BB&T Bank Buys Suntrust Bank For $66 Billion

BB&T Bank Buys SunTrust Bank For $66 Billion. Here’s What Customers Need To Know

BB&T Bank Buys
Large regional bank BB&T Bank buys SunTrust Bank. They plan to combine in a roughly $66 billion all-stock merger. This is easily the largest bank merger since the 2008 financial crisis. The merged entity will become the sixth largest bank in the U.S. with around $442 billion in assets, $301 billion in loans and $324 billion in deposits.
SunTrust’s and BB&T’s customers aren’t the only people who will be affected by this merger. Greg McBride, a chief financial analyst at personal-finance website Bankrate:
A number of factors are driving the wave of mergers the banking industry. Regulatory requirements introduced after the financial crisis has driven up the cost of business. Bank mergers are one way to reduce those costs.

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