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BB&T to Buy SunTrust in Biggest Bank Merger in a Decade

  • Combination will create sixth-largest U.S. bank by assets
  • Shareholders of BB&T will own 57% of the combined company
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BB&T agreed to acquire SunTrust Banks in a deal valued at $66 billion. Bloomberg’s Sonali Basak reports.Source: Bloomberg
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BB&T Corp. agreed to buy SunTrust Banks Inc. in the world’s largest bank merger in more than a decade, betting that a combination will allow them to keep up with bigger rivals in the arms race for new technology.

The $28 billion deal scraps both companies’ names and headquarters, creating an entirely new bank based in Charlotte, North Carolina, with branches throughout the Southeast. It will be the sixth-biggest commercial bank in the U.S. by assets, supplanting PNC Financial Services Group Inc.