BB&T will buy SunTrust in deal worth $66 billion

BB&T Sun Trust Deal Could Be First in a Wave of Big Bank Mergers

BB&T shareholders were pleased.

Shares of SunTrust jumped 11.1 percent in early morning trading, while BB&T's stock rose 5 percent.

"We don't think such a merger is going to be beneficial to consumers or employees", Naylor told AFP.

The 100,000-square-foot building slated for the intersection of J.K. Powell Blvd. and Columbus Street will house the 500 BB&T employees who now work in nine locations in the Whiteville area, including its Client Care Center on US 701 North. "SunTrust has a call center that undoubtedly can say the same thing". It will have about $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million households.

Phillip Stone, the Lumberton city executive for the bank, said he had a busy day answering questions from customers and shareholders. And Ernst & Young said it expects a flurry of transactions this year, fueled by easing regulations and the US tax overhaul, which helped lenders build a war chest to spend on acquiring new clients and technology.

"I have the same information that was released to the public", Stone said. Most bank mergers stopped after the crisis because the banks had to clean up their balance sheets, and the regulatory environment under the Obama administration made mergers more hard.

Super regional banks, with typically have between $50 billion and $500 billion in assets, have been grappling with how to grow with fewer resources than the four largest USA banks like JPMorgan Chase & Co and Bank of America Corp.

In order to reflect the equal contributions each bank brings to this new company, they will merge under a new name and brand.

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BB&T is merging with SunTrust, in a deal worth some $66 billion. Under the terms of the merger agreement, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own. BB&T will hold 57 percent of the combined company.

SunTrust shares were up nearly 10 percent in Thursday's trading to $64.61.

The added heft from the merger is expected to boost lending capacities to the largest corporate clients, better positioning it against national banks that are also active in the region. Other smaller mergers followed that gave BB&T a foothold in Pennsylvania, Maryland and New Jersey. The combined company's board of directors and executive management team will be evenly split between the two institutions. BB&T has always been based in Winston-Salem, N.C., while SunTrust is based in Atlanta.

The two banks have always been considered natural partners and advisers said they do not expect another bank to make a bid.

Rogers will become CEO on September 12, 2021 when King is set to become Executive Chairman. After that, he'll serve a further six months as executive chairman.

The combined company will remain comfortably under the asset threshold that would make it a systematically important financial institution, sparing it increased regulatory scrutiny. "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 will then take over as CEO and King will continue to serve as chairman until 2023. Herlihy argued that the Fed was showing a greater propensity to reject community groups' arguments that banks should not be allowed to combine because they had not satisfied their responsibilities under the Community Reinvestment Act.

BB&T and SunTrust said the combined bank would produce annual cost savings of around $1.6 billion by 2022.

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