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BB&T, SunTrust combining in $66 billion all-stock deal

SeattlePI.com Thursday, 7 February 2019
ATLANTA (AP) — Southern regional banks BB&T and SunTrust are combining in an all-stock deal valued at about $66 billion. The banks said Thursday that the combined company will be the sixth-largest U.S. bank based on assets and deposits. It will have approximately $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million households. The combined company will be based in Charlotte, North Carolina, its board and management evenly split between BB&T Corp. and SunTrust Banks Inc. A new name will be chosen before the deal closes in the fourth quarter. SunTrust shareholders will receive 1.295 shares of BB&T for each share they own.
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News video: What Does the BB&T and SunTrust Merger Mean for Banks? Jim Cramer Explains

▶ What Does the BB&T and SunTrust Merger Mean for Banks? Jim Cramer Explains 01:56

BB&T and SunTrust Banks unveiled a $66 billion all-stock merger Thursday that would create the sixth-biggest commercial bank in the United States, TheStreet's Martin Baccardax reported. SunTrust said the deal would create a company with $442 billion in assets, as well as $324 billion in deposits with...

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