When the two Southern banks are combined, the new company will serve more than 10 million USA households, with approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits, according to a joint news release detailing the plan.
"The business has been changing and will be changing", SunTrust Chief Executive William Rogers said.
The deal pays SunTrust shareholders 1.295 BB&T shares for each SunTrust share they own, according to a joint statement released Thursday morning. The new company's market value will be about $76 billion.
The combined company will operate under a new name and have around $442 billion in assets, $301 billion in loans and $324 billion in deposits, and will rival Citigroup and Bank of America.
The law raised the asset threshold that brings stricter regulatory supervision from $50 billion to $250 billion, effectively making M&A for mid-size banks more attractive.
A more permissive regulatory environment culminated Thursday in the biggest bank merger since the 2007-2009 financial crisis, and more deals are likely, analysts and investors said. It will keep a wholesale banking center in Atlanta, where SunTrust has its headquarters. SunTrust Banks, Inc.is one of the largest bank holding companies in the Southeast.
BB&T’s name sits atop Riverfront Plaza on East Byrd Street
The combined company will be rebranded and establish a new headquarters in Charlotte, North Carolina.
Both of the banks are calling it a "merger of equals".
In Charlotte, the new bank will house an innovation and technology center focused on digital transformation, the companies said.
Executives did not disclose how many jobs might be eliminated but said that one plan is to close BB&T and SunTrust branches that overlap. Even though BB&T shareholders will end up with a majority of shares, a key point for SunTrust was that the deal would treat the banks as equals. GAAP and Cash EPS accretion per SunTrust share in 2021 is expected to be approximately 9% and 16%, respectively (based on Street estimates). On March 12, 2022, Rogers will also become Chairman and Chief Executive Officer of the combined company and its bank subsidiary. BB&T shareholders will own about 57 percent and SunTrust shareholders will own the rest. They include Chris Henson, Clarke Starnes (Chief Risk Officer), Daryl Bible (Chief Financial Officer), Allison Dukes, Brant Standridge, David Weaver, Dontá Wilson, Ellen Fitzsimmons, Ellen Koebler, Hugh (Beau) Cummins, Joseph Thompson and Scott Case.
Kelly King, BB&T's chief executive officer, will be CEO of the combined company until September 12, 2021, after which SunTrust CEO Rogers will take over. After that, he will serve as executive chairman for six months. King will continue to serve on the Board of Directors of the combined company until the end of 2023.
BB&T stock was up about 5% in early trading, while SunTrust bounced more than 10%.
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