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Local business news in brief
A monthly look at economic indicators compiled by the Fayette County PVA Crave Worthy
Mulberry Street Bar & Kitchen to open on North Limestone: Local trio reimagines a longtime gathering spot with updated dining, cocktails and community focus
Three Friends Transform Midway Fire Station into The Bruen Bunker Independent Business
Under New Management: Andover Management Group completes a planned leadership transition more than a decade in the making BizLex Q&A
Interior designer Matt Carter BizLists
8
Data Center Demand Surges
A partnership between two Lexington-based companies highlights growing concerns over power use, cost, and infrastructure PAGE 20
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Local Banks Adapt for the App Economy
As mobile banking surges, local banks refine digital strategies without abandoning in-person connections PAGE 22
URBAN GROWTH
Greater Lexington climbs
to
No. 4 in Site Selection rankings
The Greater Lexington Region moved up to fourth in Site Selection magazine’s 2025 Governor’s Cup rankings for Tier 2 metros, marking its third consecutive Top 10 finish. The region recorded 27 new and expanded corporate facility projects, ranking sixth nationally in projects per capita.
Statewide, Kentucky placed fifth nationally in projects per capita for the second straight year, logging 182 total projects, ranking third in the South Central region. Fifteen “micropolitan” areas were also recognized, including Richmond-Berea, Frankfort, and Mt. Sterling.
“Lexington-Fayette County has long been
recognized as a regional leader across the board, and this ranking certainly reaffirms our commitment to building a strong, thriving economy,” said Mayor Linda Gorton. “We have made significant progress toward regionalism by developing strong relationships with our neighbors and initiating the creation of Central Kentucky’s first regional business park, an investment that will create quality, good-paying jobs for our people, and generate new revenue for our communities.”
“The credit for these numbers and rankings goes to all of our regional partners, who have made a strong commitment to regionalism by working together on the Regional Competitiveness Plan,” said Gina Greathouse, executive vice president of economic development at Commerce Lexington. “Leaders from both the private and public sectors across the nine-county area have collaborated to implement action items outlined in the plan that are aimed at enhancing our ability to attract
t The Greater Lexington Region has earned a top 10 national ranking for economic development activity from Site Selection magazine for the third consecutive year.
jobs and talent while fostering a vibrant economic environment.”
Since the plan’s launch in 2021, the region has seen gains in GDP (+6.7%), employment (+20,999 jobs), and wages (+28.1%). Officials also point to new site development, including the 200-acre Legacy Business Park and a multi-county regional business park initiative, as key to sustaining growth.
“It is very apparent by the numbers we’re seeing that regionalism works,” said Berea Mayor Bruce Fraley. “We must be able to work together as a region, because so many of our competitor metro areas are already doing it. By collaborating with each other, we can be more innovative when it comes to finding solutions to our biggest challenges. All of our regional partners have something beneficial that they bring to the table, and we can learn from each other as well. That’s why it’s important for me and my city to be part of the regional plan.” ■
PHILANTHROPY
UK receives landmark gift to establish first Extension endowed chair
A gift from philanthropist and University of Kentucky alumna Lois Mateus has established the Craig H. Wood Endowed Chair in Cooperative Extension Agriculture and Natural Resources — the first endowed chair dedicated to Extension in the history of the Martin-Gatton College of Agriculture, Food and Environment.
The endowment honors longtime Extension leader Craig H. Wood and underscores the role of Cooperative Extension in supporting Kentucky’s rural communities. Created in perpetuity, the chair will fund one or more full-time faculty members who demonstrate leadership in education and service and whose work expands Extension’s impact statewide. ■
Univeristy of Kentucky alumna and endowed chair donor Lois Mateus (left) stands with Craig Wood (right) at the entrance of Tallgrass Farm in Mercer County.
PHOTO BY MATT BARTON
PVA REPORTS
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-to-date 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 Mar. 2026
3/31/263330-3344 Partner Place$10,225,000**Shopping Center Elk Horn Farm LLC
3/30/262573 Richmond Road
3/12/26169 E Maxwell St.
3/12/26175 E Maxwell St.
$8,510,000Shopping Center Merrick Crossing Investments LLC
3/23/26161 Leestown Center Way$5,100,000*Office Condo Shepherds House INC
3/23/26181 Leestown Center Way$5,100,000*Office Condo Shepherds House INC
3/10/26900 Beasley St.
3/12/26649 Bizzell Drive
3/12/26257 Lexington Avenue
3/31/26232 Waller Avenue
3/12/26245 Lexington Avenue
3/13/26860 Porter Place
3/13/26856 Porter Place
$3,100,000Office Building Fortune Cornerstone LLC
$3,000,000**Warehouse Broadway Electric Service Company LLC
$2,600,000Multifamily Verve Lexington Maxwell LLC
$2,200,000Multifamily Eden Companies Fund Class A LLC
$1,780,000Office Building Verve Lexington Maxwell LLC
$1,750,000*Office Building Beard, Dustin C. TTEE
$1,750,000*Manufacturing/ProcessingBeard, Dustin C. TTEE
*Sale Price Based on a Multiple-Parcel Transaction ** Parcel includes multiple improvements, see property record for details
Residential Sales Data for Mar. 2026
The chart below shows the monthly residential sales activity in Fayette County for the previous 24 months. The data for the most recent month reflects a projected estimate from the office of the Fayette County Property Valuation Administrator and is subject to change.
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Mulberry Street Bar & Kitchen To Open on North Limestone
Local trio reimagines a longtime gathering spot with updated dining, cocktails, and community focus
BY SHANNON CLINTON
It’s fitting that mulberry trees begin to yield their first fruits in June, as a new Lexington restaurant, Mulberry Street Bar & Kitchen, will begin to bear the fruits of its owners’ labors next month.
The restaurant and bar will open at 574 N. Limestone, in the former locations of Arcadium and Favor, across from Al’s Bar and near Standing Room Only.
Arcadium was known for its video games and bar atmosphere, while behind it was Favor, a restaurant lauded for its burgers, desserts, and other Southern specialties. Both closed at the end of April when their leases expired.
Now, three partners are bringing the spaces back to life as Mulberry Street: Kurt Bachelder, who will serve as operations manager; Julia Estes, restaurant manager; and Sean McClary, bar manager.
Bachelder said that after Arcadium’s owners announced their impending closure, the trio joined forces with new ideas to keep the space a vibrant gathering place for the community.
“I've been coming to Arcadium ever since I moved to Lexington more than a decade ago,” he said. “It's been a place where I've found some of my closest friends, had great conversations with interesting people, and spent more than a few late nights talking and laughing over a drink. When the owners of Arcadium approached us with their intent to wind down the business, we knew we needed to ensure that space continued to serve the neighborhood and create similar experiences for other guests who walk through the door.”
BY
From left, Kurt Bachelder, Julia Estes, and Sean McClary have joined forces to open Mulberry Street Bar & Kitchen at 574 N. Limestone.
PHOTO
KELLY HIERONYMUS
Estes, who has wide-ranging experience in the Lexington culinary scene, said she had heard rumblings that Arcadium had been “quietly for sale” for some time, and that Bachelder and McClary hoped to reimagine it as a place of their own.
“I’ve known the guys through mutual acquaintances and friends around town,” she said. “Kurt and Sean approached me in January shortly after I pulled off my first pop-up event, ‘Almost Midnight Diner,’ to see if I had any interest in opening a place of my own. We met a few times before deciding we could be a good fit for each other and here we are!”
For his part, McClary has deep roots in the neighborhood and did not want to see that change. “I've lived and worked in the neighborhood for the past decade, at both Al's Bar and Arcadium,” he said. “Both places have had a huge part in building my personal connection to the community and my neighbors, so I'd love to see that continue and provide that experience to others.”
After getting the keys May 1, the group expects a quick turnaround on renovations to the bar, restrooms and patio, making the spaces more welcoming and cozy.
The restaurant will seat about 20 guests, while the bar will accommodate 30 to 40 after renovations, with a mix of table and bar seating, plus additional patio seating when weather permits.
For those with fond memories of Arcadium, Mulberry Street Bar & Kitchen will feel recognizable and comfortable after the refresh, with much of its existing charm intact, the owners said.
The kitchen will stay open late most nights, offering a range of appetizers, bar snacks, and entrees, with a focus on seasonal ingredients.
PHOTOS FURNISHED
The bar will be open daily — weekdays from afternoon until midnight, Fridays and Saturdays until 2 a.m., and Sundays from 11 a.m. to 11 p.m. Offerings will include seasonal specialty cocktails, wine, beer, and nonalcoholic options.
On Sundays, brunch with Bloody Marys will be served from 11 a.m. to 5 p.m. Dinner service will run late into the evening Wednesday through Saturday. The kitchen will be closed Mondays and Tuesdays, though unique bar snacks will be available.
The menu will be approachable and affordable, with a focus on seasonal ingredients, the owners said.
Another goal is to give back to the community by working with local nonprofits and charities. The partners also aim to create a safe, welcoming, and comfortable environment for all guests.
And as for the space formerly occupied by Favor, it will be incorporated into Mulberry Street as well. “Julia will manage the kitchen side, so no matter where you sit, it operates as a single, unified concept for the best possible guest experience,” Bachelder said. ■
Three Friends Transform Midway Fire Station into The Bruen Bunker
BY SHANNON CLINTON
Three lifelong friends — one a firefighter — are opening a taphouse and golf simulator venue in Midway called The Bruen Bunker, fittingly located in the town’s former fire station at 109 E. Bruen St.
Co-owners Joseph Bunker, Alden Gatewood, and Tanner Walker have dreamed of opening this concept for years, Bunker said, and each brings a different skill set to the project. Gatewood’s background is in real estate and project management; Walker has experience in bar management; and Bunker, a Versailles firefighter whose surname happens to double as a golf term, has deep local ties.
“When the former Midway fire station became available, it felt like the perfect opportunity to build something special,” Bunker said. “As a full-time firefighter in Versailles, the building held personal meaning for me, and together we knew we could turn it into something unique for the town.”
The bar’s logo incorporates a fire department shield with golf clubs.
In addition to two state-of-the-art golf simulation bays, The Bruen Bunker will serve local craft and domestic beers, along with Guinness, across 10 taps, as well as beer cheese. Outside, a rotating lineup of food trucks will be on-site. Guests can book tee times by the hour, and memberships with 24/7 access will be available.
“More than anything, we want The Bruen Bunker to be a place where peo-
ple can gather — a home base for friends, families and visitors from Midway and surrounding communities,” Bunker said.
In other recent Lexington-area food and beverage industry news:
Under new ownership for about a year, Fritz Farm will undergo a $14.1 million, 30,387-square-foot addition of three buildings near the Origin Hotel, according to Hendricks Commercial Properties Senior Real Estate Manager Pete McClure.
Barring weather delays or supply chain issues, McClure expects the expansion to be completed by the end of the year, with tenant interior construction to follow and a projected spring 2027 opening.
Though he could not reveal specifics as negotiations continue, “the new development will be an expansion of retail and services along with food and beverage tenants,” McClure said. “Lease negotiations are underway with several food and beverage concepts from fast casual, full-service restaurants, and specialty food and beverage concepts, as well as new market retail concepts.”
A new Mirror Twin Brewing location at 4379 Old Harrodsburg Road, along with food partner Rolling Oven, has opened.
Delish Pizza has opened in Zandale Shopping Center at 2220 Nicholasville Road, joining its Nicholasville location at 118 Blueberry Lane.
Tabla Indian Restaurant has opened at 2270 Nicholasville Road. Butter chicken, chicken tikka masala, paneer tikka, and fresh tandoor items are among the menu offerings.
Changes are underway at Poppy’s Flower Bar at 210 Old Mt. Tabor Road. Social media manager Olivia Ross said owner Shelby White launched Lexington’s first flower bar about 18 months ago as an all-ages space where guests can build their own bouquets bloom by
bloom, pick up custom arrangements, or relax with a cocktail or mocktail.
Poppy’s is expanding into an adjacent space with a “connected dive bar feel” and adding a patio, Ross said. Plans also include pop-ups with local food vendors.
“It’s all about flowers, drinks, and good company at Poppy’s,” she said.
According to reports, Jaggers is seeking to open a third location in the Newtown Springs development. The Texas Roadhouse-affiliated concept, known for its burgers, has one location at 2350 Norman Lane and a second at 3029 Richmond Road.
The Sage Kitchen Studio, 248 Plaza Drive, held a grand opening in late March. According to its website, the space is designed for workshops and special events centered on charcuterie.
Bugsy’s is now open at 2049 Bryant Road in the Hamburg area, offering bowling, arcade games, miniature golf, food, and a full bar.
Hamburg Pavilion officials recently announced on social media that Old School Coffee is coming soon. ■
109 E. Bruen St. in Midway, home to The Bruen Bunker, is also the town’s former fire station.
PHOTO FURNISHED
Under New Management
Andover Management Group completes a planned leadership transition more than a decade in the making
BY MATT WICKSTROM
After more than four decades building a real estate business together in Central Kentucky and beyond, two trailblazers in the industry are preparing to step down and hand their portfolio of properties over to a group of young, but experienced successors.
R. Allen Schubert and A. John Knapp began managing real estate together in the mid 1980s, first teaming up through a third-party company in 1984 on Crescent at Shadeland. In the years since, they’ve gone on to oversee several other apartment complexes and structures before launching Andover Management Group in the early 2000s so they could oversee every phase of the real estate lifecycle internally.
The company manages a variety of properties, from apartments and conventional real estate to storage unit facilities and warehouses. They’ve also expanded into construction as well, with bases of operation in Colorado and South Carolina in addition to here in the Commonwealth. Aiding the company’s growth has not only been good foresight and investment strategy from its founders, but also a well-equipped and consistent team beneath them that have stayed mostly the same since 2011.
Four of those employees — Dan Kunau, Mike Orsinelli, Mike Hall, and Brad Rose — were promoted to members in recent years as Knapp and Schubert began eyeing a planned leadership transition that now sees them both stepping back from day-today operations.
“They’ve been here for 15 years now, so it’s time for me to step to the sidelines and let them rock and roll,” said Schubert. “It’s been fun, but I’m travelling a lot now and am excited to see the job Brad, Dan, and the Mikes have been doing. They’re all young, so we want to do everything we can to support them financially and as investors.”
With Kunau now overseeing development activities, Orsinelli leading property management operations, Hall continuing as president and managing partner of Andover Construction, and Rose promoted from CFO to CEO, Schubert is confident that the team is poised for success in their new roles.
“Our team is no different than a good basketball or football team — you’ve got to have good people in every position, and we have for the past 15 years,” Schubert said. “Empowering and building around them is what’s going to make our team the most successful.”
With nearly 100 employees, Andover’s impact in the community doesn’t just lay within its properties, but with those among their ranks as well. Per Rose, the company hires lots of University of Kentucky graduates, often starting them in Lexington before moving onto out-of-state projects.
Some of those ventures include breaking ground on a multifamily project in New Castle, Colorado, that’s expected to open in late 2027, as well as another in South Carolina. Andover is also in phase one of a new condo-garage concept in Colorado that splits a 20,000 sq. ft. space into 1,500 sq. ft. rooms where individuals can store high-end valuables and collectibles.
Closer to home, the group recently completed a full renovation of Beaumont Farms, a property Knapp and Schubert built together in the ’90s prior to the emergence of the behemoth shopping center that’s since risen around it.
“Our team is no different than a good basketball or football team — you’ve got to have good people in every position, and we have for the past 15 years.”
R. ALLEN SCHUBERT GENERAL MANAGER, ANDOVER MANAGEMENT GROUP
“John and Allen saw [what became Beaumont Centre] before the Kroger, school or any houses were built and could already envision the potential there from a real estate perspective,” Rose said. “They ended up acquiring the tract and building apartments there in the mid ’90s and now it’s one of Lexington’s premiere neighborhoods. Having that asset and seeing it develop — and now redevelop — over the years has been great.”
As Andover completes its leadership transition, Rose says that the impact of Knapp and Schubert is immeasurable and that he’s more than ready to push forward with the company while continuing to honor the legacy they built.
“I can’t stress enough the great leadership we’ve had with Allen and John and how much we’ve learned from them these past 15 years,” Rose said. “We’re excited to take this thing to the next level while still leaning on them when we need to.” ■
Q&A
Matthew Carter
The founder of an interior design firm on the new Keeneland Paddock Building, serving clients nationwide, and balancing bold with tradition
BY JUDY BRUMLEY
Matthew Carter is known for designing timeless interiors that feel both traditional and modern. He started his eponymous firm — Matthew Carter Interiors — in 2002 at just 28 years old. The business is based in Lexington, but Carter has clients all around the world.
He’s transformed residences in California and Maine, historic horse farms and country houses in Kentucky, and the exclusive Lyford Cay Club in The Bahamas.
You might recognize Carter (or his colorful work) from Instagram, where he has amassed nearly 50,000 followers since 2014. He believes that social media presence has been instrumental to his success because it has helped him connect with design editors and reach new clients.
Carter, who splits his time between Lexington and Harbour Island, Bahamas, has been featured in publications including House Beautiful, House & Garden, and Southern Living. He was also named one of Veranda’s Next Legends in 2021.
Most recently, he designed interiors in the newly constructed Paddock Building at Keeneland. In true Carter fashion, these elegant new spaces see classic design elements (like mahogany wainscotting) paired with more contemporary touches (like gingham wallpaper).
We visited with Carter to learn more about his career and contributions to Keeneland.
How big is your team and how involved are you with each project? We’re a team of five and I’m extremely handson, but I have the most amazing team out there and I couldn’t do it without them. We’re all friends and we travel together at times because what we do is sort of everywhere now. I’m heavily involved with the clients and big-picture schemes. I still choose most of the fabrics and colors, but I have a great young designer who works in the office and we have a collaborative relationship.
t Matthew Carter Interiors has long worked with Keeneland, including recently designing interiors for its new Paddock Building.
PHOTO FURNISHED
BizLex Q&A
How did you honor tradition in the Paddock Building while also putting your own spin on the new spaces? I’ve worked with Keeneland for over a decade now, but all of that work has been in the Clubhouse, so this was really an extension of that. What’s nice about this is you don’t have to be a club member to go into these really elevated, beautiful spaces. But it needed to feel consistent, and it does. We’re absolutely over the moon with how it turned out.
Keeneland is unapologetically traditional, and that’s their brand. The Clubhouse is coat and tie, and people love it. The worst thing you could do to a place like that is try to make it feel like something it’s not. But no one wants it to be boring, either. I have a hard time describing how I tread the line between traditional and interesting, but I think it’s just through interesting pieces we find along the way. They might be vintage, they might be more modern, but I think the mix and the way they’re put together is what keeps a space from looking too “yawn.”
Are you looking for specific pieces, or do you let whatever you find inspire the space you’re designing? Both. If I’m shopping for a project and I see something that has nothing to do with that project, but I know it’s amazing, I’ll just buy it. Shopping for a project in The Bahamas is different from shopping for a house on the East Coast or a farm in Kentucky, so it depends on what I’m working on and where my brain is.
For Keeneland, the spaces are large, so we had to have pieces of furniture that were specific in size. We got really long console tables and chests — pieces that were able to hold their own within the interior architecture of the space — but I usually just buy what appeals to me and what I think will appeal to the project or client.
Your rooms have so much personality, but not in a way that feels overdone. How do you achieve that balance? I tend to use color for a “wow” moment, so if we lacquer a room in a funny green or something like that, the rest of it is pretty tame. At home, we have an olive-green lacquered library, but everything else is fairly muted. I like one thing that’s commanding in a space, but then I always try to pull other elements back a little bit. There’s a happy medium there.
What role has social media played in your success? I got on Instagram because the daughter of a client told me I needed to. This was a million years ago. I started posting pictures and developed a following, then we did our house on Harbour Island and I posted pictures of it. That was a pivotal point because the response was overwhelming — it still is, to the point that my husband is like, ‘Oh God, not another picture of our living room.’
It has helped my career more than anything else. I have about 50,000 followers now, and that’s the reason design editors know who I am. It’s why I’ve gotten projects in The Bahamas. I think what’s been successful for me is that every now and then I post a picture of Brent [Bruner] and me, of me, whatever it is, not just rooms. I get a little more personal here and there, but you have to decide if that’s okay with you. I have people recognize me all the time from Instagram. It’s shocking. But it’s been a great way to get my work out there. I can’t imagine my career without it, to be honest.
You’ve done work all around the world. Why have you chosen to stay in Lexington? We have such a great group of friends and a close-knit family here. I think it boils down to quality of life for me, but I also think the horse industry gives a city our size something different than many other smaller cities. It brings such an interesting mix of people from all over the world to Lexington, and a lot of them are my clients. It’s opened a lot of doors. ■
Getting to know Matthew Carter
What are your favorite places in Lexington?
When we have people coming in from out of state, we go to Keeneland, take a farm tour or drive around horse country, and go to an interesting distillery (I like Castle & Key). I think those are all places that really make our city special.
Where do you take out-of-town guests for dinner?
Always Dudley’s. My go-to is Pasta Dudley, or any fish special they have.
What does a perfect day on Harbour Island look like?
We’re there with friends and family. Everyone does their own thing in the morning, then we take a late-morning walk and spend some time on the beach. Lunch is usually around two. We have cocktails on the porch at six and a lovely dinner at The Landing Hotel & Restaurant around eight.
Where do you turn for inspiration?
Travel. It’s amazing to me how just soaking up the aura of a place can inspire your design aesthetic. Architects and designers have to travel. It’s far and away my greatest inspiration.
Data Center Demand Surges
A partnership between two Lexington-based companies highlights growing concerns over power use, cost, and infrastructure
BY LIZ CAREY
As the push to build data centers accelerates, Central Kentucky companies and utilities are working to adapt.
Recently, Gray Construction and Valvoline Global announced a partnership to develop methods for managing the excessive heat generated by computer systems and related components through liquid cooling. By combining Gray’s experience in integrated
design-build and facility delivery with Valvoline’s expertise in coolants and thermal-management fluids, the companies aim to help owners plan for the increasingly complex cooling demands of data centers.
Larger hyperscale data centers handling advanced functions such as cloud computing, cryptocurrency mining, and AI content generation can house between 2,000 and 5,000 servers; row after row of high-performance machines that generate significant heat and must be kept within strict operating thresholds
to avoid overheating. In many cases, that demand exceeds what traditional air-cooling systems can efficiently support, pushing operators toward liquid-based cooling solutions.
“Because chip thermal design power has increased so significantly, you have to use liquid cooling,” George Zhang, vice president of research and design at Valvoline Global, said. “You need a way to remove heat to protect chip integrity and prevent thermal throttling — and the right fluid strategy is central to making that work reliably, long term.”
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Enter Gray and Valvoline, which together are making the case for incorporating liquid cooling from the outset rather than retrofitting later. In their white paper, “Building & Designing Data Centers for the Shift to Liquid Cooling,” the companies emphasize the need to plan now for a hybrid future in which air-cooled and liquid-cooled systems operate side by side. Aligning design, procurement, and fluid strategy early, they argue, can reduce long-term risk.
“The shift to liquid cooling isn’t a future consideration — it’s happening now. The owners who move with intention and urgency will be the ones with the most options tomorrow,” Ben Burgett, vice president of data centers for Gray, said. “Our focus is on making sure our customers don’t have to choose between speed and flexibility. We bring the delivery capability to move fast and the integrated expertise to make sure the decisions made early hold up over the life of the facility.”
That technological shift is unfolding against a backdrop of rapid growth in data center development across Kentucky, where demand for processing power — and the energy required to sustain it — is rising just as quickly.
The state is seeing a surge in proposed projects, particularly near Louisville and in Northern Kentucky. Driven by cloud
computing and artificial intelligence, the expansion has raised concerns among consumers about potential increases in energy costs and water usage. Kentucky currently has 36 data centers, including three in Lexington and 22 in Louisville, according to DataCenters.com.
As of April, at least three additional projects are planned statewide, with total capacity exceeding 880 megawatts. Some of those developments are expected to strain the power grid, with Louisville Gas & Electric projecting a 20 to 30 percent increase in demand.
That growth could have downstream effects on utility bills. According to the Kentucky League of Cities, recent studies suggest data centers can drive higher electricity costs. A May 2025 report from the Institute for Energy Economics and Financial Analysis found that utility bills in Ohio would increase by an average of $16 per month due to capacity demands from data centers.
Don Mosier, president and CEO of the Eastern Kentucky Power Cooperative, said data centers are becoming as essential to communities as hospitals and manufacturers.
“Because of their role in digital computing, data centers are as vital to our nation’s economy as factories, stores, and office buildings,” he said in a statement. “They will create new jobs, pro-
vide new investment in Kentucky’s communities, and generate tax revenue to support schools, roads, and other basic services. They will provide opportunities for Kentucky communities, many of which need a boost.”
Mosier said data centers could strengthen electric cooperatives’ financial positions, potentially easing pressure to raise rates. A recent study from Lawrence Berkeley National Laboratory, he said, found that large energy users such as data centers can help lower electricity prices for residents and businesses.
Electric cooperatives are prepared not only to supply power to data centers, he said, but also to ensure those costs are not passed on to other customers.
“Any new data centers sited in territories served by EKPC’s owner-member cooperatives will pay their own way. They will not pass along their costs to, or raise the rates paid by, our owner-members,” he said. “EKPC has established rules that require data centers to pay for any new needed power plants and transmission infrastructure. These additional facilities will help build a stronger electric grid.”
Efforts to formalize those protections in state law, however, fell short this year.
Legislation aimed at shielding Kentucky ratepayers from data center-driven cost increases was expected to pass the General Assembly in April, but failed in the final days of the session.
A bill sponsored by state Rep. Josh Bray, R-Mount Vernon, would have established guardrails requiring large data centers to cover infrastructure costs tied to their energy needs. The House passed the bill in February on a 90-8 vote, but it stalled in the Senate.
The bill’s provisions were added as an amendment to Senate Bill 197. The measure was later sent back to the House Budget Committee without the data center language. On the last day of the session, SB 197 cleared the House without those provisions and returned to the Senate, where it passed and was sent to Gov. Andy Beshear for his signature. ■
Gray Construction and Valvoline Global have teamed up to provide liquid-cooling solutions designed to keep data center computing components within safe operating thresholds.
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Local Banks Adapt for the App Economy
As
mobile banking becomes the norm, local banks refine digital strategies while reinforcing in-person connections
BY LIZ CAREY
As banking enters a digital-first era, many regional banks are adapting to meet the new market.
From adopting artificial intelligence to refining digital strategies, banks in Central Kentucky are working to meet customers where they are with products and services they want and will use.
According to the American Bankers Association, Americans use mobile apps to bank more than any other method, with 54 percent of customers choosing apps on their phones or other mobile devices as their top option for managing accounts.
Another 22 percent choose online banking via laptop or PC, while only 9 percent prefer visiting a branch, 6 percent favor ATMs, and 4 percent opt to bank by phone. The ABA said the share of customers choosing mobile banking apps has more than doubled since it first conducted the survey in 2017, when only 26 percent said mobile apps were their preferred method.
About two-thirds of Gen Z (63 percent) and millennials (67 percent) use mobile banking apps the most, while more than half of Gen X adults (56 percent) do. For the first time in the survey’s history, more than a third of Baby Boomers (38 percent) said they primarily use mobile apps, while the number who said they primarily use online banking fell from 41 percent in 2024 to 35 percent. When it comes to branch visits, one in eight Baby Boom-
ers (12 percent) visit branches, while only 3 percent of Gen Z prefer branch banking.
Additionally, artificial intelligence is helping customers and banks manage financial transactions, while third-party platforms — including peer-to-peer services like Venmo, Zelle, and Cash App — give customers more options.
To adapt to these trends, banks are increasingly focused on digital strategies. In March, Republic Bank named Alex Cravens its new chief digital officer, while Jenna Cowley was promoted to chief transformation officer.
“Together, these appointments underscore Republic Bank’s commitment to strengthening its digital capabilities, enhancing the client experience, and building the bank of the future,” the bank said in a press release.
Across Central Kentucky, banks are seeing similar trends. Bill Allen, CEO of Bank of the Bluegrass, said his bank’s customers are moving to digital platforms for nearly all aspects of their banking needs.
“Once a business or personal customer relationship is established, the majority of customer transactions take place within the app or an online channel,” he said. “The majority of debit card purchases still occur with a tap or card insertion at the point of sale; however, we are seeing an uptick in customers placing their traditional bank debit or credit card in their mobile wallet and choosing to make purchases that way. Zelle and other P2P platforms continue to increase in usage, with many customers tying these to their personal checking account.”
The bank is also seeing an increase in customers initiating home loan inquiries online, though most lending relationships
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still begin with a conversation between the borrower and the bank, he said.
That means focusing digital solutions on what works for customers first, he said.
“Whether it’s opening an account, transferring money, applying for a mortgage, or simply checking balances, clients can do what they need from the comfort of their own home — in a less time-consuming way than even 10 years ago,” he said. “We’re always here when they want to speak with a real person, but they also have the flexibility to access us from anywhere — across the nation or around the globe.”
Dana Adamson, chief marketing and development officer at Traditional Bank, said the bank’s digital strategy centers on customers.
“As a community bank, we view technology decisions through a customer-first lens, seeking thoughtful and strategic solutions to streamline operations and enhance the customer experience,” Adamson said. “For our bank, digital strategy is all about meeting the customer where they are. From that perspective, we continually invest in making our mobile apps as strong as possible for both personal and business customers, with a goal of replicating an in-person experience to the fullest extent possible.”
That means adapting to new technologies, but only where it makes sense.
“As it relates to AI, we see an opportunity to create efficiencies across the bank and support intentional growth, especially in critical areas like fraud prevention and cybersecurity,” she said. “At a high level, we believe there is no true substitute for
face-to-face interaction. We will always lead with the human touch. While we explore ways to implement AI behind the scenes to enhance our digital capabilities, our approach will remain people-first.”
For business customers, while banking may happen online, Kathy Beach, chief operations officer at Stock Yards Bank & Trust Co., said many still want to know their banker and build a personal relationship.
“There are many [business customers] who wouldn't dream of opening an account online as opposed to coming into the bank,” she said. “Although we offer all of these digital services, for opening an account, the number of customers who come in to do so far exceeds the customers that do that online.”
At Stock Yards, the digital focus is on making banking more convenient.
“One of the things that we've been focusing on this year is trying to bring every ancillary app that our customers do banking with… we're bringing all of that technology into our Stock Yards Bank app so that customers never have a reason to leave the app,” she said. “Another thing that we'll be doing this year is updating our app and giving it a fresh look. We're looking forward to that kind of an extreme makeover.”
Banking leaders agree that leaning into digital services starts with the customer — not with trends. Providing financial services in an evolving landscape remains their primary mission, regardless of how or where customers choose to engage. ■
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Banks
Deposits (inside
as of 6/30/2025 (figures
1 2 3 4 5 6 7 8 9
Central Bank & Trust Company
300 W. Vine St. Lexington, KY 40507 (859) 253-6222 centralbank.com
Chase Bank
201 E. Main St. Lexington, KY 40507 (859) 231-2122 chase.com
Fifth Third Bank
250 W. Main St. Lexington, KY 40507 (859) 455-5353 53.com
Traditional Bank
163 W. Short St. Lexington, KY 40507 (859) 225-7777 traditionalbank.com
PNC Bank
2452 Harrodsburg Road Lexington, KY 40503 (859) 281-5460 pnc.com
Bank of America
4023 Finn Way Lexington, KY 40517 (859) 629-3713 bankofamerica.com
Community Trust Bank, Inc.
100 E. Vine St. Lexington, KY 40507 (859) 389-5350 ctbi.com
Stock Yards Bank & Trust 1792 Alysheba Way, Ste. 250 Lexington, KY 40509 (800) 625-9066 syb.com
WesBanco Bank, Inc. 110 W. Vine St. Lexington, KY 40507 (859) 253-2605 wesbanco.com
Top Local Official(s)
Luther Deaton, Jr. (Chairman, President and CEO)
Christina Moungey (Managing Director and Region Manager)/ Evan Ezell (Market DirectorGreaterLexington Area)
Kimberly Halbauer (President, Kentucky Region)
Anthony C. Baker (CEO)
Kristen Byrd (Regional President for Kentucky and Southern Indiana)
John L. Gardner (President, Bank of America Kentucky)
Billie J. Dollins (Executive Vice President, Central Kentucky Region President)
Louis Prichard (Central Kentucky Market President)
John Gohmann (Lexington Market President)
Banks
City National Bank of West Virginia
318 E. Main St. Lexington, KY 40509 (859) 367-3700 bankatcity.com
Republic Bank & Trust Company
333 W. Vine St., Ste. 102 Lexington, KY 40507 (859) 300-3333 republicbank.com
Bank of Lexington 761 Corporate Drive Lexington, KY 40503 (859) 219-2900 bankoflexingtonky.net
Whitaker Bank
2001 Pleasant Ridge Drive Lexington, KY 40509 (800) 650-0099 whitakerbank.com
Bank of the Bluegrass & Trust Co. 101 E. High St. Lexington, KY 40507 (859) 233-4500 bankofthebluegrass.com
Truist Bank
360 W. Vine St. Lexington, KY 40507 (859) 281-2120 truist.com
Peoples Exchange Bank 901 Richmond Road Lexington, KY 40502 (859) 255-8193 pebank.com
US Bank
2020 Nicholasville Road Lexington, KY 40503 (859) 232-8181 usbank.com
Farmers Bank Jessamine County
200 N. Main St. Nicholasville, KY 40356 (859) 885-9481 myfarmersbank.net
Top Local Official(s)
William Craycraft (Lexington Market President)
Todd Ziegler (Central Kentucky Market President)
Cindy Burton (President)
Elmer K. Whitaker (President and CEO)
BIll Allen (CEO)/ Tom Greinke (President)
Cam Freeman (Market President, Lexington and Eastern Kentucky)
Anthony Parrish (President and CEO)
Stephanie L. McMahan (District Manager/VP)
Bruce Marshall (President and CEO)
Luther Deaton, Jr.
– Chairman, President & CEO, Central Bank
CELEBRATING 80 YEARS
A lot has changed since 1946. But our commitment to the communities we serve hasn’t. It was true when we began — and as we celebrate our anniversary alongside the 80th birthday of our Chairman, President & CEO, Luther Deaton, it remains just as true today.
Banks
RANKED
DEPOSITS
Field and Main Bank
369 E. Main St., Ste. 100 Lexington, KY 40507 (859) 554-9660 fieldandmain.com
Guardian Savings Bank 501 Southland Drive Lexington, KY 40503 (859) 263-3335 guardiansavingsbank.com
Forcht Bank 2404 Sir Barton Way Lexington, KY 40509 (866) 523-1445 forchtbankky.com
First Southern National Bank 3060 Harrodsburg Road Lexington, KY 40503 (859) 223-3743 fsnb.net
Independence Bank
444 E. Main St., Ste. 108 Lexington, KY 40507 (859) 967-1776 1776bank.com
Old National Bank 110 W. Vine St., Ste. 100 Lexington, KY 40507 (859) 825-6072 oldnational.com
South Central Bank 386 Waller Ave., Ste. 110 Lexington, KY 40504 (859) 223-0170 southcentralbank.com
Burke & Herbert Bank 1705 Bypass Road Winchester, KY 40391 (859) 744-1939 burkeandherbertbank.com
Peoples Bank 130 W. Main St. Lexington, KY 40507 (859) 422-8020 peoplesbancorp.com
440 Park Place Lexington, KY 40511 (859) 259-3466 membersheritage.org
Ashland Credit Union
100 Valvoline Way Lexington, KY 40509 (800) 245-8112 ashlandcu.org
Lisa Ginter (CEO)
Dustin K. Millaway (President/CEO)
Karen Harbin (President/CEO)
Ryan Ross (President/CEO) Jana Erny (President/CEO)
Credit Unions
Health & Education
Credit Union
424 Park Place Lexington, KY 40511 (859) 231-8262 thefcu.com
EXPREE Credit Union
100 Moore Drive Frankfort, KY 40601 (502) 564-5597 expree.org
Greater Kentucky Credit Union, Inc.
1001 Red Mile Road Lexington, KY 40504 (859) 231-9300 gtkycu.com
KUE Federal Credit Union
1 Quality St. Lexington, KY 40507 (859) 367-1230 kuefcu.com
Metro Plus
1565 McGranthia Pkwy Lexington, KY 40511 (859) 258-3990 metroemployeescu.org
Lexington Postal Community Credit Union 124 Louie Place Lexington, KY 40511 (859) 252-5151 lexpccu.com
Source: Information obtained from National
COMING IN JUNE
NEW HIRES & PROMOTIONS
The University of Kentucky Martin-Gatton College of Agriculture, Food and Environment has named Michael Wall as director of The Arboretum, State Botanical Garden of Kentucky.
Central Bank announced the promotions of Chris Campbell to vice president, merchant services officer; Chris Eder to vice president, card services manager; and Shelby Lyons to assistant vice president, retail banking officer.
A graduate of University of Kentucky’s Landscape Architecture program, Anna Del Rio has joined the design studio at Joseph Hillenmeyer Garden Design.
Asbury University has named Andrew Miller as director of information technology services and chief information officer (CIO), a key leadership role supporting the Uni-
versity’s technology strategy and campus-wide innovation.
Stites & Harbison, PLLC haswelcomed Stevi H. Whitman to its Lexington office's intellectual property and technology service group.
Bank of America announced the appointments of Scott Herrmann as senior relationship manager for global commercial banking and Syed Tariq as consumer banking market leader.
Anthony Allen, vice president of public policy at Commerce Lexington, has joined the board of directors of Prevent Child Abuse Kentucky.
Emma Dupre has been named new legal advocate for The Nest's Intimate Partner Violence Program.
KUDOS
Saint Joseph East announced its quarterly DAISY and BEE
award winners recognizing clinical caregivers who go above and beyond to make the healing presence of God known. The DAISY award was presented to Rebecca Finkbine, charge RN; and the BEE award was presented to patient care assistant, Peaches Adeyi.
Saint Joseph Medical Group recently recognized its 2026 Physician of the Year, Advanced Practice Provider of the Year, Employee of the Year, and Leader of the Year award recipient. This year’s recipients are: Physician of the Year – Benjamin Neltner, MD, Lexington; APP of the Year – Jessica McMaine, APRN, Richmond; Employee of the Year – Julie O'Nan, Medical Office Representative, Harrodsburg; and Leader of the Year – Jasmine Ellis, Manager, Clinic Practice, Lexington Saint Joseph Hospital. Saint Joseph East, Continuing Care Hospital and Saint Joseph Health Corporate also announced its annual award
winners. At Saint Joseph Hospital, this year’s winners are: Physician of the Year – Kathleen Martin, MD, Woodbury, NJ; APP of the Year – Isaac Hughes, PA-C, Lexington; Employee of the Year – Alban Hayden, inventory specialist, Versailles; and Leader of the Year – Elizabeth Hatfield, supervisor, nurse extern program, Charlestown, IN. At Saint Joseph East, this year’s winners include: Physician of the Year – Eric Schafer, MD, Charlestown, MA; APP of the Year – Ashley Frankowski, PA-C, Lexington; Employee of the Year – Danny Hunt, nutrition assistant, Lexington; and Leader of the Year – Jen Spegal, director, surgical services, Richmond. Continuing Care Hospital’s 2026 winners include: Physician of the Year – Ibrahim Shahoub, MD, Lexington; APP of the Year – Reginia Mullins, APRN, Pikeville; Employee of the Year – Jennifer Osborne, RN, Carlisle; and Leader of the Year – Joann Rose, supervisor respiratory therapy, Rich-
New Circle Road 280 West New Circle Rd. 859-281-5435
Richmond Road 3001 Richmond Rd. 859-281-5489
Tates Creek Center 4080 Tates Creek Centre Dr. 859-281-5378
Chevy Chase 720 Euclid Ave. 859-281-5405
University of Kentucky 160 Avenue of Champions 859-551-4490
mond. Saint Joseph Health's corporate staff were also honored, noteably: Employee of the Year – Mersi Lawhorn, senior recruiter, Lexington; and Leader of the Year – Elizabeth Sword, market director, print services, Lexington.
Saint Joseph Health and Continuing Care Hospital were recognized at the 2026 Kentucky Hospital Association Quality Awards. Saint Joseph Health was recognized in the Hospital System category for its Operational Excellence Program; and Continuing Care Hospital was recognized in the Long-Term Acute Care Hospital category.
Kentucky REALTORS® proudly presented the 2025 Kinman
Award to Senator Julie Raque Adams in recognition of her commitment to housing policy and advocacy.
Benchmark Litigation has named Stites & Harbison, PLLC as Litigation Firm of the Year for Kentucky at its 2026 Benchmark US Awards Gala. This is the sixth time the firm has received the honor.
The Kentucky Community and Technical College System (KCTCS) recently partnered with Feeding Kentucky for the 9th annual Serving Up Solutions and raised $57,400 to address hunger in Kentucky. These funds will directly benefit the food pantries at 16 KCTCS college locations.
Republic Bank & Trust Company has been recognized by S&P Global Market Intelligence as a Top 50 Community Bank among institutions with $3–$10 billion in assets. Republic’s 24th place national ranking makes it the highest-ranked bank or financial institution headquartered in Kentucky for the third year in a row.
The Children’s Advocacy Center of the Bluegrass recently hosted its annual Pinwheels for Prevention Planting Ceremony in recognition of Child Abuse Prevention Month, with Republic Bank & Trust Company serving as the presenting sponsor. The ceremony highlights the ongoing CAC of the Bluegrass mission to treat survivors of
child abuse, and the role that all individuals play in preventing child abuse.
Metro Plus Credit Union celebrated the opening of its new main office at 1565 McGrathiana Parkway in Lexington.
As part of a nationwide commitment to economic mobility, Bank of America announced it invested nearly $40 million throughout 2025 into U.S. workforce skills, job training, and career pathways. In Lexington, these targeted investments have yielded significant results, contributing to over 1,000 job placements locally and more than 2,700 across the Commonwealth. ■
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.
HATFIELD
MULLINS SCHAFER OSBORNE HAYDEN HUGHES
SPEGAL SHAHOUB HUNT LAWHORN FRANKOWSKI ROSE SWORD
ELLIS MARTIN
GRASSROOTS LEADERSHIP AWARDS
CONGRATULATIONS TO THE 2026 HONOREES!
Strong communities start with strong leaders. That’s why the Lexington Black Prosperity Initiative, a community-advised committee of Blue Grass Community Foundation, is proud to celebrate the 2026 class of Grassroots Leadership Awards honorees.
These dedicated leaders are creating brighter futures and bringing people together to build a stronger, more connected Lexington. From community support to health advocacy to youth empowerment, their work is making a lasting di erence for people across our city.
Learn more about their inspiring leadership at bgcf.org/GLA.
