Published: February 7, 2019


A PAIR OF AREA BANKS WILL SOON BECOME ONE.  IN A STATEMENT RELEASED THURSDAY, SUNTRUST BANK AND BB&T ARE IN THE PROCESS OF MERGING ASSETS IN WHAT WOULD FORM THE NATION'S SIXTH LARGEST BANK.  THE ATLANTA BASED SUNTRUST AND BB&T ARE REPORTED TO BE COMBINING IN AN ALL STOCK DEAL VALUED AT AROUND 66 BILLION DOLLARS.  THE NEW FINANCIAL ORGANIZATION WILL HAVE 442 BILLION IN ASSETS, 301 BILLION IN LOANS, AND 324 BILLION IN DEPOSITS AND WILL SERVE MORE THAN 10 MILLION HOUSEHOLDS.  SUNTRUST SHAREHOLDERS WILL RECEIVE 1.295 SHARES OF BB&T FOR EACH SHARE THEY OWN.  BB&T SHAREHOLDERS WILL OWN ABOUT 57 PERCENT AND SUNTRUST SHAREHOLDERS WILL OWN ABOUT 43 PERCENT OF THE BUSINESS.  THE COMPANY PLANS TO BE HEADQUARTERED IN CHARLOTTE, NORTH CAROLINA.  THE MERGER IS EXPECTED TO BE COMPLETED LATER THIS YEAR.