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.

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