The Bank of Kentucky Corp. in Crestview Hills announced Friday a deal to acquire the operations of United Kentucky Bank of Pendleton County Inc.
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The $1.6 billion-asset Bank of Kentucky said it would assume $26 million of United Kentucky's deposits for $300,000, or a 1.1% deposit premium. Bank of Kentucky has also agreed to buy the bank's single office in Falmouth and $14 million of loans, essentially the bank's entire loan book.
According to data from the Federal Deposit Insurance Corp., United Kentucky had $28.4 million of assets at March 31, including $3.2 million of cash and $7.4 million of securities.
The deal is expected to close in the fourth quarter.
