FILE - This Aug. 22, 2003 file photo shows the corporate headquarters of BB&T in Winston-Salem, N.C. Southern regional banks BB&T and SunTrust are combining in an all-stock deal valued at about $66 billion. The banks said Thursday, Feb. 7, 2019 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 (David Rolfe/The Winston-Salem Journal via AP)
FILE - This Aug. 22, 2003 file photo shows the corporate headquarters of BB&T in Winston-Salem, N.C. Southern regional banks BB&T and SunTrust are combining in an all-stock deal valued at about $66 billion. The banks said Thursday, Feb. 7, 2019 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 (David Rolfe/The Winston-Salem Journal via AP)

Federal Reserve, FDIC approve merger of BB&T, SunTrust banks

The Federal Reserve and the Federal Deposit Insurance Corp. on Tuesday approved the $66 billion merger between BB&T and SunTrust, clearing the last hurdles in creating the sixth-largest bank in the U.S.

The combination of BB&T Corp., which is based in Winston-Salem, North Carolina, and Atlanta-based SunTrust Banks Inc. is the largest bank merger since the Great Recession.

The new institution will be called Truist Bank, which will have more than $425 billion in assets and will be one of the largest retail bank operators in the South. It will be headquartered in Charlotte, North Carolina.

The Federal Reserve required BB&T and SunTrust to sell 30 branches and divest $2.4 billion in assets as a condition of the merger.

The deal is expected to close on Dec. 6, the banks said. The new bank will trade under the stock ticker “TFC” on the New York Stock Exchange.

Author: Associated Press
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