U.S. regional lender BB&T Corp will buy rival SunTrust Banks Inc for about $28 billion in stock, unveiling the biggest bank deal since the 2007-2009 financial crisis and a potential first step in a long-awaited wave of consolidation in the sector.
The combined company will operate under a new name and have around $442 billion in assets, $301 billion in loans and $324 billion in deposits, and will rival U.S. Bancorp that has about $467 billion in assets.
Its footprint will cover the East Coast, with new corporate headquarters to be situated in Charlotte, N.C. The combined company will retain operations in Winston-Salem, N.C., and Atlanta, Ga., the home markets for both companies.
The deal comes as the Trump administration is easing crisis-era regulations, which restricted expansion and added increased regulatory scrutiny on big banks.
Read more in Reuters.