February 8, 2019
The boards of SunTrust Banks, Inc. and BB&T Corporation unanimously approved an agreement to combine in an all-stock merger of equals valued at roughly $66 billion. The combined company will be the sixth-largest U.S. bank based on assets and deposits, and brings together iconic entities with 275 years of combined history.
BB&T’s Kelly S. King says, “This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future.”
BB&T shareholders will own approximately 57% and SunTrust shareholders will own approximately 43% of the combined company. The pro forma company will have roughly $442 billion in assets, $301 billion in loans, and $324 billion in deposits serving more than 10 million households in the United States.
The merger is expected to close in Q4 2019. A new name and brand will be determined prior to closing. The new board and executive management team will be evenly split between the two institutions, and a new corporate HQ will be established in Charlotte, NC, including an Innovation and Technology Center.
*Charlotte, NC skyline pictured
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