Balance Transfers

BB&T, SunTrust to merge, creating the sixth-largest U.S. bank


BB&T is merging with SunTrust. It will be the largest bank deal since the financial crisis and will create the sixth-largest U.S. bank.

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

BB&T, SunTrust Bank to merge, creating sixth-largest bank in the U.S.

BB&T will buy SunTrust Banks for approximately $28 billion, the companies announced Feb. 7.

The all-stock deal – slated to happen in the fourth quarter of 2019 – will make the new bank (yet to be named) the sixth largest in the U.S. It is the largest bank merger since the financial crisis of 2007-2009.

It is unclear what ramifications – if any – are in store for the banks’ credit card holders at this point.

Top execs speak out

“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” BB&T Chairman and CEO Kelly S. King said in a press release. “It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services.”

William H. Rogers Jr., SunTrust’s chairman and CEO, said the merger would “achieve susbstantially more for clients, teammates, associates, communities and shareholders” than the two firms could separately.

King will remain CEO of the combined company until Sept. 12, 2021, when SunTrust’s Rogers will take the reins.

See related: Credit card trends to watch for in 2019

The numbers

The merger will likely generate an annual cost savings of approximately $1.6 billion by 2022, according to the two companies. When the deal is complete, BB&T will own the majority of the company – 57 percent – and SunTrust will own 43 percent.

The new bank will serve more than 10 million households in eight states, and its corporate headquarters will be located in Charlotte, North Carolina.

The timing

The merger comes at time in which the Trump Administration is striving to ease bank regulations that stemmed from the financial crisis, which previously made it difficult for banks to expand.

In addition, the lowered corporate tax that resulted from last year’s U.S. tax law changes has made the merger viable.

What’s up next?

In Balance Transfers

Consumers with the best credit boosted their card spending in Q3, says ABA

Super-prime accounts – those that consumers with the best credit hold – saw record purchase volume growth of 10 percent in the third quarter of 2018, according to the American Bankers Association.

Published: January 29, 2019

See more stories
Credit Card Rate Report Updated: September 18th, 2019
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.