BusinessLexington M AY 2 0 2 0 | V O L . 1 6 I S S U E 5
Cosmic Charlie owner John Tresaloni, operations manager Kayti McMyermick, and sound engineer Eric McMyermick pose outside the music club. PHOTO FURNISHED
Stretching Their Limits Bluegrass businesses work to adapt and survive as the nation waits out the COVID-19 pandemic PAGE 11 CraveWorthy: Local efforts help support Lexington’s restaurant industry, community in need PAGE 7
Weathering the Storm: Local wealth managers weigh in with advice on navigating through the pandemic’s financial fallout PAGE 14
BizLists Banks | PAGE 16 Credit Unions | PAGE 19
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BizLexQ&A: Meet Virginia Moore, ASL translator for Governor Andy Beshear’s daily briefings PAGE 21
Serving businesses for more than 160 years. Since we first opened our doors in 1858, we’ve put our clients and their businesses at the center of Andeverything we’re here to wehelp do. make it happen.
And that’s never going to change.
We’re here to answer your questions. For the most up-to-date information, speak to your relationship manager, or visit us at 53.com.
Our business continuity plans and preparations ensure that critical functions will continue in the event of any disruption, with policies, people and processes aligned to provide continuous service. Fifth Third Bank has a long-standing history of developing and testing comprehensive plans to effectively manage through emergencies. We are well prepared to continue delivering the best-in-class service levels you are accustomed to receiving from Fifth Third. In moments like these, we are proud to be your trusted partner. Our experts are continually focused on maintaining the safety, security and success of your business today and in the future. For more information on how we can help with COVID-19-related disruptions to your business, visit 53.com. Fifth Third means business.
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Contents
Weathering the Storm:
Local wealth managers weigh in with advice on navigating through the pandemic’s financial fallout PAGE 14
UK Economist Michael Clark on the Economic Impacts of COVID-19 PAGE 5 Staying Connected While Working Remotely: Area businesses, schools and hospitals adapt swiftly to keep workers and customers healthy and informed during the COVID-19 crisis PAGE 12 Supply chain, logistics quickly changing in the shadow of COVID-19: While shipments of food and other essential items have increased, Central Kentucky logistics experts say overall freight volumes are dropping precipitously PAGE 13
BusinessLexington Chuck Creacy PUBLISHER
chuck@bizlex.com Chris Eddie PUBLISHER
chris@bizlex.com Tom Wilmes EDITOR
tomw@bizlex.com Susan Baniak FEATURES EDITOR
susan@bizlex.com Drew Purcell ART DIRECTOR
drew@bizlex.com Sharon Metz BIZLISTS EDITOR
sharon@bizlex.com Donna Hodsdon ASSOCIATE PUBLISHER
donna@smileypete.com Theresa Stanley
Small businesses find creative ways to adapt PAGE 11
The latest statistics on local commercial and residential properties PAGE 6
BizLists
CraveWorthy
BizLexQ&A
BizIQ
Who’sWho
Ways to embrace and navigate change during times of uncertainty PAGE 9
Employment news and awards from around the Bluegrass PAGE 22
Amy Eddie
amy@bizlex.com Steve O’Bryan
steve@bizlex.com Ann Staton
ann@bizlex.com
U
Y ILE PE
TE
PAGE 7
Meet Virginia Moore, ASL translator for Governor Andy Beshear’s daily briefings PAGE 21
ACCOUNT EXECUTIVES
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Local efforts help support Lexington’s restaurant industry, community in need
Banks PAGE 16 Credit Unions PAGE 19
theresa@smileypete.com
BL
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PVAStatistics
IndependentBusiness
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News to know from around the region PAGE 4
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BusinessBriefs
DIRECTOR OF EVENTS AND PROMOTIONS
434 Old Vine Street or P.O. Box 22731 Lexington, KY 40522 P: (859) 266-6537 F: (859) 255-0672 www.smileypete.com
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BusinessBriefs
PHOTO FURNISHED
Volunteers help FoodChain founder and executive director Becca Self plant seedlings. The Nourish Lexington Fund, an initiative of FoodChain, recently received a grant to provide prepared meals for those in need.
BGCF Awards $100,000 in Grants for COVID Response Blue Grass Community Foundation (BGCF) has announced $100,000 in grants awarded from the Fund for Greater Lexington community endowment fund to support initiatives to help Lexington residents in need during the COVID-19 pandemic.
“Every day donors roll up their sleeves and give a part of themselves when they donate blood to Kentucky Blood Center. Because of their selflessness and KBC’s commitment to excellence, that blood saves lives throughout the Commonwealth—from Pikeville to Louisville and Ashland to Paducah. KBC’s commitment to serving Kentucky enables local donors to save local patients. It’s truly lifesaving.”
A grant of $50,000 will be awarded to the Coronavirus Response Fund, an emergency needs fund created in partnership with United Way of the Bluegrass and housed at BGCF. The Coronavirus Response Fund has deployed $243,000 to nonprofit organizations providing access to food, healthcare, transportation, information and other basic needs to central Kentucky residents who are adversely affected by the COVID-19 pandemic. More information about the Coronavirus Response Fund, including a list of grant recipients and donation instructions, can be found online at www.bgcf.org/ coronavirus. A grant of $10,000 will be awarded to the Nourish Lexington Fund, an initiative of FoodChain that enables out-of-work hospitality employees to provide prepared meals to those in need. An additional grant of $10,000 will be awarded to the Arts Resilience Initiative, a partnership of LexArts and BGCF, to provide financial relief for artists and arts organizations hurt by the COVID-19 pandemic. The balance of $30,000 will be set aside to award in the weeks ahead, as needs arising from the COVID-19 pandemic evolve over time.
RADIOLEX Transmits Multilingual COVID-19 Updates
Call today to donate or host a blood drive. kybloodcenter.org | 800.775.2522
RADIOLEX, Lexington’s community radio station, is connecting non-English speakers in the community with critical COVID-19 information through multilingual broadcasts on WLXL 95.7FM, WLXU 93.9FM and online at radiolex.us/covid. RADIOLEX’s on-air broadcasts and website provide critical safety and public health information in more than 20 of the most spo-
ken languages in the Lexington, where more than 185 languages are spoken. Interpreters are volunteering their time daily to make sure summaries of Governor Andy Beshear’s daily coronavirus updates are available in Spanish, Chinese, Japanese, Russian, Korean, French, Swahili, and other languages. “In a time of confusion and misinformation, it’s important for citizens to be able to access information they trust in the language they best understand,” said RADIOLEX general manager Mark Royse. The multilingual communication effort has received funding from the Coronavirus Response Fund, a joint effort of United Way of the Bluegrass and Blue Grass Community Foundation, as well as the Rex Chapman Foundation COVID-19 Relief Fund.
UK HealthCare Prepares 400bed Hospital at Nutter Field UK HealthCare announced plans to transform Nutter Field House, the University of Kentucky football practice facility, into a 400-bed field hospital in preparation for a potential surge in COVID-19 patients. “As the Commonwealth’s health care provider for advanced and critical care, it is essential that we are prepared for any scenario to ensure we are meeting the needs of our community and the Commonwealth,” said Dr. Mark F. Newman, UK’s executive vice president for health affairs, in a media release. “We need to do whatever is necessary to ensure that highest quality of care is provided to meet the challenges associated with this unprecedented public health crisis.” UK and UK HealthCare officials have been working in partnership with Lexington regional hospitals, the state health commissioner and Gov. Andy Beshear on arrangements for patient care as the number of COVID-19 patients is expected to rise in the coming weeks. Emergency Disaster Services (EDS), a Lexington-based logistic and emergency support services company that has helped to construct and stand up field hospitals in other states, has been selected to complete the project. BL
MAY 2020
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UK Economist Michael Clark on the Economic Impacts of COVID-19 BY LINDSEY PIERCY UNIVERSITY OF KENTUCKY NEWS
F
or many Americans, the economic impact of COVID-19 calls to mind 9/11 or the 2008 financial crisis — instances that reshaped our economy. But how will the lasting effects of this pandemic differ? And what can you do to lessen the economic burden? Michael Clark, director of the Center for Business and Economic Research (CBER) in the Gatton College of Business and Economics at the University of Kentucky, shares some insights. As coronavirus spreads across the country and around the globe, will actions to reduce the spread have deep ramifications for the economy? While the economic losses associated with these policies will be substantial, they should be compared to the potential costs of not having these policies in place and allowing the virus to spread rapidly. The costs to society of not containing the virus could also be substantial and include significantly greater loss of life. Not having these policies could also hurt the economy by allowing the virus to further disrupt the labor force, reduce productivity and weaken consumer demand and it’s not clear how long these effects would last. This could be particularly troubling if the virus disrupts supply chains for food, medical supplies and other necessities. Even though we don’t know the full costs of the current actions to reduce the spread, we can see these impacts in our daily lives. The economic costs of not having these actions and allowing the virus to spread quickly are much more uncertain but could be much greater. It’s also important to recognize that the economic losses are not entirely due to containment policies. The coronavirus was already affecting the U.S. economy before the first case was recorded. As the virus affected other countries, specifically China, it reduced demand for U.S. exports and disrupted our supply chains. U.S. businesses dependent on inputs from China suddenly found they were unable to obtain these inputs and had to cut production. As more restrictive measures are taken, what are the near-term and longterm economic impacts? The situation is evolving so quickly that we still don’t fully understand the near-term and long-term economic impacts. Estimates of the economic losses that were produced a week ago have largely been replaced by more pessimistic estimates. At this point, it appears that we are experiencing steep reductions in both GDP and employment — our main measures of economic activity. So far, losses are disproportionately affecting the leisure and hospitality sector, certain types of retail establishments and personal services businesses. Unfortunately, workers in these sectors often earn relatively low wages and may not have the financial resources to handle a lost job. They are also less likely to have paid leave or an ability to work remotely. So, workers in these sectors are more likely to feel the burden of the economic impact. Still, losses won’t be contained to these sectors. As consumers reduce spending, manufacturers will cut production and reduce shifts. So, it is likely that most
sectors will experience some losses before this is over. This also has implications for state and local governments, which will see tax revenues decline. Government budgets were already tight with the expectation of slower economic growth even before the virus began to spread. The impact of the coronavirus will add to the fiscal stress, forcing state and local officials to grapple with cutting services and increasing revenues. The Federal Reserve announced that it was committing to buying unlimited amounts of bonds to counter the effects of the coronavirus pandemic. What exactly does that mean? The Fed is working to ensure that there is sufficient credit in the economy to support consumers, businesses and municipalities. Consider businesses that are seeing large decreases in their revenues but still have expenses that must be paid. Many will borrow funds to pay these bills until their revenues recover. However, if the credit market dries up, then these businesses won’t be able to pay their bills and could go out of business more quickly. The Fed is signaling that it will purchase financial securities that use these types of loans for collateral. This helps ensure that banks and other lenders will continue to provide credit to businesses. The Fed’s actions could also help ensure consumers and municipalities have access to credit to help them maintain some level of spending.
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Is this unprecedented move necessary to keep the economy stable? It’s difficult to say at this point. Right now, the most important policies are those to quickly contain the spread of the virus so workers can return to their jobs as soon as possible. The Fed’s actions are really to mitigate some of the economic losses and position the economy to recover once the virus is contained. Will this announcement from the Federal Reserve help the nation avoid a recession? If so, how? These actions are unlikely to prevent a recession but could help reduce both the depth and length of a downturn. Access to credit will help consumers, businesses and municipalities maintain some level of spending, which could reduce the economic contraction. Also, by providing access to credit, the Fed can help position businesses to ramp up more quickly once the virus is contained. What would a COVID-19-induced recession look like on a global scale and on a statewide level? While we won’t know if we have officially entered a recession for some time, it is certainly looking like we are. It’s unclear what a COVID-19 recession would look like due to the uncertainty in how the virus behaves and over the policies implemented to address the virus. However, a recession would likely include a sharp drop in GDP and employment during the second quarter of 2020 and possibly continue to decline in the third quarter. This decline is likely to be much faster initially than we experienced in past recessions. Assuming the virus is contained, we could begin to see a gradual recovery possibly beginning at the end of the third quarter. However, as I mentioned, there is a great deal of uncertainty and the situation is changing rapidly. BL
traditionalbank.com MEMBER FDIC
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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 April 2020
LEAH TAYLOR-WRIGHT Market Manager
NMLS# 1040160
HOMEGROWN BANKING DECISIONS MADE NEXT DOOR 4097 Nichols Park Drive • Lexington (859) 721-0100
SALE DATE ADDRESS
PRICE
PURCHASED BY
3/12/20
2160 Fontaine Road
$9,250,000
Wallace Humphress SPE LLC
3/13/20
1980 Haggard Court
$3,900,000**
Brannon 230 LLC
3/11/20
3100 Mapleleaf Drive
$2,300,000**
Andover One LLC
3/18/20
881 Corporate Drive
$1,900,000
881 Lexington Properties LLC
3/3/20
501 E. High Street
$1,825,000**
501 East High Street LLC
3/3/20
1021 Majestic Drive, Ste. 150
$465,000
National Behavorial Health PLLC
3/27/20
474 Stone Road
$395,000
Stone Road Properties Limited
3/17/20
128 Dennis Drive
$375,000
Bookmans Development LLC
3/20/20
205 Walton Avenue
$375,000
Alm Properties LLC
3/2/20
557 N. Limestone
$269,900
Chen, Howard L
3/27/20
221 Dantzler Court
$263,000
Cashen Christopher R And Diane H
3/3/20
507 E. High Street
$255,000
501 East High Street LLC
3/19/20
387 Bob O Link Drive
$250,000
Davis, Gregory And Deborah
3/2/20
139 N. Hanover Avenue
$245,000
Kentucky Elite Builders LLC
3/4/20
212 Dantzler Court
$245,000
Brown, Christopher M. and Julia K.
3/4/20
240 Conn Terrace
$200,000
Receiver Services LLC
3/18/20
401 Lewis Hargett Circle, Ste. 130
$175,000
F&W 401 LLC
3/13/20
1795 Alysheba Way, Unit 5203
$146,500
1795 Commercial LLC
3/2/20
224 Dantzler Court
$135,000
Colon, Tyler E
*Sale price based on a multiple-parcel transaction **Parcel includes multiple improvements
Residential Sales Data for April 2020 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.
GREAT. BIG. GRAPHICS.
2018 RESIDENTIAL SALES
2019 RESIDENTIAL SALES
2020 RESIDENTIAL SALES
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500
400
300
200
100
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
5%
0%
-20%
7%
4%
-7%
0%
-2%
14%
4%
6%
19%
MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR
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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.
MAY 2020
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7
CraveWorthy Local efforts help support Lexington’s restaurant industry, community in need BY SHANNON CLINTON CONTRIBUTING WRITER
A
fter providing hungry patrons with food and service with a smile for years, many of Lexington’s restaurant employees suddenly found themselves out of a job in March, as changing public health regulations forced restaurants to close their doors to the public in the battle against COVID-19. As owners were left wondering how they’d pay the bills, some restaurants quickly transitioned to takeout and delivery services with a pared-down staff, while others, like Alfalfa restaurant, have announced their closure or, like Joe Bologna’s restaurant, an indefinite hiatus until the crisis has passed. Meanwhile, several groups have been busy organizing, soliciting donations and serving food to displaced or significantly underemployed restaurant and hospitality workers as they struggle to make ends meet. One of those is the Restaurant Workers Relief Program, which launched a relief center at Great Bagel & Bakery on Boston Road to provide meals, pantry and household items seven days a week to restaurant industry workers in need. The effort is a partnership between the LEE Initiative, founded by Louisville- and Washington D.C.-based chef Edward Lee, along with LexUnite and a financial investment by Maker’s Mark. Creation Gardens and Aramark have also donated food to lower costs, according to Samantha Fore, one of the program’s coordinators. Fore, chef/owner of Lexington popup restaurant Tuk Tuk Sri Lankan Bites, has also been busy helping the Restaurant Workers Relief Program launch 14 locations nationwide in its first 10 days, including sites in Atlanta, Los Angeles and Louisville, with more on the way. Fore said, with all the uncertainty and upheaval, restaurant workers are mostly feeling shell-shocked, but the program is there to help lessen their mealtime worries. “It’s been a massive community effort,” Fore said. “I’m amazed. People have loaned out equipment, supplies and food. This has been a real example of our community surrounding each other and making a group effort. The LEE Initiative is the umbrella, but we are all getting it done for our city.” In its first week, in late March, Fore said the Lexington program served between 200 and 300 people during designated pickup hours of 5 to 7 p.m. And, with seasoned food industry volunteers and a handful of paid employees, the meals dished out are hot, hearty and tasty. In addition to its carry out business, Bluegrass Hospitality Group is also using its kitchens to prepare meals for healthcare professionals, first responders and essential retail employees throughout the community. In an effort to reach as many people as possible, the restaurant group is teaming up with businesses and individuals who want to help by providing a meal for $15, or sponsoring an event for the group of their choice. On April 1, an initiative to help displaced hospitality workers was announced called Nourish, a partnership between FoodChain, the E.E. Murry Family Foundation, Keenel-
WE’RE HERE TO HELP.
PHOTO BY THERESA STANLEY
Samantha Fore, chef/owner of Tuk Tuk Sri Lankan Bites, has been working to help launch a Restaurant Workers Relief Program through the LEE Initiative.
and and VisitLEX, with donors including the Lavin Family Foundation and the Jenna and Matthew Mitchell Family Foundation. The program combines the efforts of “local chefs, businesses, farms, funders and nonprofit agencies in order to feed our hungry community members,” according to a press release. Food service workers can receive $60 per four-hour shift preparing and delivering meals to hospitality industry families and others in need, including seniors in affordable housing apartment complexes and families identified by family resource coordinators. Distribution points have also been set up at FoodChain’s kitchens at the corner of Jefferson and West Sixth Streets, and the Whitaker Bank Ball Park. For its part, Keeneland donated 1,500 pounds of food to the program, as well as 100 percent of all online sales from its two retail shops in April. Fore said the economic costs of the coronavirus crisis became readily apparent as thousands of people were laid off at once and suddenly left scrambling to pay the rent or mortgage, utilities and other monthly expenses. In the past, service industries were always quick to step up and donate to a variety of community fundraisers and events, and now they need the help, Fore said. She said what she wants restaurant professionals to know during this difficult time is “that we’re here for them and there are always going to be resources out there to help them. They won’t be forgotten. We’re the lifeblood of this town.” Donations of food and nonperishable goods for the Restaurant Workers Relief Program can be dropped off at Great Bagel & Bakery or monetary donations made via www.leeinitiative.org. For more information about Nourish and how you can help through donations, food prep and delivery, visit them on the web at www.nourishlexington.org. BL
We’re here for your business, and we’re here for you. To discuss your business options, give us a call at 859-253-6222 or visit us at centralbank.com.
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BizIQ
9
A MONTHLY COLUMN OF BUSINESS INSIGHTS FROM CENTRAL KENTUCKY PROFESSIONALS
Ways to Embrace and Navigate Change During Times of Uncertainty BY VITALE BUFORD CONTRIBUTING WRITER
T
imes of uncertainty can create heightened anxiety, fear and chaos. However, it’s the individuals and organizations that use this time to turn inward and embrace change that will come out ahead. Instead of looking at uncertainty as a time to shrink and be fearful, you can look at uncertainty as a time to expand and be open to possibility. It’s time to step into your power. It’s a time to embrace and navigate change. Here are some ideas to help: Reframe your thinking It’s all about perception. As Wayne Dyer says, “if you change the way you look at things, the things you look at change.” It’s important to reframe the way you look at this time of uncertainty — reframe “uncertainty” as a time of “possibility.” When we look at this as a time of possibility, we open ourselves up to creativity and innovation. Some of our most-used companies today were born during the financial crisis of 2008 — Airbnb, WhatsApp, Uber, Slack and Venmo, to name a few. They seized a time of mass chaos and uncertainty and turned it into a time of possibility. Now is not a time to be constricted — it’s a time to dream. Turn difficult decisions into opportunities. Turn hard times into your training ground. How can you deliver new and better services to your clients? How can you add value to your workforce? How can you connect better with your loved ones? How are you going to reframe this as a time of possibility? Choose better During this “collective pause,” it has become more apparent than ever that the only thing within our control is ourselves. And that means we are responsible for our own thoughts, words and actions. This also means we have the power of choice. And it’s our responsibility to choose better thoughts, words and actions. One of the ways you can choose better is to flip “what if” to “even if.” “What if” is fearbased. It comes from our human need to control. Again, the only thing within our control is our thoughts, words and actions, so we need to
Some of our most-used companies today were born during the financial crisis of 2008 — Airbnb, WhatsApp, Uber, Slack and Venmo, to name a few. They seized a time of mass chaos and uncertainty and turned it into a time of possibility.
PHOTO FURNISHED
Small changes, such as sticking to a morning routine and avoiding fear-based “what-if” questions, can help reframe times of uncertainty into moments of possibility, said executive coach and author Vitale Buford.
shift our perception from fear-based thinking to a position of trust and faith. Instead of “what if my children don’t return to school this year?” or “what if my client/customer cancels their contract?” flip to “even if my children don’t return to school, it’s going to be okay” or “even if my client/customer cancels their contract, it will be okay; in fact, if they cancel that creates space for better clients.” See how much better “even if” feels? It melts away anxiety almost instantly. There is so much power in your thoughts — and you have the power to choose your thoughts.
plex routine in order to make progress, but that’s not true. A simple 5- to 10-minute daily check-in is sufficient and a great place to start. One of the most impactful activities I do during my morning routine is writing out a daily gratitude list. Instead of starting my day thinking about how tired I am or how annoyed I already am with the day, I start by focusing on what it is that I’m grateful for. My son, my health, my home, my dog, my business, the beautiful weather, hot coffee … and the list goes on and on because there’s always something more to be thankful for.
Create a morning routine It’s easy to lack motivation and feel directionless when things are uncertain. During a time with less structure, it’s important to create structure — and you can do this by creating a daily morning routine. Committing to a morning routine will change the way you respond to the difficulties of your day, and it allows you to run your day instead of your day running you. Morning routines allow you to start your day off with a win — they allow you to begin your day with action and confidence. You don’t need three hours of meditation time every single day for your morning routine. Too many people think they need some com-
Done is better than perfect During times of uncertainty, your fears and anxiety can lead you to feeling stuck. To get unstuck, you need to get into action. One of my favorite mantras for taking action is “done is better than perfect.” As a recovering perfectionist, I can easily let perfection get in the way of progress. Not with this mantra. “Done is better than perfect” reminds me to start now instead of waiting for the “perfect moment.” It reminds me to take massive, imperfect action. Every time you take action, you gain confidence, which leads to more action and more confidence. And we can use all the action and all the confidence we can get right now. What can you take action on today? BL
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Vitale Buford (vitalebuford.com) is an iPECcertified executive coach, speaker and author who helps organizations, groups and individuals release fear and perfectionism. Featured in The New York Times, she is the author of a new book, “Addicted to Perfect,” which details her 10-year struggle with Adderall and perfectionism.
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IndependentBusiness
Stretching Their Limits Bluegrass businesses work to adapt and survive as the nation waits out the COVID-19 pandemic BY KATHIE STAMPS CONTRIBUTING WRITER
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hat do you wish you had known when 2020 started that would have made the March transition any easier? Who have you been looking to for guidance? What pivot points have you made, and will you continue to implement them? What have you learned about yourself through this time? How quickly have you become a tech expert with Zoom, GoToMeeting or other pieces of technolSAUER-ZAVALA ogy? “All of the uncertainty around dealing with this pandemic is a natural trigger for anxiety, whether it’s worry about contracting the virus or fears about the future of one’s business,” said Shannon Sauer-Zavala, Ph.D., a licensed psychologist and assistant professor of psychology at the University of Kentucky. She has been providing therapy for a decade, but recently had her first experience with telehealth, using the secure business version of Zoom. “I’ve been pleasantly surprised with how easy it is to replicate the in-office therapy experience online,” she said. Sauer-Zavala is conducting a clinical trial on personalized treatment for anxiety and depression “to help people suffering from these conditions to feel better, faster,” she said. They are currently recruiting applicants for the trial, with no cost for services to those who are selected to participate (tips.as.uky. edu/participate). Mandy Eakins, a certified professional dog trainer and owner of Manners Matter Dog Training and Daycare in Nicholasville (mannersmatterky.com), moved all private lessons and group classes to an online format in March. “I wish I had put more into my online offerings, but it was never a big request,” she said. “I’m spending time on setting up online options versus actually being able to market them. I need to do a better job of helping my clients understand how dog training truly works. It’s not about me working with their dog specifically. It’s about me teaching them how to teach their dog.” Eakins and her staff made adjustments to drop-off and pick-up procedures to halt public traffic into the building. “Luckily our business is considered essential for animal care and we can continue to operate, but we have taken a hit,” she said. And although not having a clear end date to the mandates has made it hard, the experience has taught her that she’s stronger than she thought. “I have been proud of myself and my ability to change in a moment of panic,” she said. “I’ve also learned what a comfort myself and my care team are to our clients.”
Kayti McMyermick started getting postponement and cancellation emails on March 12 for Cosmic Charlie’s (cosmic-charlies. com). She is the operations manager of the independent live-music venue on Loudon Avenue. “The livestream was an idea I ran with immediately utilizing a phone (and laptop webcam) to start with, and quickly moving into high-quality video and audio,” she said. With the building closed to the public, the company is losing the majority of its business revenue from bar sales. “The revenue from these shows, split 50/50 with each night’s artists, will hopefully continue to be just enough to keep our essential bills paid until we can reopen,” McMyermick said. In the meantime, the staff is out of work, including those who run the online concerts. “This time has really lent itself to the DIY attitude,” she said. “There’s something about being able to make it work during a crisis. It’s something I’ve always strived to be able to accomplish. If nothing else, make it work.” Adcolor (adcolorinc.com) is a manufacturer of printed graphics, with the equipment and expertise for converting plastic materials into custom parts by way of die-cutting and digital cutting. “We are redeploying this experience and technology to manufacture face shields for the first-responder and medical communities, as well as to help with corporate requests,” said CEO Dave Messner. On the first Friday of April, Adcolor shipped out 5,000 pieces of personal protective equipment, in the form of polycarbonate face shields, to hospitals, convenience stores and universities in different states. Because of its relationships with customers in the defense sector, Adcolor is considered to be part of the Defense Industrial Base Essential Critical Infrastructure Workforce, according to Department of Homeland Security guidance. “We have been asked to continue to operate and keep supply chains uninterrupted,” Messner said, adding of the production, “It’s a satisfying thing that we are able to put them in the hands of people who need them.” As a campground and event facility on a 100-acre holler near Berea, HomeGrown HideAways NATHAN AND JESSA TURNER (HomeGrownHideAways.org) has been a seasonal business since 2008, slowing down only in winter. Until 2020, that is. Owners Jessa and Nathan Turner were planning a summer concert series and had been collaborating with local educators for on-farm workshops that, along with lodging bookings, are on hold for the time being. Last year nearly 1,500 guests from 39
PHOTO FURNISHED
From left, Cosmic Charlie owner John Tresaloni, operations manager Kayti McMyermick, and sound engineer Eric McMyermick pose outside the music club, which is live-streaming performances online.
states and 14 countries visited the remote location. In March the Turners implemented a Pay Now, Stay Later option “where folks can book a primitive campsite now and then apply those funds to a future booking of greater value,” said Jessa Turner. It’s their version of a gift certificate, as they are not currently set up to offer those. She is an Airbnb consultant for MACED, the Mountain Association for Community Economic Development, and is
Adcolor customer service representative Linda Kersey demonstrates one of the face shields the company is manufacturing for healthcare workers. PHOTO FURNISHED
working with them to update the curriculum into an online webinar. “It’s both heartbreaking and inspiring to see how our friends with small businesses have been handling these drastic changes with grace and hope,” she said. “One thing is certain, we probably wouldn’t have used our tax return to build a dance floor in the pavilion, but at least we’re ready to throw one hell of a party as soon as we get the all-clear.” BL
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Many area healthcare providers are offering telehealth appointments for nonemergency consultations. PHOTO FURNISHED
Staying Connected While Working Remotely Area businesses, schools and hospitals adapt swiftly to keep workers and customers healthy and informed during the COVID-19 crisis BY ROBIN ROENKER CONTRIBUTING WRITER
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n mid-March, as cases of COVID-19 began to spread across the state and nation, local businesses were faced with a challenge: How to operate in a new, socially distanced reality. While in-person businesses such as hair salons, tattoo parlors, cinemas and gyms have had to shutter completely to adhere to the new social distancing guidelines, other sectors have been able to pivot to continue providing professional services remotely. As customers navigate the new normal of staying healthy at home — living, working, and, for those with children who are students, teaching and learning — all in a single space, there are bound to be anxieties and uncertainties. Keeping an open, honest line of communication with clients — one that acknowledges their questions and concerns and offers actionable information for navigating this new normal — is key, said Bill Allen, president of Bank of the Bluegrass and Trust Co. Like several area banks, Bank of the Bluegrass opted to close its lobbies in mid-March except by appointment, while keeping its drive-through and online banking platforms accessible. Bank of the Bluegrass sent email messaging to all its account holders outlining the steps it was taking to keep staff and customers safe. Additionally, staff members individually called many of the bank’s wealth
management clients in order to address concerns they were having, particularly in the wake of disruptions to the stock market and other financial indicators. Clients “are all home right now. They want to talk. The response to our phone calls was so uplifting,” Allen said. “They appreciated that their bank was calling them just to check in. Just to ask: ‘Do you need anything?’” Several Bank of the Bluegrass employees are working from home, and communicating with customers and work colleagues regularly by phone or video conference, as needed. For those staff still reporting to one of the bank’s three Lexington branches, distances between workstations have been expanded, and extra precautions have been enacted to keep both staff and customers safe. “We try to do as much as we can via Zoom and over the telephone,” Allen said. “But if there is a real need for someone to come in, they must stay six feet away. We disinfect before the client comes in, and we disinfect again afterwards. We are trying to be very smart about it, but yet we want to make sure our customers are taken care of.” Similarly, staff and attorneys at McBrayer PLLC have found Zoom video conferencing and internal document sharing and communication platforms like Microsoft Teams to be invaluable tools as they continue serving clients while working remotely from home. “We’re also the type of firm where you can typically even go to our website and get
personal cell phone numbers, so it’s been very seamless for us,” said McBrayer member Jaron Blandford. “We’ve been able to stay in constant contact with clients, potential clients and other lawyers, on all of our cases.” McBrayer has been sending informative email news bulletins to its business clients, with articles on navigating managementrelated aspects of COVID-19 closures, from employee leave compliance to relief loans and payroll protection. “We’ve been communicating to our clients about navigating the crisis every day,” Blandford said. “I believe our firm has been on the forefront, here in Kentucky, in getting information out there. Many of our small business clients have expressed their appreciation at the information that [McBrayer legal writer] Brian Powers and our lawyers have been able to produce and share.” The extra time and effort to contact clients in this time of uncertainty can go a long way toward relationship-building. Responsive communication channels and the effective use of technology has also proven critical as schools have shifted to remote learning, and many teachers find themselves in dual roles as educators and IT support personnel. Kentucky State University computer science professor Jens Hannemann pivoted his classes to a fully online model in late March, adopting a technology smorgasbord to keep communication flowing. Hannemann uses Blackboard to host online class video conferences, YouTube to post tutorial videos, Slack for instant messaging and GitHub as a repository in which students share their coding assignments. “During the students’ spring break, faculty got together and had lots of virtual meet-
ings to agree on a plan for the technologies [to adopt] and how to reorganize our classes,” Hannemann said. Roughly 90 percent of Hannemann’s students had ready access to a computer and internet at home, he said, and KSU is working to loan out laptops as needed. The biggest challenge for teaching computer science remotely, according to Hannemann, has been guiding students on how to access the specialized software development programs already installed on KSU classroom computers via their own home equipment. “I created my own YouTube channel with lots of videos on how to recreate what we had in the lab on their personal machines,” Hannemann said. “They’ve finished with that now, and so we can actually resume classes.” Thanks to telemedicine platforms, even medical guidance can be provided remotely — allowing patients to stay in direct contact with their health care providers, without the need for in-person office visits. Lexington Clinic launched its new Telehealth services on March 23, offering patients a means to connect privately and confidentially with physicians via their computer, tablet or smart phone. Several other area medical providers — including UK HealthCare’s UK Telecare and Baptist Health’s Virtual Care — are also promoting telemedicine as a means of reducing office traffic while social distancing remains a priority. Said Lexington Clinic CEO Dr. Andrew Henderson: “While we don’t know how long this crisis will last, we do know that our new Telehealth program will allow us to continue to provide the highest quality of health care to our patients and community.” BL
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Supply chain, logistics quickly changing in the shadow of COVID-19 While shipments of food and other essential items have increased, Central Kentucky logistics experts say overall freight volumes are dropping precipitously BY LIZ CAREY CONTRIBUTING WRITER
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or those in the middle of the supply chain in Central Kentucky, quickly adapting to the changing COVID-19 world is an ongoing effort. From the onset, supply chains and distribution networks were critical in getting supplies to store shelves as shoppers bought out supermarkets and discount stores. Now, getting medical supplies from producers to hospitals is a critical concern. And in the midst of massive changes in what is being shipped, logistics companies must also deal with changes in how they do business. For Evan Calvin, managing director of LandCal, a logistics company in Georgetown, stay-at-home orders issued by Gov. Andy Beshear in March meant working from home. â&#x20AC;&#x153;It honestly hasnâ&#x20AC;&#x2122;t changed too much for us â&#x20AC;&#x201D; we already worked remotely. There are five people in the office and the others work outside of the state, so that transition hasnâ&#x20AC;&#x2122;t been too difficult for us,â&#x20AC;? Calvin said. The biggest shift, he said, was adapting quickly to the changing structure of the markets. Prior to the social distancing and stay-athome orders issued to combat the corona-
virus, freight volumes (the measure of how much freight is being shipped nationally) across the country were growing. Volumes in 2018 and 2019 were record low years, he said. But during the last week of March, freight volumes surged to an all-time high. Now those volumes are headed down, with no end in sight. According to FreightWaves, a publication that covers the shipping industry, freight volumes on long-haul trips were up over a sixmonth period ending in February. Volumes for short-haul trips were up 20 percent. Calvin said those volumes shot up during March, as distribution networks reeled trying to keep up with consumer demand. Now, however, freight volumes have fallen again and continue to plummet, according to Yahoo! Finance, as stay-at-home orders remain in place and more businesses shutter every day. Calvin said truckers and vendors are all working together to ensure the safety of drivers and those working in shipping/receiving warehouses. At Amazon, which has two warehouse facilities in Lexington, changes include distributing masks to employees and taking employeesâ&#x20AC;&#x2122; temperatures, as well as working on routine testing of employees. â&#x20AC;&#x153;A next step might be regular testing of all employees, including those showing no
symptoms. Regular testing on a global scale across all industries would both help keep people safe and help get the economy back up and running,â&#x20AC;? the company said on its blog. â&#x20AC;&#x153;Until we have an effective vaccine available in billions of doses, high-volume testing capacity would be of great help, but getting that done will take collective action by NGOs, companies, and governments. For our part, weâ&#x20AC;&#x2122;ve begun the work of building incremental testing capacity. A team of Amazonians with a variety of skills â&#x20AC;&#x201D; from research scientists and program managers to procurement specialists and software engineers â&#x20AC;&#x201D; have moved from their normal day jobs onto a dedicated team to work on this initiative. We have begun assembling the equipment we need to build our first lab and hope to start testing small numbers of our front-line employees soon.â&#x20AC;? Keri Bertolino, a spokeswoman for Amazon, said that while she couldnâ&#x20AC;&#x2122;t speak specifically on operations in Lexington, where several workers have tested positive for COVID-19, the company is working to ensure the safety of all of its warehouse employees as well as its customers. â&#x20AC;&#x153;To serve our customers while also helping to ensure the safety of our associates, weâ&#x20AC;&#x2122;ve changed our logistics, transportation, supply chain, purchasing and third-party seller processes to prioritize stocking and delivering items that are a higher priority for our customers,â&#x20AC;? Bertolino said in a statement. â&#x20AC;&#x153;This has resulted in some of our delivery promises being longer than usual. We are also hiring over 100,000 positions across the United States to enable us to provide this vital service to people everywhere, especially to those, like the
elderly, who are most vulnerable.â&#x20AC;? At places like Kroger and Meijer, operations continue at a brisk pace. Cincinnati-based Kroger operates 44 distribution centers across the country to serve all 22 of its operating divisions, using a fleet of 867 tractors, 35 trucks and 12,853 trailers. In late March, the Cincinnati Enquirer reported that the companyâ&#x20AC;&#x2122;s Blue Ash distribution center, which collects and distributes its perishable goods, sends out 120 semi-trucks full of grocery supplies to area stores, averaging 1 million cases of groceries per week. According to Jeff Durrough, regional director of logistics for the distribution centers, business is anything but normal. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s been like Thanksgiving every day since [March 12],â&#x20AC;? Durrough told the Enquirer. Kroger has said that it would allow its associates to wear protective masks and gloves, and is working hard to not only secure personal protective equipment, but also to enforce to government officials that grocery workers, after health care workers, should be given priority for PPEs. Kroger CEO Rodney McMullen said he is conferring with industry peers as far away as China in order to stay on top of the situation. For Calvin, the challenges are not over. He sees big changes coming to shippers and receivers. â&#x20AC;&#x153;I wouldnâ&#x20AC;&#x2122;t be surprised if we saw a lot of trucking companies and small business suppliers go out of business if this drags on,â&#x20AC;? he said. â&#x20AC;&#x153;This has been wildly different from anything weâ&#x20AC;&#x2122;ve seen. Once it does stop, weâ&#x20AC;&#x2122;ll bounce back, but it will be interesting to see how many people survive to get there.â&#x20AC;? BL
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IMAGE FURNISHED
Weathering the Storm Local wealth managers weigh in with advice on navigating through the pandemic’s financial fallout BY SUSAN BANIAK BUSINESS LEXINGTON
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n March, as states hunkered down under shelter-in-place orders and medical communities scrambled to prepare for COVID-19, Tom Kessinger, director and branch manager of Kessinger-Lee Financial Group at Baird, wrote two words in capital letters on a sticky note and attached it to his computer monitor: “STAY CALM.” It’s a small reminder for him, and a message that he and other wealth managers across the Bluegrass have worked to communicate to their clients as the stock market courses through one of its most tumultuous periods on record. “We are focusing on knowing what we own, staying calm, and then making our moves slowly,” Kessinger said. While the market has faced rapid declines in the past, the nature of the pandemic and the scope of the nationwide shutdowns have added a new element of apprehension to the current crisis. Kessinger likened it to a mixture of the stunning human tragedy experienced during 9/11, the “economic tsunami” of the KESSINGER 2008-2009 financial crisis, and the high unemployment endured by the nation during the 1970s. And the country is bringing lessons from all those crises to bear as it faces its current challenge. “If experience is a wise teacher, we’ve had a lot of experience over the last 30 years,” Kessinger said. Financial advisors across the Bluegrass have spent much of their time during the past month checking in on their clients, both personally and financially. Most have remained steady in their investments, they said, but the market downturn has been particularly disconcerting for shuttered business owners and for those who are retired or approaching retirement age. “Generally, our clients are feeling higher levels of stress but are not panicking, and they are not letting fear drive their investment decisions,” said Matt Galbraith, vice president
of business development for Community Trust Wealth & Trust Management. “The groups that have been the most concerned are clients that have shorter time horizons and clients who are on a fixed income and rely on their portfolio to generate an additional income stream.”
GALBRAITH
Maintaining perspective As media headlines focus on the shock of record single-day point drops, wealth managers have encouraged investors to focus on their own plans and remember that most portfolios are built to temper some market adversity. “Advanced planning and modeling have really helped clients maintain a positive attitude and show resolve in sticking with their plans, allowing them to focus on doing their part to help us all get to the other side of this crisis,” said Kevin Avent, managing director, wealth management, for Unified Trust. “We coach clients to tune out the drama, especially the financial media, during times like this, and AVENT stay focused on the recovery.” Bear markets come in all different shapes and sizes, Avent said, but they share two fundamental characteristics: they bring drama with them, and eventually they give way to new bull markets. “This is precisely the time clients must focus on their own individual time horizons, which for most folks is at least five years or longer from now, allowing plenty of time for stocks to recover and make new highs again,” Avent added. When the daily news cycle is spurring market fluctuations, it is crucial for clients to keep their eyes on the long game, according to John Boardman, founder and CEO of Ballast, Inc. “My favorite quote from Warren Buffet is: ‘In BOARDMAN the short-run, the stock
market is a voting machine. Yet, in the longrun, it is a weighing machine,’” Boardman said. “If you try to trade in and out of markets when news is driving market behavior, you are a playing a dangerous game. We believe refocusing our clients’ attention to their plan helps properly recalibrate their long-term perspective.” Although the volatility can be unnerving, Barry Norfleet, senior vice president and senior trust NORFLEET officer for WesBanco Trust & Investment Services, said patience is often the best course of action. “With wide equity market swings, many investors are thinking, ‘Don’t stand there, do something,’ when the best course of action is to not do anything but just stand there,” Norfleet said. “Our best practice involves examining these types of portfolio corrections, and the last thing investors should do is change plans during a steep correction.” When to sell – and when not to While most advisors adhere generally to buy-andhold strategies, not all have counseled clients to ride through this downturn. For Jeremy Wallace, founder and chief investment officer at Wallace Hart Capital WALLACE Management, the recommended course of action was a swift departure from the market at the end of February. “We have a disaster plan in place for all of our clients,” Wallace said. “That executed for us on February 28, and we actually sold all of our clients out of the market.” Wallace said the company’s disaster plan, which they incorporated into financial plans starting in 2012, is designed to shield investments particularly for older clients who don’t have a longer timeline in which to recover, and also to protect the mental health of those investors who just can’t bear precipitous drops in their portfolios. “We’re not trying to predict the market. We are not trying to time the market,” Wallace said. “The psychological impact of seeing money evaporate in the course of a month—or three months or six months—is really difficult, and most people can’t stomach it. They think
they can, but when it happens, they can’t.” For those who have already experienced losses, Suzanne Powell, vice president and wealth management advisor at Meridian Wealth Management, advises them to stay the course. Selling to cash will not bring that lost money back, she points out, unless they can buy back cheaper than they sold. “Considering that the market is experiencing huge swings every day, it POWELL will be very hard to time a buy back in, which means you may likely buy back at a higher price,” she said. Continuing contributions to 401ks and IRAs will allow investors to buy into the market at cheaper prices, Powell said. And for those who can, bumping up those contributions now will benefit them even more in the long run, she said. “If their employment is stable, I have asked people to actually increase their contributions temporarily while they are home and not spending discretionary dollars on entertainment,” she said. Galbraith has counseled clients to be both rational and opportunistic in any portfolio changes they might consider. “Since the bear market began in February, we have taken investment actions on multiple occasions, including adding to our existing investments in certain high-quality, wellmanaged companies, as well as taking new positions in companies that we have always liked but previously considered too expensive,” Galbraith said. “We have also exited some positions where our confidence had waned and the stock no longer held the same level of appeal.” Reliable performers are resilient Solid companies with strong balance sheets that perform well in long-term portfolios are also the most likely to bounce back after a crisis, advisors pointed out. “We have confidence in the types of companies that we own, and while this virus is impacting all businesses, we know that, long term, the companies that we buy should be industry leaders for the future,” said Quin Broadbent, vice president and director of portfolio management at Kentucky Bank. BROADBENT
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“This virus has started to create a new normal, and we are fortunate to have companies in the clients’ portfolios that should succeed in this new environment as well.” John McIntosh, director of the McIntosh McINTOSH Terhune Group at Baird, emphasized that even as investors wait to see how the market adapts, the companies they are invested in are actively seeking creative solutions to grow and protect their businesses. Many industries, especially pharmaceuticals and manufacturing, will likely emerge with breakthrough innovations and new opportunities. “Even if you don’t make any changes to your portfolio, the companies that you own are busy trying to figure out how to make sure their business survives and thrives in the near future,” McIntosh said. Through its many historic declines, the market has always managed to find its way back. McIntosh pointed out that since 1950, the market has dropped by more than 19 percent over a dozen times, and in every case, it climbed back to make a new high – sometimes within two months and sometimes after three years. “Nobody likes it, and we don’t like it, but generally people are handling it in a good way,” McIntosh said of the downturn. “If you are going to own stocks, you have to be optimistic in the first place. … And generally, the people I serve have been through difficult periods before and come out the other side. I even have older clients who call me to say, ‘It’s going to be okay.’” Wealth managers have been spending a lot
of time reaching out to check on their clients’ physical and mental well-being, they said, in addition to answering questions about their portfolios. “It has made us realize how appreciative we are to be working with our clients as they are concerned about our well-being as well,” Broadbent said. “The uncertainty is there, but there is also certainty in the sense that we are surrounded by loved ones, we are spending time doing things that we otherwise wouldn’t, and we should all realize that everyone is going through this same thing.” Putting stimulus to work While the stimulus plan is still unfolding, wealth managers were encouraged by the government’s early moves to shore up the economy and offer some relief to small businesses and employees whose financial security has been threatened by the shutdown. Payroll protection program and SBA disaster loans will offer important economic lifelines for companies looking to survive this pandemic, they said. “There should zero stigma around applying for unemployment or business owners applying for government help,” Boardman said. “It was designed to help boost the economy; you should use all resources available to you.” The suspension of required minimum distributions, or RMDs, from IRAs will help those looking to rebuild their retirement assets, managers said, while the ability to withdraw money from IRAs and 401ks without penalties, while not recommended, also offers options for those who may need it. While wealth managers agree the government stimulus is necessary and essential right now, it is also wise to consider what it might mean for future tax rates. For those experi-
encing a lower income and assets that have fallen in value in 2020, converting to Roth accounts could be beneficial in the long run. “Even prior to this, if you take a snapshot of the federal government’s deficits, it all but makes certain HART that future tax rates will go higher,” said Andrew Hart, founder and chief planning strategist for Wallace Hart Capital Management. “That’s not good or bad, I think that’s just a fact of life.” What can be learned Although the COVID-19 crisis was unexpected, bear markets are an eventuality that wealth managers account for in financial plans, and now is a good time for investors to evaluate how well those plans work for them. McIntosh encourages investors to take notes on any financial vulnerabilities that are currently causing them discomfort, so they can make adjustments to address those concerns the next time the market hits a new high. “Communication is important, and everybody should have somebody they can communicate with about their money,” McIntosh said. “Most financial advisors are more accessible than most potential clients think they are. I wouldn’t want anyone to feel intimidated that they couldn’t access one of us. … We want to be as helpful as we can be.” A little self-reflection is a good idea in times like these, advisors said, but try not to obsess about what the market will do next. “It’s springtime in the Bluegrass state. Get outside (but maintain your social distance), go for a walk or run and enjoy the improving weather,” Norfleet said. “Review
Indianapolis - Louisville - Lexington www.abelconstruct.com
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your risk tolerance, if the most recent decline keeps you up at night, and take a disciplined approach to modify strategic allocations. Then trust your process when markets make you doubt it.” It is also a good time to prioritize the things in life that are really worth the money, Powell added. “I think this situation should really be used as an opportunity for every person to take ten minutes, determine what their hobbies and happiness really cost and eliminate the extras,” Powell said. “We should all do a better job of saving—for emergencies and for retirement.” When considering the big picture, Bluegrass residents should also be thankful that the region is anchored by three solid employment engines: the University of Kentucky; a robust healthcare community, including multiple hospital systems and ancillary services; and Toyota Motor Manufacturing Kentucky, Kessinger noted. “So we are going to come out the other side in really good shape as it relates to employment and as it relates to the flow of money,” he said. And although it is still unclear how the market will come out of this crisis and when things will turn around, bear markets don’t last forever. “We do believe one REYNOLDS thing does remain true; we will get through this,” said Andy Reynolds, partner and COO at Ballast, Inc. “It likely won’t be as pretty as some predict, but it also will likely not be as ugly as others predict. But at some point, it will be in the rearview mirror.” BL
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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, 2019
Deposits (Inside of Market) as of 6/30/2019 (Figures in Thousands (000â&#x20AC;&#x2122;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
$1,703,516
15.85
18
10
$441,869
NM
State
Luther Deaton, Jr. (Chairman, President & CEO)
2
Chase Bank 201 E. Main St. Lexington, KY 40507 (859) 231-2122 www.jpmorganchase.com www.chase.com
$1,580,108
14.7
14
5,010
$1,309,638,892
N
Federal
Donald Hellmann (President of Central Kentucky)
3
Fifth Third Bank 250 W. Main St. Lexington, KY 40507 (859) 455-5353 www.53.com
$1,239,188
11.53
12
1,212
$128,683,085
SM
State
Mike Ash (Regional President)
4
PNC Bank 301 E. Main St. Lexington, KY 40507 (859) 281-5383 www.pnc.com
$1,009,388
9.39
14
2,384
$268,399,846
N
Federal
John Gohmann (President)
5
Traditional Bank 2801 Palumbo Drive Lexington, KY 40509 (859) 263-2801 www.traditionalbank.com
$867,797
8.07
9
7
$399,554
NM
State
Andy Baker (CEO)
6
Kentucky Bank 339 Main St. Paris, KY 40361 (800) 467-1939 www.kybank.com
$536,488
4.99
11
7
$304,167
NM
State
Louis Prichard (President & CEO)
7
Community Trust Bank, Inc. 100 E. Vine St. Lexington, KY 40507 (859) 389-5350 www.ctbi.com
$460,789
4.29
11
68
$2,992,781
SM
State
Larry Jones (Central KY Region President)
8
Branch Banking & Trust Co. 360 W. Vine St. Lexington, KY 40507 (859) 281-2120 www.bbt.com
$417,929
3.89
7
1,784
$167,998,071
NM
State
Tom Elder (Regional President 2, Kentucky Region)
9
WesBanco Bank Inc. 110 W. Vine St. Lexington, KY 40507 (859) 253-2605 www.wesbanco.com
$370,533
3.45
15
187
$8,324,915
NM
State
Jeff Koonce (Market President)
10
Field and Main Bank * 369 E. Main Street, Ste. 100 Lexington, KY 40507 (859) 554-9660 www.fieldandmain.com
$287,813
35.69
3
3
$109,965
SM
State
Jennifer Drennan (Market President of Lexington)
11
Whitaker Bank 2001 Pleasant Ridge Drive Lexington, KY 40509 (800) 650-0099 www.whitakerbank.com
$268,532
2.5
8
27
$662,978
SM
State
Tom Hinkebein (President & COO), Elmer Keith Whitaker (CEO)
12
Bank of Lexington 761 Corporate Drive Lexington, KY 40503 (859) 219-2900 www.bankoflexingtonky.net
$253,046
2.35
3
0
$0
NM
State
Craig Dunn (President)
13
Republic Bank & Trust Company 641 E. Euclid Ave. Lexington, KY 40502 (859) 255-6267 www.republicbank.com
$251,695
2.34
6
39
$3,565,700
NM
State
Todd Ziegler (Market President)
14
Bank of the Bluegrass & Trust Co. 101 E. High St. Lexington, KY 40507 (859) 233-4500 www.bankofthebluegrass.com
$226,277
2.11
2
0
$0
NM
State
Mark Herren (Chairman), Bill Allen (President)
15
Citizens Commerce Bank 534 Marsailles Road Versailles, KY 40583 (859) 879-9455 www.citizenscommerce.com
$196,471
1.83
4
1
$26,086
NM
State
Mark Yates (Lexington Market President), Michelle Oxley (President & CEO)
16
Peoples Exchange Bank 901 Richmond Road Lexington, KY 40502 (859) 255-8193 www.pebank.com
$192,726
1.79
5
5
$152,167
NM
State
Charles Beach, III (Chairman), Tony Parrish (President & CEO)
17
City National Bank of West Virginia 318 E. Main St. Lexington, KY 40507 (859) 367-3700 www.bankatcity.com
$187,782
1.75
4
$3,854,898
N
Federal
Bill Craycraft (Lexington Market President)
18
U.S. Bank National Association 2020 Nicholasville Road Lexington, KY 40503 (859) 232-8181 www.usbank.com
$155,864
1.45
5
$342,496,829
N
Federal
Perry Allen (Regional President)
91
2,974
CONTINUED ON PAGE 15
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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
17
Figures from June 30, 2019
Deposits (Inside of Market) as of 6/30/2019 (Figures in Thousands (000â&#x20AC;&#x2122;s)
Market Share Percentage
Branches In MSA
Branches Outside of MSA
Outside Market Deposits
Bank Charter Class
Charter Type
Top Local Official
19
The Farmers Bank 110 E. Brannon Road Nicholasville, KY 40503 (859) 971-1180 www.fnbky.com
$134,939
1.26
4
0
$0
NM
State
Bruce Marshall (President)
20
Guardian Savings Bank 501 Southland Drive Lexington, KY 40503 (859) 263-3335 www.guardiansavingsbank.com
$116,546
1.08
2
9
$720,608
SB
Federal
Rick Burkhart (President)
21
Forcht Bank 2404 Sir Barton Way Lexington, KY 40409 (866) 523-1445 www.forchtbankky.com
$109,058
1.01
3
21
$832,459
N
Federal
Tucker Ballinger (President & CEO, Lexington Area)
22
Limestone Bank 2424 Harrodsburg Road, Ste. 100 Lexington, KY 40503 (859) 296-4822 www.limestonebank.com
$68,917
0.64
1
15
$873,394
NM
State
John T. Taylor (President & CEO)
23
Old National Bank 110 W. Vine St., Ste. 100 Lexington, KY 40507 (859) 825-6072 www.oldnational.com
$56,124
0.52
1
197
$14,355,436
N
Federal
Scott Cvengros (President, Central Kentucky)
24
First State Bank of the Southeast, Inc. 2257 Harrodsburg Rd. Lexington, KY 40504 (859) 278-5858 www.ourfsb.bank
$38,427
0.36
2
8
$261,299
NM
State
Katherine J. Reese (Chairman)
Source: Information was obtained from the U.S. Federal Insurance Corpâ&#x20AC;&#x2122;s (FDIC) web site, the FDIC annually updates occurs in June ( June 30, 2019) and the deposits inside of market ( minimun $25,000 ($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.
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Credit Unions Ranked by total assets in the fourth quarter of 2019 Rank
Credit Union Name Address, Phone Website
ending Dec. 31, 2019
Assets
Total Loans
Type
Peer Group
Total Shares & Deposits
Number of Members
Principal Officer
1
Commonwealth Credit Union 417 High St. Frankfort, KY 40507 (502) 564-4775 www.ccuky.org
$1,388,017,729
$973,473,241
Non-Federal
6-$500,000,000 & greater
$1,176,222,091
107,561
Karen Harbin
2
University of Kentucky Federal Credit Union 2557 Sir Barton Way Lexington, KY 40509 (859) 264-4200 www.ukfcu.org
$978,293,561
$767,004,219
Multiple Common Bond; Primary Educational
6-$500,000,000 & greater
$838,753,434
100,443
David Kennedy
3
Park Community Credit Union * 2515 Blankenbaker Pkwy. Louisville, KY 40299 Local Branch: Bluegrass Region 2217 War Admiral Way, Ste. 102 Lexington, KY 40509 (502) 968-3681 www.parkcommunity.com
$975,232,326
$807,154,221
Non-Federal
6-$500,000,000 & greater
$825,716,916
86,624
Jim Spradlin
4
Members Heritage Federal Credit Union 440 Park Place Lexington, KY 40511 (859) 259-3466 www.membersheritage.org
$387,236,222
$271,176,965
Non-Federal
5-$100,000,000 <$500,000,000
$339,188,809
46,825
Pat Ferry
5
Health & Education Credit Union 424 Park Place Lexington, KY 40511 (859) 231-8262 www.thefcu.com
$90,344,317
$31,851,293
Multiple Common Bond Healthcare
4-$50,000,000 <$100,000,000
$79,997,462
13,382
Pam Henson
6
Greater Kentucky Credit Union Inc. 1001 Red Mile Road Lexington, KY 40504 (859) 231-9300 www.gtkycu.com
$87,782,922
$67,497,336
Non-Federal
4-$50,000,000 <$100,000,000
$75,026,124
9,811
Debbie Pyle
7
Kentucky EXPREE Credit Union 100 Moore Drive Frankfort, KY 40601 (502) 564-5597 www.kecu.org
$81,243,097
$54,984,834
Non-Federal
4-$50,000,000 <$100,000,000
$70,625,397
10,214
John Graham
8
KUEFCU — Kentucky Utilities Employees One Quality St. Lexington, KY 40507 (859) 367-1230 www.kuefcu.com
$45,488,721
$17,355,151
Multiple Common Bond; Primary Communications & Utilities
3-$10,000,000 < $50,000,000
$38,876,409
3,432
Stephanie Gillis
9
Metro Employees Credit Union 1306 Versailles Road, Ste. 140 Lexington, KY 40504 (859) 258-3990 www.metroemployeescu.org
$33,029,459
$20,192,092
Non-Federal
3-$10,000,000 < $50,000,000
$28,355,515
4,604
Piper Graham
10
Lexington Postal Credit Union 1088 Nandino Blvd. Lexington, KY 40511 (859) 252-5151 www.lexpcu.com
$21,890,431
$10,338,518
Non-Federal
3-$10,000,000 < $50,000,000
$18,754,917
2,557
Sharon Stafford
11
Corning Credit Union Corning Glass Works – Harrodsburg 690 E. Office St. Harrodsburg, KY 40330 (859) 734-9656 www.corningcu.org
$5,075,184
$1,429,043
Manufacturing All Other
2-$2,000,000 < $10,000,000-
$4,088,112
805
Amy Hart
Source: Information obtained from the NCUA-National Credit Union Association report reflects the financials from the first quarter, ending Dec. 31, 2019. Footnote: * These credit unions have local branches in Lexington.
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Virginia Moore The executive director of the Kentucky Commission on the Deaf and Hard of Hearing assists the governor in sharing critical information with all viewers during his daily briefings. BY TOM WILMES BUSINESS LEXINGTON
A
s the American Sign Language interpreter during Gov. Andy Beshear’s daily press conferences, Virginia Moore has inadvertently found herself in the public spotlight as the expressive face and hands of the administration’s COVID-19 communication. She is also the executive director of the Kentucky Commission on the Deaf and Hard of Hearing, which advises local and state offices on programs for those who are hearing impaired and provides information, advocacy and advice for businesses, manufacturers and schools across the state. Moore’s presence at the conferences marks the first time ASL translation has been included in televised state briefings by a governor of Kentucky, making the crucial public safety information accessible to more than 700,000 individuals across the state who are deaf or hard of hearing. In this interview, lightly edited for clarity, Moore shares more about her role. How prevalent is hearing loss? It’s the third most major health risk, behind arthritis and heart attacks. Statistical data shows that one in five teenagers today is going to have hearing loss to a degree that may be mild to severe, and the reason behind that are these wonderful earbuds that we have now that go right into the ear canal and they crank up the volume. We also have an aging population, for which hearing loss is becoming more and more severe. It’s also the No. 1 disability that veterans are coming back with. If you have to find a golden nugget in this horrible [COVID-19] situation — and we all know how horrible the situation is — it’s that we have put a spotlight on the issue of hearing loss and the need for clear communication. It’s also allowed us to work with TV stations that did not, at the time, caption anything broadcast live. You have a deaf or hard of hearing population seeing something — like a tornado, an emergency or something else come across the screen — and they’re trying to figure out what’s going on. So, we’re gradually getting that worked out, as well.
“I’ve also had several individuals tell me that seeing the expressions on my face — which are grammar and a reflection of the tone of the speaker — has helped them to get more out of the press conferences. I’ve never heard that before, but I’m glad. ASL is a very visual language, obviously, and an interpreter is only as good as the speaker.”
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I watched the video interview you did with children from the Kentucky Hands and Voices program. They had great questions. They were, by far, my hardest interview and had such good questions [watch the video on Kentucky Hands and Voices’ Facebook page]. I enjoyed myself so much. This is who we serve, and I think it’s fantastic that we show everyone that we have this diversity. What types of questions and comments do people have for you? We hear a lot of questions, like ‘where can I learn sign language?’ I tell them this is a profession, and we actually have a shortage of interpreters here in Kentucky. Sign language interpreters are nationally certified and are also licensed by the state. We have approximately 300 certified and licensed sign language interpreters in Kentucky, but we need more. It’s a bachelor’s degree — Eastern Kentucky University and the University of Louisville both have programs. You graduate with a job immediately and can work anywhere throughout the United States. I’ve also had several individuals tell me that seeing the expressions on my face — which are grammar and a reflection of the tone of the speaker — has helped them to get more out of the press conferences. I’ve never heard that before, but I’m glad. ASL is a very visual language, obviously, and an interpreter is only as good as the speaker. There was a big
thing that went around when Gov. Beshear said, ‘a Corona party, seriously?’ and the expression on my face was there because of his tone. If he asks a question or if he’s shocked about something, my eyebrows go up, or if he’s leaning in, you might see my shoulder lean in, because he’s really wanting to make his point. You might also see my hand shapes go a bit faster when the tone is a bit more intense, or when he’s calm, you’ll see a calm demeanor from my facial expressions. Gov. Beshear typically projects a calm, assured demeanor during his daily briefings. Do you get the same sense behind the scenes? I’ve worked at the commission for almost 25 years and have been the executive director for about nine years, so I’ve worked with several governors. I’ve also had the privilege to interpret for several presidents. Yes, there is a lot going on, but I have to say this particular governor is just so compassionate and calm, even behind the scenes. He may question why some people do things, but he is very transparent — more transparent than anyone I’ve ever seen. When he had to talk about the first death that we experienced here in Kentucky and he asked people to light their houses up green, that was the hardest thing for me to convey, because of the emotions he conveyed right then in that moment. His voice tried not to
crack, but it did. He cares passionately. He’s said it himself, but it is so difficult every time he has to say that number. How are you doing through all of this, personally? I’m doing OK. I’ve got myself quarantined, and I go straight from the house to the capitol, and then straight back home and work from there. Rachel Rodgers, who works with me at the office, also comes in and does the interpreting on the weekends, which gives me a break. It’s emotional for everyone, I believe. We don’t get to see people and friends like we want to, and that’s hard. My 10-year-old son told me the other day, “You know, Daddy, even though we can’t see everyone we want to right now, this is really bringing a lot of people together.” We could learn a lot from the children. Kids are so resilient. And he’s right, we are coming together. You see families playing games and doing more together at home than they ever have. There’s a quiet goodness to all of this — I don’t know of any other way to put it — to this horrific crisis that we’re in. Even the planet is becoming cleaner. That, I think, is going to be our biggest test. When this is over, are we going to go back to the way we did things before, or are we going to learn that we’ve got to do things differently? BL
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Who’sWho New Hires & Promotions Governor Andy Beshear has appointed Melissa Moore Murphy to the Fayette District Court Division 4 Judicial seat. This appointment comes after the position was vacated when Judge Julie Goodman was elected to the Fayette Circuit bench. Lexmark, a global imaging solutions leader, announced that Chuck Butler has been named senior vice president and chief financial officer. Emily Downey has been named new president/CEO of the Woodford County Chamber of Commerce. SVN Stone Commercial Real Estate has welcomed new advisor Kyle Johnson. William “Bill” Feltner has joined First National Bank of Manchester as market president for the Lexington area. Andrew Shenkan was named VP and general manager of E.W. Scripps Co.owned NBC affiliate WLEX in Lexington. He had been VP and general manager of Scripps-owned KATC in Lafayette, Louisiana. RossTarrant Architects has announced the following staff members being promoted to associates: Chris Gipson, AIA, LEED AP BD+C; Michael Neureither,
EMPLOYMENT NEWS AND AWARDS IN OUR COMMUNITY
AIA, LEED AP; Brian Buckner, AIA, ALEP, LEED AP; and Greg Hosfield, AIA, LEED AP BD+C
Kudos Rhonda Jackson, of Southern Middle School in Lexington, has been named Junior Achievement (JA) of the Bluegrass’ 2019-20 Teacher of the Year. JA’s Volunteer of the Year award went to Kathy Leigh, a partner with Southern Middle School. The Lexington-Fayette County Health Department’s Board of Health has selected executive director of AVOL Kentucky, Inc., Jon Parker, as the 2020 Dr. Rice C. Leach Public Health Hero. The award is given annually to individuals who have demonstrated their dedication to improving the health of Lexington residents. Lexmark Connect, the channel partner program offered by Lexmark, has received a 5-Star rating from CRN®, a brand of The Channel Company, in its 2020 Partner Program Guide. This annual guide is the definitive listing of the most rewarding partner programs from technology companies that provide products and services through the IT channel. The 5-Star rating is awarded to an elite group of companies that offer solution providers the best of the best in their partner programs. This is the third year in a row that Lexmark has received this designation. BL
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CORONAVIRUS RESPONSE FUND WE GET BETTER TOGETHER. Right now we do our part by staying apart, but there are still ways we can come together. The COVID-19 outbreak will have a devastating economic impact on the most vulnerable members of our community. That’s why Blue Grass Community Foundation and United Way of the Bluegrass joined forces to create the Coronavirus Response Fund. Thanks to generous donors, this charitable fund has already deployed over $300,000 to local nonprofits providing access to food, prescriptions, healthcare, information and other basic needs. But we can't continue to issue grants without your help.
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