CHARLOTTE, N.C.–Two large regional U.S. banks have announced plans to merge. BB&T and Atlanta-based SunTrust said they plan to combine to create a $442-billion institution that would be the sixth-largest U.S. 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 two banks said the combined company will operate under a new name that has yet to be selected and will be headquartered in Charlotte while retaining significant operations in Winston-Salem, North Carolina, and Atlanta.
The merged bank will have approximately $301 billion in loans and $324 billion in deposits. Pending regulatory approval, the deal is expected to close later this year.
The banks said King will serve as chairman and CEO of the new company until September 2021 but will stay on the board through 2023. William Rogers, SunTrust's CEO, will serve as president and chief operating officer until September 2021 and then step into the CEO role and later the chairman position.