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BB&T and SunTrust are combining to form the sixth largest bank in the U.S. In an announcement on Thursday, both banks called the all-stock deal, valued at $66 billion, a 'merger of equals.'
"It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services," said BB&T Chairman and Chief Executive Officer Kelly S. King.
William H. Rogers, Jr., Chairman and Chief Executive Officer of SunTrust, added, "By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients."
BB&T and SunTrust have a large presence in the Mid-Atlantic and Southeast regions, including multiple locations throughout Nashville.
According to a news release, the new company will serve more than 10 million U.S. households.
Leaders at both banks said the merger is expected to close in the fourth quarter of 2019, subject to approval from regulators and their shareholders.
The new bank, which has not yet been named, will be headquartered in Charlotte, North Carolina.