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 said the deal allows the lender to establish a presence in the northern Kentucky and Cincinnati markets.

In connection with the purchase, BB&T is creating a new banking region for northern Kentucky and Cincinnati. The region is the 24th for the regional lender.

The deal still needs approval from regulators and Bank of Kentucky shareholders.