Paducah’s Only Locally-Owned Bank is Celebrating 65 Years of Partnering with Paducah
Paducah Bank has always been about the PEOPLE of Paducah. From its very beginnings back in post-war Paducah, it was the support of people in the purchase of a home or in the financing of a business that led to the ultimate success of today’s 21st century bank.
On a warm morning in August 1947, 11 businessmen convened a special meeting to create the charter for a new bank in Paducah. As the meeting concluded, it seemed to those in attendance as if they knew a very special journey, one with unlimited possibilities, was about to begin.
On January 24, 1948, The Paducah Bank opened for business at 522 Broadway with assets of $100,000. In the beginning, most of the banking transactions and records were performed by hand and maintained in cumbersome ledger books. Receipts were handwritten and crude mechanical bookkeeping machines were used to post customers’ transactions on their statements.
By 1952, the Bank had grown to more than $6 million in assets and was beginning to burst at its seams. Growth continued at such a pace that by mid-1955, the Bank was forced to relocate to a larger facility at 529 Broadway.
In January 1964, Paducah Bank opened its first branch location, the current Mid-City Banking Center. The Reidland Banking Center became the second branch, opening in November 1967.
The official name of the bank was changed to The Paducah Bank and Trust Company in 1968, reflecting the decision to offer trust services to its customers. In the summer of 1973, a hole was knocked in the bank wall facing Broadway, which created the first walk-up teller position. It was operational during non-traditional weekday hours and Saturday mornings. This service was so well received that, two years later, all Paducah Bank facilities were open for full service each Saturday. Paducah Bank showed local leadership again in 1976 when it was the first bank to appoint women to its board of directors. And in 1978, the Bank was among the first to install a new technology known as ATMs.
In 1991, Paducah Bank initiated one of many steps to provide an innovative workplace for its managers and employees. The Bank created a stock plan for its staff, which allowed each employee to become an owner and an investor in the future of the institution. The Bank’s Employee Stock Ownership Plan (ESOP) has continued to grow and today is one of the largest shareholders.
“Creating a workplace culture that provides both a fertile environment for our staff and lays a foundation of exceptional customer service has also been at the forefront of our mission as a bank,” says Wally Bateman, President. “A number of years ago we began with a guest relations program that we believe transformed our internal environment. We followed that with an intensive exploration of the best-selling book, Good to Great. These efforts and the phenomenal response of our terrific team of bankers led us to being chosen as the Best Place to Work in Kentucky in 2006. In 2008, the Bank was selected as Business of the Year by the Paducah Chamber of Commerce, and also in 2008, Paducah Bank was selected as one of the Top 15 Small Workplaces in North America by the Wall Street Journal,” Bateman added.
In 2010, Paducah Bank was rated among the top 20 independent banks for performance in asset size by the Independent Community Bank Association. The Bank has consistently held the top spot in market share for deposits and business loans for several years according to FDIC reporting.
“Paducah Bank has weathered wars, floods, economic upheavals, cultural shifts, changes in leadership, industry volatility, and many other repercussions of an ever-changing world,” comments Joe Framptom, Chairman and CEO. “But without a doubt, the truest sense of diligence and dedication set out by those charter members of the Bank in 1948, has served this company from generation to generation and brought us to this day. Today we celebrate a locally-owned financial institution that has stood the test of time and all the incumbent triumphs and tragedies that go along with six decades of history. We could not be more proud of who we are and who we have become since those respected gentlemen signed that Charter in 1947 to form a bank in Paducah—namely Paducah Bank.”
It all started back in 1948
A fund-raising drive kicks off to support Riverside Hospital get Paducah’s first physical therapy clinic.
Paducah sports arena opens at 1026 Kentucky Avenue. The 1700-seat facility starts with wrestling matches. Ringside seats are 75 cents.
The Paducah Junior College basketball team plays Lambuth in the finals of the Mississippi Valley Meet.
“Sunset” Carson, a famous cowboy actor, makes an appearance at the Hotel Irvin Cobb.
An amateur talent contest is hosted by the Jaycees with proceeds going to the recreation program.
Bondware opens a production company at 10th and Jefferson to make paper plates.
Paving starts on roads in the county—Noble Road, Olivet Church Road, Henson Road.
The second section of the Beltline from 28th to Lone Oak Road is built.
The first jet plane lands in Paducah after running low on fuel and making an emergency stop.
Fire damaged the 600 block of Broadway after a fire started at the home of Allred’s Appliances.
The Columbia debuts Treasure of the Sierra Madre with Humphrey Bogart.
Pricing of the Day
Aspirin 39 cents for 100 tablets;
Hamburger 39 cents a pound;
an easy rolling lawn mower, $18.95;
lady’s lace blouse at Sears, $2.98.
Paducah Bank Timeline
1955-Paducah Bank relocates to 2401 Broadway
1968-Name changes to The Paducah Bank and Trust Company
1973-First walk-up teller
1976-Paducah Bank is first to add female bank directors
1977-ATMs are added
1978-Main office opens on Jefferson Street
1984-Bank forms holding company
1987-Paducah Bank exceeds $100 million in assets
1991-Paducah Bank creates Employee Stock Ownership Plan
1996-Bank employees internal database system
1997-Paducah Bank acquires two Republic Bank and Trust
1998-Paducah Bank becomes ONLY locally-owned bank
1999-Internet banking is implemented
2001-Paducah Bank begins Ritz Carlton Training program
2002-Owners’ Commitment program begins
2003-Book Good to Great is used as core culture guide
2005-Paducah Bank exceeds $400 million in assets
2006-Paducah Bank named #1 Best Place to Work in Kentucky
2007-Katterjohn Operations Center is Dedicated
2008-Grand re-opening of renovated Reidland branch
2008-Strawberry Hill branch Opens
2008-Paducah Bank named one of the Top 15 Best Small Workplaces by Wall Street Journal
2008-Celebrates 60th anniversary
2009-Paducah Bank named Business of the Year by Paducah Chamber
2009-ICBA ranks Paducah Bank in top 400
2010-Paducah Bank ranked in national Top 20 Independent Banks
2011-New Southside branch opens
2013-Paducah Bank named Best Bank by Paducah Sun
2013-Paducah Bank celebrates 65th anniversary