Print
Banking & Finance

BB&T, SunTrust Announce $66 Billion Merger

By Vicky Janowski, posted Feb 7, 2019
North Carolina-based BB&T will buy SunTrust in an all-stock deal, creating the sixth-largest bank in the U.S., officials announced Thursday morning.
 
The combined bank, under a new name, would have about $442 billion in assets, $301 billion in loans and $324 billion in deposits through the merger, which if approved, is valued at $66 billion, according to the announcement.
 
In the Wilmington market, BB&T is among the largest lenders in terms of local deposits. It had $1.9 million of in-market deposits, according to the FDIC’s latest annual report. (Among banks with a local presence, only Live Oak Bank reported a higher amount, but because it does not have branches its deposit activities elsewhere fall under the in-market figure.)
 
Locally, Charlie Mattox serves as market president for BB&T, which is based in Winston-Salem.

Atlanta-based SunTrust had nearly $291 million of in-market deposits, according to FDIC figures, making it the ninth-largest bank in the area. Sandra Spiers heads up SunTrust’s local base.
 
A new headquarters will be established in Charlotte, officials said, adding that the new institution will equally split its board of directors and executive management team. The deal is expected to close in the fourth quarter of this year.

“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,” William Rogers, SunTrust’s chairman and CEO, said in the announcement.

Under the deal, BB&T shareholders would own about 57 percent of the new company, and SunTrust shareholders would own about 43 percent, according to the announcement.

BB&T Chairman and CEO Kelly King, however, described the deal as “a true 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,” he said in a statement.

The combined bank would serve more than 10 million U.S. households, officials said, “with leading market share in many of the most attractive, high-growth markets in the country.”
 
The deal is the “world’s largest bank merger in more than a decade,”  Bloomberg reports.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Volety 0020 1121724229

UNCW STEAM Team Program Provides Access Point to Higher Education

Aswani Volety - UNCW College of Arts and Sciences
Alyce 4 april242017

The Generational Divide

Alyce Phillips - Old North State Trust LLC
Ch headshot

Beyond the Bench: UNC Wilmington Classroom to cGMP Laboratories

Trending News

On The Riverwalk, Stalk & Vine Set To Open This Weekend

Jessica Maurer - Jul 16, 2019

Former Drug Researcher, Partners Launch Coastal Hemp Co. In Porters Neck

Johanna Cano - Jul 16, 2019

Gov. Cooper Visits Dosher Memorial Hospital To Talk Health Care

Cheryl L. Serra - Jul 15, 2019

In Former Lou's Flower World Spot, Furniture And Mattress Store Opens

Cece Nunn - Jul 15, 2019

CFCC Launches Cybercrime Technology Degree

Christina Haley O'Neal - Jul 15, 2019

In The Current Issue

Banks Offer Non-traditional Housing Loans

As affordable housing becomes ever more scarce, people are looking to alternatives to single-family homes and apartments....


Group Aids Students, Teachers

“Every year, education [funding] gets cut,” said Superintendent Steven Hill, speaking of allocations from the state legislature. “It’s harde...


Report Looks At Novant's Economic Impact

Winston-Salem-based Novant Health, which has a presence in Brunswick County, generated $9 billion in economic activity statewide last year,...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Power Breakfast - The H Word (June 13, 2019)
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Health Care Heroes 2018