BB&T to acquire Bank of Kentucky for $363M

BB&T Corp. said Monday it has signed an agreement to acquire The Bank of Kentucky for about $363 million in stock and cash.

Winston-Salem-based BB&T will enter the northern Kentucky and Cincinnati markets through the deal. BB&T already has branches in Kentucky but not in Ohio.

In announcing the deal, BB&T said it will create a new banking region that encompasses northern Kentucky and Cincinnati. The region becomes the 24th for the regional lender.

The deal, which is expected to close in the first half of next year, still needs approval from regulators and Bank of Kentucky shareholders.