If you’re a BB&T customer your bank will eventually have a new name. BB&T Corporation and SunTrust Banks Inc. announced they have agreed on a combined all-stock merger of equals valued at approximately $66 billion. BB&T entered central Pennsylvania a few years ago when it acquired Susquehanna Bank, and now with the pending merger it says it will become part of the sixth largest bank in the country.
Customers at BB&T will see a new name on the banks because the combined company will operate under a new name and brand, which will be determined prior to closing. The combined company’s board of directors and executive management team will be evenly split between the two institutions. A new corporate headquarters will be established in Charlotte, North Carolina. The combined company will maintain the offices in the two hometowns of the banks -- Winston-Salem, North Carolina and Atlanta, Ga.
“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” BB&T Chairman and Chief Executive Officer Kelly S. King said in a press release.
The merger is expected to close in the fourth quarter of 2019.
Both banks are primarily located throughout the southeast and the two banks combined have had 100 acquisitions over the last 35 years. BB&T has numerous locations throughout the Harrisburg area. In addition to BB&T’s acquisition of Susquehanna Bank, it also acquired other central Pennsylvania locations when it acquired National Penn. SunTrust doesn’t have branches in Pennsylvania. Its closest locations are in Maryland, West Virginia, Virginia and Washington D.C.