The largest bank in Northern Kentucky has agreed to be acquired by BB&T Corporation. The Bank of Kentucky announced Monday it's signed an agreement under which BB&T, based in Winston-Salem, North Carolina, will buy it in a cash and stock deal worth about $363 million. The acquisition will establish a new banking region for BB&T that encompasses Northern Kentucky and Cincinnati.
"We look forward to joining the BB&T team," said The Bank of Kentucky President and CEO Robert W. Zapp in a statement. "BB&T's expanded product offerings and resources will enable us to better serve our customers, employees and communities."
The Bank of Kentucky is headquartered in Crestview Hills. It has $1.9 billion in assets, $1.6 billion in deposits and 32 banking offices in Northern Kentucky and Cincinnati.
BB&T, which stands for Branch Banking and Trust, is among the largest financial services holding companies in the U.S. It has $188 billion in assets and market capitalization of $28.4 billion as of the end of June. The company operates 1,844 financial centers in 12 states and Washington, D.C.
"We are extremely excited to welcome our new clients and associates in these vibrant markets to BB&T." Chairman and CEO Kelly S. King said in a statement. "The Bank of Kentucky's dedication to community investment and disciplined approach to business are a perfect fit with BB&T's culture."
The board of directors at each company has approved the agreement under which The Bank of Kentucky shareholders will receive 1.0126 shares of BB&T common stock and $9.40 of cash for each share of The Bank of Kentucky common stock.
The transaction needs approval from regulators and The Bank of Kentucky shareholders.