Established in 1990, BOK has around $1.858bn in assets and $1.6bn in deposits at the end of June this year. It offers banking and financial services to both individuals and business customers through 32 branches.
BOK president and CEO Robert W Zapp said: "BB&T’s expanded product offerings and resources will enable us to better serve our customers, employees and communities."
The acquisition will allow BB&T to create a new banking region in Northern Kentucky and Cincinnati.
BB&T chairman and CEO Kelly S King said: "We are very pleased to announce that regional president Andrew Hawking and retail and small business banking manager Mark Exterkamp will lead our new region in this important growth market.
"We are developing exciting plans for additional banking center locations in the Greater Cincinnati area. Establishing this new banking region with such strong leadership is an important first step."
As part of the deal, BOK’s shareholders will get 1.0126 shares of BB&T common stock and $9.40 in cash for each share of BOK’s common stock.
The transaction is subject to approvals from regulatory and BoK shareholders’ approval.
The purchase of BOK is BB&T’s first full-bank acquisition in nearly three years and comes a few days after it purchased Citigroup’s 41 branches in Texas.
Image: BB&T bank’s headquarters in Winston-Salem, North Carolina. Photo: courtesy of Alexisrael.
