NORTH CAROLINA -- 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. BB&T shareholders will own about 57 percent and SunTrust shareholders will own about 43 percent of the business.
BB&T is currently based in Winston-Salem and SunTrust is based in Atlanta.
Mayor of Winston-Salem Allen Joines say although they lose the prestige, the city could add jobs.
"We believe in the long run there will actually be more jobs here in Winston-Salem after the merger and as the dust settles there. If you look at the past history of acquisitions and mergers with BB&T you will see that that is true," he said.
He says he also expects the ballpark and field to change under the new branding.