BB&T, SunTrust merger affects thousands in Central Florida
BB&T, SunTrust merger affects thousands in Central Florida
BB&T to buy SunTrust in biggest bank deal since 2009
09 February, 2019, 12:12
Even with the added size, the company will represent only about a third of the lending and deposit portfolios of the largest USA banks such as JPMorgan Chase and Bank of America.
The two banks have always been considered natural partners and advisers said they do not expect another bank to make a bid.
"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future", King said.
BB&T was created in a merger of equals with Southern National in 1995 and the acquisition of Whiteville-based United Carolina Bank in 1997. Wells Fargo merged with Wachovia, JPMorgan acquired Bear Stearns and Washington Mutual and Bank of America purchased Merrill Lynch.
Most bank mergers stopped after the financial crisis of a decade ago because the banks had to clean up their balance sheets, and the regulatory environment under the Obama administration made mergers more hard.
BB&T is merging with SunTrust, in a deal worth some $66 billion.
SunTrust was already the region's largest bank before the merger announcement, with about 21 percent of the area's deposits. It is America's 11th largest lender by assets and is valued at $38 billion. "The BB&T/SunTrust merger will open more eyes on the potential for more sizable bank M&A to occur". Further, Congress passed a law past year to ease some of the rules put into place under the Dodd-Frank Act after the financial crisis.
"The regulatory environment is much easier for something of this size to happen", said Brian Klock, an analyst with KBW.
The merger is expected to close in the fourth quarter of 2019, the banks say, subject to approval from regulators and their shareholders.
On Thursday morning, BB&T (ticker: BBT) and SunTrust Banks (STI) said that they were merging. BB&T shareholders will own approximately 57% and SunTrust shareholders will own approximately 43% of the combined company. The combined company will operate under a new name and have its headquarters in Charlotte, North Carolina.
RBC and Wachtell, Lipton, Rosen & Katz advised BB&T while Goldman Sachs along with the investment banking unit of SunTrust and Sullivan & Cromwell advised SunTrust.
SunTrust shares climbed 8.7 percent to $63.84 at 10:10 a.m.in NY, their biggest increase in intraday trading since 2011.
The company changed its name in 1913 to Branch Banking and Trust Company, or BB&T.
SunTrust has 15 branches in Polk County, according to its website.
Several other mid-sized banks also gained, including KeyCorp, Huntington Bancshares and M&T Bank. BB&T has eight branches in Polk County and one in Plant City.
Rogers will become CEO on September 12, 2021 when King is set to become Executive Chairman. After that, he'll serve a further six months as executive chairman.
The combined company's board of directors and executive management team will be evenly split between the two institutions.
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