RBC lands advisory record with $66bn SunTrust-BB&T merger

SunTrust's branches focus on the

Winston-Salem-based BB&T Corp. owns Branch Banking, and Trust Company as of last September had 1,958 offices in 15 states and Washington D.C. Atlanta-based SunTrust is one of the largest bank holding companies in the Southeast.

Atlanta-based SunTrust rose 5.5 percent to $62 before the opening bell, a few cents short of its acquisition price. Data provider Dealogic values the deal based on the exchange of shares at $28bn, which makes it the Canadian bank's largest M&A advisory mandate in which it has acted as sole adviser.

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.

It was not immediately clear what the deal will mean for Charlotte as far as jobs or where the headquarters will go.

Other regional bank stocks rose on the news of the transaction: Comerica (CMA) was up nearly 6%; Fifth Third (FITB) was up 3%; Huntington Bancshares (HBAN) was up nearly 5%; and Citizens Financial (CFG) was up more than 4%. They did not cite any numbers, however.

The merger is expected to close in the fourth quarter of 2019, the banks say, subject to approval from regulators and their shareholders.

"This is a true merger of equals, combining the best of both companies", King said in a news release about the plan, which he said would bring the banks new scale that will help them "compete and win in the rapidly evolving world of financial services".

The combined BB&T-SunTrust will have more than $440 billion in assets
BB&T to buy SunTrust in biggest bank deal since 2009

It will keep a community banking center in Winston-Salem, North Carolina, where BB&T is based. The combined company will have about $442 billion in assets, $301 billion in loans and $324 billion in deposits, serving more than 10 million households in 17 states and the District of Columbia. The U.S. economy was sizzling in the past year.

BB&T has a significant presence in Charlotte already, including naming rights for The Charlotte Knights stadium. SunTrust Banks, Inc.is one of the largest bank holding companies in the Southeast.

That has been a reflection of two factors: Charlotte's loss of banking headquarters, and restrictions the Federal Reserve placed a year ago on Wells Fargo's growth following a 2016 scandal over unauthorized accounts and newer instances of customer harm.

Big bank mergers had been nonexistent after the financial crisis, when a flurry of government-directed mergers created a handful of megabanks.

Watch SunTrust and BB&T trade live.

A bank that got its start here in Eastern Carolina is merging with another financial institution to become the 6th largest bank in the country. In 2015, it deepened its local roots by opening a regional headquarters in SouthPark.

Since that time, the gap between the size of the big Wall Street banks and the regional banks like BB&T, SunTrust, PNC Bank, Fifth-Third and others has only widened.

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