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BB&T-SunTrust merger creates sixth-largest U.S. bank

In a surprise move, BB&T Bank and SunTrust Bank, two of the United States’ largest regional banks, announced a merger Thursday, creating the sixth-largest bank in the country.

The $66 billion deal — officially an all-stock merger of equals, according to a press release from the two banking giants — is the first major merger between big banks since the Great Recession. BB&T shareholders will effectively own approximately 57 percent of the new (and yet-to-be renamed company). According to Bloomberg, the move amounts to a $28.1 billion purchase of SunTrust by BB&T.

mergerIn mortgage-industry terms, the deal gives BB&T access to a larger piece of the pie. SunTrust’s $10.6 billion in loan volume in 2017 easily eclipsed BB&T’s $6.7 billion. The combined bank will have approximately $442 billion in assets — $226 billion from BB&T and $216 billion from SunTrust. It also will have $301 billion in loans and $324 billion in deposits, serving more than 10 million households in eight states. A new corporate headquarters will be established in Charlotte, N.C., although the bank will maintain a significant presence in SunTrust’s current home in Atlanta, as well as BB&T’s in Winston-Salem, N.C.

"It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services,” BB&T CEO Kelly S. King said.

"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 Jr., 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.”

The two companies also expect the deal to deliver significant cost savings, to the tune of $1.6 billion annually by 2022. Primary sources of savings include facilities, shared services and third-party vendors.

Leadership of the new brand will be split between its two predecessors, with King to serve as chairman and CEO of the new company until Sept. 12, 2021. Upon King’s departure as CEO, Rogers will assume the mantle, adding the position of chairman in 2022.

Among the new bank's priorities, according to the news release, are making “significant investments in technology ... to create a sustainable competitive advantage in an increasingly digital-first world.” The bank's new Charlotte headquarters will include an innovation and technology center to “drive digital transformation.”

Questions? Contact Arnie Aurellano at (425) 984-6019 or 


Questions? Contact at (425) 984-6019 or

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