BB&T Corporation and SunTrust Banks, Inc. announced Thursday the board of directors at both companies unanimously approved a definitive agreement to combine all stocks equally valued at around $66 million. A release says the combined company will be the sixth-largest U.S. bank based on assets and deposits.
Together, the company will have approximately $442 billion in assets, $301 billion in loans, and 324 billion in deposits serving more than 10 million households in the U.S.
According to the release, a new corporate headquarters will be established in Charlotte, North Carolina, including an Innovation and Technology Center to drive digital transformation.
Kelly King will continue to serve as BB&T’s Chairman and CEO until September 12, 2021, at which time he will serve as Executive Chairman of both entities until March 12, 2022. He will also continue to serve on the Board of Directors of the combined company until the end of 2023.
SunTrust Chairman and CEO, William Rogers, Jr. will serve as President and CEO of the combined company until September 12, 2021, at which time he will become CEO of the combined company. He will also hold a seat on the combined company’s Board of Directors, and on March 12, 2022, Rogers will become chairman and CEO of the combined company.
The merger is expected to close in the fourth quarter of 2019, subject to regulatory approval.
BB&T has three branches located in Hopkinsville and other locations in western Kentucky.
