Peoples Exchange Bank (KY) is headquartered in Winchester and is the 31st largest bank in the state of Kentucky. It is also the 1,716th largest bank in the nation. It was established in 1912 and as of June of 2022, it had grown to 90 employees at 9 locations. Peoples Exchange Bank (KY) has an A health rating.
A home town bank that doesn't compete
I have been banking with People's Bank, mostly at the main Mount Sterling, KY, for over 5 years. In this time I have realized that having a small, and personal banking experience doesn't mean a more professional banking experience. The bank has one challenge in particular that I can't seem to get past with them. With all of their checking/debit card accounts they have a $300 a day limit. At first I thought this was bizarre having banked a number of larger places and have near heard of being limited to my cash funds. I asked People's what we could do to get the amount raised over remove the block. The answer is always the same, "come in and fill out the forms , and we will raise it." Well my wife and I have done this about 3 times, and each time we wait and wait, and we NEVER HEAR ANYTHING ABOUT IT AGAIN. We both have good to great credit, and even if they decided to not grant the request I would expect to hear something, but no. Nothing. This happens regularly with People's Exchange Bank, it seems there is no follow through or possible the world's longest back log of work. That said many of the basic functions I need from a bank are fine, the online was recently upgraded, which is good because that was a problem. So basically I think it deserves a C for a grade and I would prefer a different local bank if I had better options,
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8785 |
| Year Established | 1912 |
| Employees | 90 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.89% |
| Return on Equity - YTD | 10.29% |
| Annual Interest Income | $9.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $509.3MM$488.4MM |
| Loans | Q2 2022vs Q2 2021 | $395.8MM$354.6MM |
| Deposits | Q2 2022vs Q2 2021 | $451.0MM$429.0MM |
| Equity Capital | Q2 2022vs Q2 2021 | $42.7MM$44.3MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $4.8MM$4.4MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $72.00K$364.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |