Atlanta-based SunTrust Merging With BB&T In $66 Billion Deal

ATLANTA -- SunTrust Banks and BB&T Corp. announced Thursdays that both companies' boards of directors have unanimously approved an all-stock merger valued at $66 billion. The combined company will be the sixth-largest U.S. bank based on assets and deposits.

The new company will have $442 billion in assets, $301 billion in loans, and $324 billion in deposits serving more than 10 million households in the United States. The combined company will operate under a new name and brand, with its board of directors and management team split between the two institutions.

The new corporate headquarters will be in Charlotte, NC, with the Wholesale Banking Center based in Atlanta.

"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future," said BB&T Chairman and Chief Executive Officer Kelly S. King. "It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill's leadership and our new SunTrust teammates, we're going to bring the best of both companies forward to serve our clients and communities."

William H. Rogers, Jr., chairman and CEO of SunTrust, said, "By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients. Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands. With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities, and shareholders than we could alone. I have tremendous respect for Kelly, his leadership team and the BB&T associates. We will leverage our respective strengths as we focus together on the future."

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Image SunTrust Bank