SunTrust Banks Inc. and BB&T Corp. have announced an all-stock merger that would create the nation’s sixth largest bank.
The combined company, which has yet to be formally named, would have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits, with a customer base of more than 10 million households. in the United States, with leading market share in many of the most attractive, high-growth markets in the country. A new corporate headquarters will be established in Charlotte, N.C., with a Community Banking Center based in Winston-Salem, N.C. and a Wholesale Banking Center in Atlanta.
Kelly S. King, Chairman and Chief Executive Officer of BB&T and its bank subsidiary, 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 of both entities until March 12, 2022. King will continue to serve on the board of directors of the combined company until the end of 2023. William H. Rogers Jr., Chairman and CEO of SunTrust, will serve as President and Chief Operating Officer of the new entity and its bank subsidiary until Sept. 12, 2021, at which time he will become CEO of the combined company and its bank subsidiary. He will also hold a seat on the combined company's board of directors through his position as President and Chief Operating Officer and then Chief Executive Officer, and will become Chairman and CEO of the new company and its bank subsidiary on March 12, 2022.
"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future," said 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. Together with Bill's leadership and our new SunTrust teammates, we're going to bring the best of both companies forward to serve our clients and communities."
Rogers added, “By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients. 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. With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities, and shareholders than we could alone. I have tremendous respect for Kelly, his leadership team and the BB&T associates. We will leverage our respective strengths as we focus together on the future.”