With the announcement of the biggest bank merger since the financial crisis of 2008, here’s a look at the two financial institutions joining forces. SunTrust Banks and BB&T said they are merging in a $66 billion deal, and placing their new headquarters in Charlotte.
SunTrust Banks is the nation’s 17th largest bank, according to the most recent federal data. The financial institution was formed when Trust Company of Georgia merged with SunBanks, Inc. in 1985.
Headquartered in Atlanta, the bank has over 22,000 employees and 1,218 branches, according to company data from the end of last year. The bank has $211 billion in assets — the merger would more than double that.
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The Winston-Salem-based financial services holding company traces its roots to the post-Civil War era. Founded in the Eastern part of the state, it became the first bank in North Carolina to actively take part in trust activities.
The company changed its name in 1913 to Branch Banking and Trust Company, or BB&T. It now has over $222 billion in assets and operates in 15 states and Washington, D.C.
BB&T is the nation’s 16th largest bank, according to federal data. It has over 1,800 branches and around 37,000 employees.