Updated February 8, 2019
BB&T Corporation agreed to buy Suntrust Banks, Inc. in the world’s largest bank merger in more than a decade.
The $28 billion deal scraps both companies’ names and headquarters, creating an entirely new bank based in Charlotte, North Carolina, with branches throughout the Southeast. It will be the sixth-biggest commercial bank in the U.S. by assets, supplanting PNC Financial Services Group Inc.
Brian Moynihan, chief executive officer of Bank of America Corp., said last month he could envision the creation of another megabank, given the large number of small players spread throughout the country.
The deal came together quickly, and the integration process will start next week, according to BB&T CEO Kelly King. Both banks are planning to complete the transaction by the end of this year.
King said he is targeting a Sept. 12 closing and not anticipating any obstacles.
SunTrust CEO Bill Rogers said executives from the two banks will work extremely hard to ensure a 2019 completion.