BB&T Corporation (Branch Banking and Trust Company) is a bank holding company based in Winston-Salem, North Carolina.[2] Its bank operates 2,049 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.[1] It is ranked 16th on the list of largest banks in the United States by assets. Its subsidiary, BB&T Insurance Services, is one of the largest insurance brokers in the world.
On February 7, 2019, BB&T reported that it would merge with SunTrust Banks to create the sixth-largest US bank with assets of $442 billion and market capitalization around $66 billion.
BB&T and SunTrust are merging in what the banks call a "merger of equals" to create the sixth-largest bank in the U.S.
The all-stock deal, announced by the companies Thursday and valued at about $66 billion, will create a bank that serves more than 10 million U.S. households. A new name for the bank will be chosen before the deal's expected closing in the fourth quarter of this year.
A new headquarters in Charlotte, North Carolina, will be established, but the company will maintain operations in BB&T's current headquarters of Winston-Salem, North Carolina, and SunTrust's of Atlanta.
BB&T CEO and Chairman Kelly King will be CEO and chairman of the new company and its bank subsidiary through Sept. 12, 2021. Then, he will become executive chairman until March 12, 2022 and remain on the board until the end of 2023. SunTrust CEO and Chairman William Rogers will serve as president and chief operating officer until King steps down and then become CEO.
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