CNN: BB&T and Suntrust announces $66 billion merger, creating the sixth-largest US bank
CNN, February 7th, 2019: BB&T and Suntrust announces $66 billion merger, creating the sixth-largest US bank
Two of the largest US regional banks are joining forces in a bid to compete with the nation’s biggest players.
BB&T (BBT) and SunTrust (STI) on Thursday announced a $66 billion merger, forming the sixth-largest US bank based on assets and deposits.
“It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services,” BB&T CEO Kelly King said in a statement.
The combined company will operate under a new name, though the banks have not yet decided what it will be called. Its headquarters will be in Charlotte, North Carolina, but the bank will also have significant operations in Winston-Salem, North Carolina, and Atlanta.