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BB&T to Acquire Bank of Kentucky for $363 Million

BB&T Corp., the lender that agreed last week to acquire 41 Texas branches from Citigroup Inc., plans to buy Bank of Kentucky Financial Corp. for $363 million in cash and stock.

Investors of the target company will receive 1.0126 BB&T shares and $9.40 in cash for each of their shares, the acquiring firm said today in a statement. That totals $47 a share, based on BB&T’s 14-day average closing price of $37.13 as of Sept. 4, according to the statement. BB&T, based in Winston-Salem, North Carolina, said it expects the deal will add to earnings per share in the first year after it’s completed.