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SunTrust Banks and BB&T Corporation announced today that both companies’ boards of directors have unanimously approved an agreement to combine in an all-stock merger of equals valued at approximately $66 billion. The combined company will be the sixth largest US bank based on assets and deposits.
The pro forma company will have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits serving more than 10 million households in the United States, with leading market share in many of the most attractive, high-growth markets in the country. The incremental scale positions the new company to achieve industry-leading financial and operating metrics with the strongest return profile among its peers.
In a reflection of the equal contribution both banks bring to the new institution, the combined company will operate under a new name and brand, which will be determined prior to closing. The combined company’s board of directors and executive management team will be evenly split between the two institutions. A new corporate headquarters will be established in Charlotte, North Carolina, to drive digital transformation.
In the current home markets for both companies, the combined company will maintain the Community Banking Center in Winston-Salem, North Carolina, and the Wholesale Banking Center in Atlanta, Georgia. This continued presence is also supported by the combined company’s commitment to increase the respective banks’ current levels of community investment.
“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” says BB&T Chairman and Chief Executive Officer Kelly S. King. “It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill’s leadership and our new SunTrust teammates, we’re going to bring the best of both companies forward to serve our clients and communities.”
William H. Rogers, Jr., Chairman and Chief Executive Officer of SunTrust, adds, “By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients. Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands. With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities, and shareholders than we could alone. I have tremendous respect for Kelly, his leadership team, and the BB&T associates. We will leverage our respective strengths as we focus together on the future.”
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