ATLANTA (AP) - SunTrust is going away. This after BB&T and the bank announced Thursday they plan to combine in an all-stock deal valued at about $66 billion.
The Southern regional 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.
Because of the merger, SunTrust Park, the home of the Atlanta Braves, will likely be renamed. The bank has held the naming rights since the ballpark opened in 2017.
FOX 5 Atlanta contributed to this report