NEW YORK (TheStreet) -- Shares of Bank of Kentucky Financial (BKYF) surged to a 52-week high of $46.70 on Monday after BB&T (BBT) agreed to purchase the bank for $363 million in a cash-and-stock deal.
Bank of Kentucky Financial shareholders will receive 1.0126 BB&T shares and $9.40 in cash for each BKYF share.
The acquisition comes days after BB&T agreed to acquire 41 Texas branches from Citigroup (C) as BB&T expands into new geographic regions.
"We are extremely excited to welcome our new clients and associates in these vibrant markets to BB&T. The Bank of Kentucky's dedication to community investment and disciplined approach to business are a perfect fit with BB&T's culture," said chairman and CEO Kelly S. King in a statement.
Bank of Kentucky Financial stock was up 28% to $46.40 at 2:42 p.m.
Separately, TheStreet Ratings team rates BANK KY FINANCIAL CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK KY FINANCIAL CORP (BKYF) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, increase in net income, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."