CHARLOTTE, N.C. — If the market is any indication of how the BB&T Corp. and SunTrust Banks Inc. combination will play out, then it’s full-steam ahead for the “merger of equals.”
SunTrust’s stock prices jumped by almost 12% from $58.75 per share at market close last Wednesday to $65.63 per share Thursday morning. BB&T saw its own stock prices increase from $48.53 per share to $51 per share during the same time frame.
BB&T and SunTrust announced plans for the $66 billion, all-stock deal early Thursday. The combined entity will carry a new name and keep its headquarters in Charlotte. Executives plan to keep a wholesale banking hub in Atlanta, SunTrust’s current headquarters, and a community banking hub in Winston-Salem, BB&T’s current headquarters.
The combined bank will have roughly $442 billion in assets, $301 billion in loans and $324 billion in deposits, making it the sixth-largest U.S. bank based on assets and deposits.
Both SunTrust’s and BB&T’s stock prices have been on a more gradual upward trend after last week’s initial spike.
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Cox Media Group
