Banking

BB&T receives approval to acquire The Bank of Kentucky

The BB&T Corp. headquarters building in Winston-Salem. BB&T Corp., the third-largest lender by deposits in the Charlotte region, announced Wednesday it has received regulatory approval to acquire The Bank of Kentucky.
The BB&T Corp. headquarters building in Winston-Salem. BB&T Corp., the third-largest lender by deposits in the Charlotte region, announced Wednesday it has received regulatory approval to acquire The Bank of Kentucky. BLOOMBERG NEWS

BB&T Corp., the third-largest lender by deposits in the Charlotte region, announced Wednesday that it has received regulatory approval to acquire The Bank of Kentucky.

The Winston Salem-based lender originally agreed to purchase The Bank of Kentucky in September 2014 for about $363 million in stock and cash, a move that would allow it to enter the Cincinnati market.

On Wednesday, the transaction received approval from the Federal Reserve, the FDIC and all other necessary state regulators. It has an expected closing date of June 19.

“We are very pleased to receive this approval and are excited about the opportunities in this market,” said Chairman and Chief Executive Officer Kelly King. “We look forward to working with our new associates to continue providing the high quality service that clients receive in Northern Kentucky and Cincinnati.”

The Bank of Kentucky has 32 banking offices in Northern Kentucky and Cincinnati. The merger includes $1.6 billion in deposits, $1.3 billion in loans and total assets of $1.9 billion based on balances as of March 31.

BB&T shares were up 1.39 percent to $40 on Wednesday.

Chaney: 704-358-5197; Twitter: @sechaney

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