BB&T Corporation has agreed to buy The Bank of Kentucky in a cash and stock transaction for total consideration valued at approximately $363m.
If the deal receives regulatory approval, it would give Winson-Salem, North Carolina-based BB&T entrance to the Northern Kentucky / Cincinnati market.
Go deeper with GlobalData
The Bank of Kentucky, headquartered in Crestview Hills, Kentucky, has $1.9bn in assets, $1.6bn in deposits and 32 banking offices in Northern Kentucky and Cincinnati.
BB&T Corporation chairman and CEO Kelly King said: "We are extremely excited to welcome our new clients and associates in these vibrant markets to BB&T. The Bank of Kentucky’s dedication to community investment and disciplined approach to business are a perfect fit with BB&T’s culture."
BB&T expects the deal to add to per-share earnings in the first full year following its closing. Bank of Kentucky holders will receive roughly one BB&T share and $9.40 in cash for each Bank of Kentucky share held.
In connection with the acquisition, BB&T also announced the creation of a new banking region encompassing Northern Kentucky and Cincinnati.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe planned acquisition comes just days after BB&T agreed to buy Citigroup’s 41 branches in Texas.
