BB&T And SunTrust To Merge, Forming 6th-Largest Bank In The U.S.

BB&T and SunTrust have agreed to merge into a new and as-yet-unnamed bank, in an all-stock deal valued at approximately $66 billion. The new bank, which would have its headquarters in Charlotte, N.C., will be the sixth-largest in the U.S. based on assets and deposits.

Both of the banks are calling it a "merger of equals." But the deal is weighted toward BB&T, whose shareholders will own around 57 percent of the new bank compared to SunTrust shareholders' 43 percent.