BB&T completes deal to acquire Bank of Kentucky
BB&T has completed its deal to acquire Bank of Kentucky, which will carry the name of BB&T as of today.
Bowdeya Tweh

btweh@enquirer.com

BB&T Corp. closed on its deal Friday to acquire the parent of the Bank of Kentucky.

Bank of Kentucky branches are expected to complete the conversion to BB&T’s systems and carry the BB&T name by Monday. BB&T said earlier this month it had received regulatory approval from the Federal Reserve, Federal Deposit Insurance Corp. and state regulators to complete the acquisition.

“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 in a June 3 news release. “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 Crestview Hills-based Bank of Kentucky has 32 branches in Northern Kentucky and Cincinnati. As of March 31, the bank had $1.6 billion in deposits, $1.3 billion in loans, and total assets of $1.9 billion.

BB&T Chief Financial Officer Daryl Bible told analysts last month at an investor conference that it planned to add branches in Cincinnati beyond Bank of Kentucky’s single Downtown location.

Winston-Salem, North Carolina-based BB&T announced the $336 million deal for Bank of Kentucky Sept. 8, 2014. The Bank of Kentucky has served the region since 1990.

Bank of Kentucky has a 2 percent share of deposits in the Greater Cincinnati market, which is ranked No. 7 in the region, according to FDIC data. BB&T is the nation's 17th-largest bank with $186.8 billion in assets. It has almost 1,900 branches in 12 states, mostly in the Southeast.

Reporter Alex Coolidge contributed.