S&C Advises SunTrust in a Merger That Will Create the Sixth-Largest U.S. Bank

February 7, 2019

Sullivan & Cromwell client SunTrust Banks, Inc. announced February 7 its planned all-stock merger with BB&T Corporation, creating the sixth-largest bank holding company in the United States based on assets and deposits. The merger is expected to close in late 2019.

The combined company, valued at $66 billion, will operate under a new name and have headquarters in Charlotte, North Carolina. It will serve more than 10 million U.S. households, with about $442 billion in assets, $301 billion in loans and $324 billion in deposits.

Under the terms of the merger agreement, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own. SunTrust shareholders will own about 43 percent of the combined company, and BB&T shareholders will own about 57 percent. The S&C team included Rodgin Cohen, Mitchell Eitel and Marc Treviño.