) 277-8177 www.stweng.com

Mechanical, Electrical, Plumbing, Distillation Engineering, Commissioning

Great Crossing High School, Scott County; Eastern KY University Student Dining Facility; Brown Forman; Jim Beam American Stillhouse; Maker’s Mark Lakeside Tasting Facility; Ecofibre Limited Headquarters (LEED Platinum); Bullitt County Library; Jefferson Community and Technical College Advanced Manufacturing and Information Technology Center; Jefferson County Schools; Transylvania University; Rupp Arena; Appalachian Regional Healthcare; Alltech; Lexington Public Library and University of Kentucky

E. Tyler Wilson, PE (Principal); Ralph Whitley PE, (Principal); Whitley C. Casey, PE (Principal); Nick Morgan, PE (Principal); James A. Troutman, PE (Principal)

1981

Thoroughbred 239 N. Broadway Lexington, KY 40507 (859) 785-0383 www.thoroughbredfirm.com

Civil, Structual, Environmental, Geotechnical, Construction

AppHarvest; Morning Pointe Senior Living; Alltech, Home 2 Suites; Harlan County Fiscal Court; LFUCG, City of Berea; Thoroughbred Hospitality Group; Building God’s Way; The Walker Company of Kentucky

Jon Hale,PE, PMP, (Principal/ President/CEO); Darrin Croucher, PE (Principal/VP); Jeff Garrison, PE (Principal/VP); Jordan Haney, PE, LEED AP (Principal/COO)

2014

Brown + Kubican, PSC 2224 Young Drive Lexington, KY 40505 (859) 543-0933 www.brownkubican.net

Structual

Lexington Convention Center; Lexington Clinic Main Offices; University of Kentucky Delta Gamma, Frazee Hall, Chemistry/Physics, Memorial Coliseum Renovation, Student Center Addition, College of Design; Kentucky State Capitol Renovation; New Fayette Middle School; Paul Miller Mazda; Madison County Area Technology Centers

Dan Kubican (President)

2000

Staggs & Fisher Consulting Engineers, Inc. * 3264 Lochness Drive Lexington, KY 40517 (859) 271-3246 www.sfengineering.com

Mechanical, Electrical, Plumbing

University of Kentucky; University of Louisville; Eastern Kentucky University; Commonwealth of Kentucky; KY One Health; Lexington Fayette Urban County Government; KCTCS; Kentucky International Convention Center; University of Kentucky Gatton School of Business & Economics; Passport; UK Baseball Facility; Bluegrass Stockyards

Gregory G. Carter, PE (President); Wayne A. Thomas, Christopher C. Keath; Greg Kraezif; Bill Watson; Jenny Kruer

1952

EA Partners, PLC 3111 Wall St. Lexington, KY 40513 (859) 296-9889 www.eapartners.com

Civil, Environmental, Transportation, Land Development

Kentucky Transportation Cabinet; I-64; US 25; Mountain Parkway; Brannon Road; LFUCG; Beaumont Centre; Fayette Mall; Keeneland; Glassford; Blackford/ Glenegles; Hamburg/Tuscany; Homeplace

Albert W. Gross, PE, PLS (Managing Partner); Leslie M. Haney, PE, PLS (Managing Partner); Jerry Cottingham (Partner); Tom Hatfield, PE, PLS (Partner); Rick Nunnery, PE, PLS (Partner)

1979

SynTerra * 340 S. Broadway, Suite 200 Lexington, KY 40508 (859) 233-2103 www.synterracorp.com

Civil, Environmental, Mining, Litigation and Expert Witness, Surveying, Drone Geothermal, Health, Safety and Risk Management

Portal 31 Mining Heritage Museum (Harlan County, KY), thousands of coal and aggregrate mining plans and permits; Cumulative Impact Assessments for HUC 8 Watersheds (East KY); LFUCG Stormwater Projects, Phase I and II Environmental Assessments

Steven Gardner, PE (VP)

1983

Paladin, Inc. 121 Old Lafayette Ave. Lexington, KY 40502 (859) 252-3047 www.paladinengineers.com

Building Commissioning, Sustainability Consulting, Direct for Owner MEP Engineering

Ecofibre Kentucky-Hemp Black; Berea College Danforth and Kettering Residence Halls; University of Louisville Belknap Campus Residence Halls; Centre College Olin Hall; FCPS Steam and Success Academy; FCPS Headquarters; Kentucky Commonwealth Office of Technology; Kentucky Health Services Building

Candice Rogers, CCP, CxA, (President); David Burks, CxA, BECxP (VP)

1986

TIE

Source: Information obtained from Business Lexington questionnaire, company representatives and websites. More companies may have been eligible but did not respond to given deadlines. Due to spacing, some information may have been shortened. Key: *=Previous figures.

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BizLexQ&A

Crystal Wilkinson Kentucky’s new poet laureate on a life in letters and the business of books and the other Affrilachian Poets, who became a huge part of moving my writing forward. I also remember Mary Ann Taylor-Hall and James Baker Hall coming up to me after a reading and saying, ‘I really like the part where this happened.’ I was young and trying to raise my children and working all day, sometimes working two jobs, and it was wonderful to have that kind of feedback and affirmation.

BY TOM WILMES BUSINESS LEXINGTON

rystal Wilkinson was “wildly bashful” as a child, she says, “but I was always an observer. I preferred to write things down more than I preferred to speak.” Wilkinson included many observations from her childhood growing up on her grandparent’s farm in Casey County, Kentucky, in her debut story collection, “Blackberries, Blackberries.” She graduated from Eastern Kentucky University with a journalism degree, and worked on her stories and poems in the odd hours between caring for her children and working first for the Lexington HeraldLeader, then the Lexington-Fayette Urban County Government and the Carnegie Center for Literacy and Learning, where she was assistant director. Wilkinson is also the author of “Water Street” and “The Birds of Opulence,” and her debut poetry collection, “Perfect Black,” will publish this summer. A 2020 U.S. Artists Fellow who also teaches at the University of Kentucky, Wilkinson has earned numerous awards and recognition for her writing. In April, she was named as Kentucky Poet Laureate and will serve two years in the role. Congratulations on being named Kentucky’s Poet Laurette. What are your plans for the post? I’ve been thinking about what to do and how to do it, and I’m starting to get a lot of requests. I suspect my first year as poet laureate will still be a lot of virtual events, and by the second year it will open up to more in-person events. I do want to get on the road as soon as possible. I’m lucky to have known or have met every Kentucky poet laureate going back to Mr. [James] Still. They’ve all given me advice and told me about some of their adventures, and I’ve had lots of opportunity to talk with the people I’m close to, like Frank X Walker and Gurney [Norman] and George Ella Lyon. Sena Naslund is a mentor of mine, and Maureen Morehead — I feel like I know all of them, to some extent. I don’t see this role as promoting my own work — although that will be a part of it — as much as

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You and spouse Ronald Davis also owned Wild Fig Books for many years. What was that side of the business like? I think that my and Ron’s downfall was that we are both writers and artists — he’s trained as a graphic artist and my training is in journalism. We did a lot of community building and had a lot of community support and love, but our business acumen wasn’t on the forefront, which it needs to be in a for-profit business. We learned as we went, and I think did pretty well selling books, but it’s not like selling groceries — if someone comes in and buys $200 worth of books, you’re not going to see them again for awhile. What fed our bookstore was me, primarily, as we were building the business. When I was doing my speaking engagements with my publishing career, a lot of funds that came in from that went straight back into the bookstore. But we loved it. I don’t think I’ve loved anything more. PHOTO BY MARK CORNELISON | UKPHOTO

promoting the work of other Kentucky writers. To start off, I want to do a segment at least once a month called ‘Stories across the Bluegrass,’ where I’ll interview people and talk to them about their work. Everyone has a story to tell and, having lost both my grandparents and getting to an age now that most of the generations that came before me are no longer living, I think every time an older person dies, a whole host of stories leaves with them. When I worked at the Carnegie Center, there was a woman from Eastern Kentucky who I became really close to. Her name was Mexie Smith-Cottle, and she had been a telephone operator working for GE, but she always wanted to be a writer. So, after she retired, she started taking classes at the Carnegie Center, and she wrote and

self-published a book called ‘And the Road was Mostly in the Creek,’ which is a jewel of a little book. I think there are a lot of people who could be motivated to write their stories down. Writing is a solitary activity, but one that benefits from community. You do write in solitude, most of the time, and you’re often unsure if your words will have an impact — what to do with them, how to fix them, how to revise them. We often think of publishing as only one way, but the definition of published is to make public. Even if it’s just a small group, reading your words out loud and having them give you what I call in my classes ‘love notes’ and ‘help notes’ is very beneficial. Having a community of writers

has been one of the most important things to advance my work and, I think, helpful at any level — whether you’re an elementary school student, an aspiring or professional writer or a senior citizen. I certainly found a community with the Affrilachian Poets and at the Carnegie Center. I’ve always written, but I was really bashful and quiet. I had my professional life with a journalism degree and raising my children, and I worked for the city government, where I wrote newsletters and the occasional speech for the mayor and things like that, but all of my fiction and poetry I kept off to the side. I remember getting my gumption up enough to read at one of these local readings, and that was the first time I met Frank Walker

Do you think the arts are primarily a driver of culture or more of a byproduct of culture? I think some of both. Lexington is bookstore-rich, which is a blessing, but if we could have picked up and dropped the bookstore in a surrounding small town where there wasn’t already one, we might have helped create a happening. I saw that happen with Soaps and Such in Stanford, Kentucky. It’s located in an old hotel on Main Street, which the owners refurbished. They have a soap factory in the basement, and one of the owners is also a writer, so they carry books inside their little shop and they host readings and art exhibits. It offers something that you don’t have to leave home to get. I think shopping local and playing and doing local drives the economy, and if you can get it going, it also drives an art culture. BL

4/19/21 1:19 PM

MAY 2021

WWW.BUSINESSLEXINGTON.COM

Who’sWho

EMPLOYMENT NEWS AND AWARDS IN OUR COMMUNITY

LACEFIELD

BURNHAM

ROCHESTER

MILOSZEWSKI

MILLS

ANDERSON

MILLER

DE BEER

REDFIELD

MUHAMMAD

NAVIS

PARSONS

LANDRY

COTTER

FILCHAK

APRO

BUNNELL

MCHONE

SPRING

WITHERS

YOUNG

WILKINSON

New Hires & Promotions Bank of Lexington has named Cindy Burton as new president. Brian Lacefield, of Versailles, has been named the new director of the Kentucky Office of Agricultural Policy. AppHarvest, Inc., has announced that Ciara Burnham, an executive and investor with a track record of building growth businesses in financial services and social impact organizations, and Geof Rochester, a thought leader in corporate social responsibility marketing at organizations such as The Nature Conservancy, will join its board of directors. Blue & Co., LLC, has announced that Jennifer Miloszewski has

been appointed to succeed Greg Mullins as the Lexington office director-in-charge. director-incharge. Additionally, Melvin Lewis has joined the firm as an IT support specialist. Jocelyn Mills, who most recently served as the principal of Chicago’s Barbara A. Sizemore Academy for students in grades K-8, has been selected as the first-ever principal of Carter G. Woodson Preparatory Academy in downtown Lexington. Hindman Settlement School’s board of directors has named Will Anderson as its next executive director. Frost Brown Todd (FBT) has promoted Jonathan S. Miller from the head of the Lexington office to lead FBT’s new Washington, D.C., office.

Jan de Beer will take over for Miller in the Lexington office.

been promoted to the position of commercial loan officer.

Former CDC director Robert Redfield has joined Big Ass Fans as strategic health and safety advisor to provide solutions for poor indoor air quality and airborne pathogen transmission.

Wilderness Trail announced that Len Landry is joining its team as vice president of operations and engineering.

Abdul Muhammad, senior vice president of regional sales at WesBanco, has been named to Cleveland Fed’s New Equity and Inclusion Advisory Council. Davis H. Elliot Company, Inc., a fullservice electrical contractor headquartered in Lexington, is pleased to announce the promotion of Scott Navis to chief financial officer. Community Trust Bank has announced that Tina Parsons has

Southeastern Freight Lines has promoted Michael Cotter to service center manager in its Lexington office. Institute 193 has welcomed Ryan Filchak as its new director.

Kudos Leadership Kentucky is proud to announce its Elevate Kentucky Class of 2021. Local leaders from Lexington include: Ben Apro, Perfection Group; Kyle Bunnell, Dinsmore &

Shohl LLP; Ian McHone, Joseph & Joseph + Bravura Architects; Kyle Spring, Beam Suntory; and Kyle Withers, Churchill McGee. Frontier Nursing University chief diversity and inclusion officer Geraldine Young, DNP, APRN, FNP-BC, CDCES, FAANP, has been selected as one of “70 Visionary Leaders” by the University of Alabama at Birmingham (UAB) School of Nursing. Crystal Wilkinson, associate professor in the English Department at the University of Kentucky, has been named Kentucky Poet Laureate for 2021-22. Kentucky-based architectural firm K. Norman Berry Associates Architects celebrates the 50th anniversary of its founding. BL

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The Mule Team (from left): Brutus Clay, CEO, Runnymede Farm; Dr. Luke Fallon, Member, Hagyard Equine Medical Institute; Anne Hardy, Executive Director, Horse Country; Headley Bell, Managing Partner, Mill Ridge Farm; Price Bell, General Manager, Mill Ridge Farm

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Engineering Firms