Continue Reading Below
The deal creates the sixth largest bank by assets and deposits.
BB&T shareholders will own 57 percent and SunTrust shareholders will own 43 percent.
The companies called it a merger of equals, valued at $66 billion.
Kelly S. King, Chairman and CEO of BB&T will serve as Chairman and CEO of the combined company until September 12, 2021.
William Rogers Jr., Chairman and CEO of SunTrust will serve as President and Chief Operating Officer of the combined company.
"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future," said BB&T Chairman and Chief Executive Officer Kelly S. King. "It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services."
The combined bank will be headquartered in Charlotte, North Carolina, and will have around $442 billion in assets, $301 billion in loans and $324 billion in deposits.
"By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our client," said William H. Rogers, Jr., Chairman and Chief Executive Officer of SunTrust. "Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands."
The deal is expected to close in the fourth quarter of 2019.