BB&T and SunTrust have announced a “merger of equals” valued at about $66 billion, the companies have announced. The merger will create the sixth-largest US bank.
The combined company will operate under a new name, although that name has not yet been determined. The company will have about $442 billion in assets, $301 billion in loans, and $324 billion in deposits. It will serve more than 10 million US households.
“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” said BB&T chairman and CEO 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.”
“By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients,” said William H. Rogers, chairman and CEO of SunTrust. “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.”
King will serve as chairman and CEO of the combined company and its bank subsidiary until Sept. 12, 2021, after which time he will serve as executive chairman until March 12, 2022. He will continue to serve on the board of directors until the end of 2023.
Rogers will serve as president and chief operating officer of the combined company until Sept. 12, 2021, at which time he will become CEO of the company and its bank subsidiary. On March 12, 2022, he will become chairman and CEO of the company and its bank subsidiary.