|The Bank of Kentucky is now BB&T. FTM file.|
The opened under a new flag today.
"We are very excited to complete this strategic transaction," said Chairman and Chief Executive Officer Kelly S. King, in a release. "With so many cultural similarities and a shared passion for client service, our associates are ready to begin serving our clients and prospects as BB&T in these vibrant markets. This acquisition makes us a leading bank in the market with the No. 1 position in northern Kentucky, and No. 7 in the Cincinnati MSA. It also boosts our overall marketplace ranking in Kentucky to No. 2."
The acquisition includes 32 retail branches 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 March 31, 2015, balances. BB&T received the required regulatory approvals for the acquisition earlier this year.
The Bank of Kentucky Center is now BB&T Arena at Northern Kentucky University, NKU announced today.
“On behalf of our campus community, I am pleased to welcome BB&T to Northern Kentucky University,” said NKU President Geoffrey S. Mearns. “BB&T Arena will continue to be an excellent home for our Division I athletics programs, and also a convening spot for our entire region.”
The 9,400-seat venue opened in 2008 as The Bank of Kentucky Center, named for the Crestview Hills-based firm that helped construct the arena.
BB&T Corp. (NYSE: BBT), the North Carolina-based financial services firm, has acquired the bank and its assets in a transaction completed on Friday.
“We are pleased that BB&T shares the same strong commitment to the communities it serves and we look forward to continuing our long partnership with Northern Kentucky University,” said Andy Hawking, president of the Northern Kentucky/Greater Cincinnati region for BB&T.
Owned by NKU, BB&T Arena is home to the NKU Norse men’s and women’s basketball teams. The programs have a new home, and also a new conference: on July 1, NKU will join the Horizon League, whose nine other members are all located within 300 miles of the university.
BB&T Arena also hosts the KHSAA Region 9 high school boys’ and girls’ basketball tournaments every spring. Beginning in 2016, it will host the KHSAA girls’ basketball Sweet Sixteen tournament as well.
The arena has also hosted more than 100 sports events, concerts, circuses, expos, high school graduations, and other community events since 2008.
BB&T Arena will continue to be managed by SMG, the Philadelphia-based worldwide leader in venue management.