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Sep. 8, 2014, 9:46 AM
- The Bank of Kentucky Financial Corporation (BKYF +28.3%) is headquartered in Crestview Hills, and has $1.9B in assets, $1.6B in deposits, and 32 branches in Northern Kentucky and Cincinnati. BB&T (BBT) is purchasing the lender in a cash and stock deal valued at about $363M.
- In connection with the purchase, BB&T creates a new banking region encompassing Northern Kentucky and Cincinnati.
- BKYF owners will receive 1.0126 shares of BB&T common stock and $9.40 in cash for each share of BKYF they own, roughly equivalent to $47 per share at current prices.
- BB&T expects the deal to be accretive to EPS in the first full year.
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