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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe planned acquisition comes just days after BB&T agreed to buy Citigroup’s 41 branches in Texas.
