Banking giant and civic leader Clay Davis dies at 82

Feb. 23—Longtime Citizens National Bank President and CEO Clay Parker Davis died on Thursday, February 22, 2024, at the age of 82.

After leading the local banking institution for 35 years, Davis retired in 2007. Davis left behind a legacy of community and civic leadership that went far beyond his banking expertise and well beyond his retirement from the bank.

U.S. Rep. and Dean of the House Hal Rogers was a longtime friend with Davis. The two prominent men worked side-by-side in many endeavors that have made a positive impact on the community and the Lake Cumberland area to this day.

"Clay Davis was my best friend, who I counted closer than a brother," stated Congressman Rogers. "When he first arrived in Pulaski County, we hit the ground running together, forging a deep partnership in business and a joint vision for a brighter future in the Lake Cumberland area and beyond. He was a brilliant banker, innovative leader and a savvy businessman who never feared taking measured risks for the greater good."

Under Davis' leadership, Citizens National Bank went from a $22 million institution to a worth of $315 million in 2007. This tremendous growth took place without any bank mergers or acquisitions. Also, the local bank's capital grew from $1.9 million to over $32 million.

After Davis' retirement, his banking protégé Don Bloomer took over as Citizens National Bank President and CEO. Bloomer, who will retire after 47 years at the bank and 16 years as president/CEO, looked up to Davis as a role model and a friend.

"When Clay came to Somerset from Georgetown, he jumped right into the community and was very, very active in the community," Bloomer recalled. "He worked with all the different leaders in the community, and was very instrumental in the growth of Somerset and Pulaski County."

Bloomer also pointed directly to Davis' active role and leadership in the local community to the overall success of Citizens National Bank.

"The people readily see and get to recognize a leader, they recognize what that bank is doing for the community, and that's been instrumental in our [bank's] growth," Bloomer stated. "I have been thinking back of all the different trips that we made to conventions, seminars, and meetings. Clay was always great to travel with and we made a lot of trips to different things. I will sadly miss him."

Davis was a native of Scott County where he was affiliated with First National Bank and Trust, and Georgetown as Executive Vice President and Director before moving to Somerset in 1973 to join Citizens National. Davis remained on the Citizens National Bank Board of Directors from 1973 until his passing. He was the President of Citizens Bancshares Inc. since 1978.

In 2001, Davis received the A.D. Albright Distinguished Leader Award at Georgetown College and continued to be a big supporter of the institution throughout his lifetime. He used his financial expertise to further the economic development of rural areas and was an avid supporter of youth and education. Davis received the degree Doctor of Laws honoris causa from Georgetown College on May 8, 2004.

Davis was the past chairman and treasurer of The Center for Rural Development, and was instrumental in the organization and planning stages of The Center. He served on The Center's Executive Board from its opening in 1996 until 2023.

"Clay's exceptional influence cannot be overstated," reflected Lonnie Lawson, President and CEO of The Center for Rural Development. "His legacy is a testament to his dedication to fostering economic growth and enhancing the quality of life in our rural communities. Clay's foresight and passion for service were instrumental in guiding The Center through its formative years to present, ensuring a lasting impact on our region and our people. His contributions have been invaluable, and his memory will continue to inspire us in our mission to develop and support rural areas. I personally benefitted from Clay's leadership and guidance and will miss his influence. On behalf of The Center for Rural Development, staff, and board of directors, we offer our deepest condolences."

Congressman Rogers credited much of The Center's success to the work of Davis.

"[Davis] was a trusted adviser to many organizations and community leaders over the years, including helping me launch and direct operations at The Center for Rural Development from day one," stated Congressman Rogers. "I have been blessed by his loyal friendship and our shared achievements. Cynthia and I extend our heartfelt sympathies to Clay's family and friends."

Davis was the past president and director of Kentucky Bankers Association, and served as a member of the board of directors representing banks of over $250 million in assets.

Davis served on the Board of Directors of Somerset Community College as Vice Chair from 2006 until 2019 and was the recipient of their distinguished service award for leadership, service and support in 1994.

Somerset Community College VP of Institutional Advancement Cindy Clouse, who previously worked for Davis at Citizens National Bank for 17 years, stated that Davis was instrumental with the development and growth of the college and her career.

"Mr. Davis was instrumental in forming the SCC Foundation and was its founding chairman from 2006 until 2009 and vice chair until 2012," Clouse stated. "Over the years, Clay has generously given personally and professionally, and asked many others to support SCC. When I think about Clay, I attribute much of my success and growth to his guidance and support. He has made a lasting impression on my life and I will forever be grateful."

He served on the board of directors of The Cincinnati Branch Federal Reserve Bank of Cleveland from 1989 to 1992. His involvement with the Fed led to the formation of his Economic Advisory Committee for Citizens National Bank.

In 2002, Davis was appointed to the Rural Telephone Bank Board by President George W. Bush and remained involved in their decision making process for many years afterwards.

Davis was active in civic affairs, receiving the leadership award from the state FFA and Scott County FFA. He has held every office in the Jaycees and Chamber of Commerce. He was a U.K. Fellow; a Paul Harris Fellow; a James West Fellow, and received the prestigious Silver Beaver Award by the Boy Scouts of America. He received honorable mention as Citizen of the Year in Georgetown on two occasions and in 1975 was named K.G. (Kentucky Group) Banker of the Year. He was the first banker in the state of Kentucky to be selected as Community Banker of the Year in 1988.

Davis was a past President of the Pulaski YMCA, campaign chairman and president of United Way, and past president of Southeastern Ky Chapter Bank Administration Institute. He was also a member of the Executive Committee of Bluegrass Council Boy Scouts of America.

Davis' banking career began in August of 1957 when the janitor at First National Georgetown became sick and Clay volunteered to take his place until he was able to return to his duties. He later joined the Air Force and served four years. His father was President of the bank and gave him a job as a file clerk at First National Bank and Trust Co., in Georgetown, which was owned by Garvis Kincaid.

In 1973, Kincaid asked Davis to go to Citizens National Bank in Somerset as President. In 1974, the old Newtonian Hotel was razed and the main office of Citizens National Bank was built and the staff moved into it that fall.

In 1976, Kincaid died and Davis was given the option if Citizens National Bank ever sold he would have the right of first refusal to purchase the bank from the estate. In 1977, Davis — along with 11 other businessmen — were able to purchase the bank and the rest is history.

Upon Davis' retirement in 1977, his longtime assistant Imadene Brinson retired as well after 35 years in the banking industry.

"I have worked with and for Clay Davis for 51 years, 35 at Citizens National Bank, and I continued to assist him until his death," Brinson stated. "I am blessed to call him 'My Boss, My Mentor and My Friend'. Words are inadequate to describe this giant of a man who excelled in every task or goal he set.

"Under his leadership, Citizens National spiraled from a small struggling community bank to a flagship bank and became a leading financial institution in Pulaski County and the state," Brinson added. "His pursuit of excellence and leadership ability led Citizens National Bank to the forefront of banking expertise and respect that it is today. I am proud to have been a part of his administration and grow with the bank. I can truly say he was 'The Best'."

Davis was born January 23, 1941 in Sadieville, Kentucky; the son of Sadie Elmo Hutchcraft Davis and Emory Parker Davis. He was raised by his beloved aunt and uncle Frances Parker Warring and Bill Warring.

His funeral service will be held at 11 a.m. Tuesday, February 27, 2024 at First Baptist Church with Bro. Ryan Coffey officiating.

Interment will be in Somerset Cemetery. The family will receive friends from 5 to 8 p.m. Monday, February 26, 2024 at First Baptist Church and after 9 a.m. Tuesday, until time for services. Pulaski Funeral Home will assist the family with arrangements.

Contact Steve Cornelius at scornelius@somerset-kentucky.com.