Sept. 11, 2013 — The First National Bank of Grayson published a notice in last Friday’s edition of The Morehead News that it has applied for federal approval to establish a full-service branch bank in Morehead.
Willis H. Kelley, president of First National, confirmed that the Grayson bank is seeking to make Morehead its eighth location.
“We believe our bank would be a good fit in that market and we are looking forward to providing local services to the large number of customers we already have in the community,” Kelley said.
The new bank would be located at 200 Viking Drive across from Speedway at the intersection with Flemingsburg Road (KY 32).
The property currently is owned by Hallwood Development, LLC, a group headed by Larry Breeze.
“We fully expect to be approved for this expansion and are committed to erecting a modern banking facility that will become an asset to Morehead,” Kelley added.
As a nationally-chartered bank, First National cannot expand without the approval of the Comptroller of the Currency in the U. S. Department of the Treasury.
First National has more than $211 million in assets and operates seven locations, including two in Grayson and single branches in Rush, Willard, Olive Hill, West Liberty and Sandy Hook.
The bank’s last expansion was to West Liberty in 2002. That branch building was damaged in the 2012 tornado but was repaired and reopened.
Neither Kelley nor Breeze would comment on the proposed sale price of the real estate or the amount of acreage involved in Morehead.
Kelley did acknowledge that the Morehead branch bank would be First National’s most expensive construction project in its 111 years of existence.
He anticipates the new branch would open for business in mid-2014.
The number of new jobs to be created at the bank has not been released.
E. E. McGuire family members are majority stockholders of the bank. Kelley has served as president for 10 years.
If approved and constructed, First National of Grayson would become the sixth full-service banking institution in Morehead, joining The Citizens Bank, Kentucky Bank, Whitaker Bank, US Bank and Morehead Community Federal Credit Union.