Georgia based Suntrust Bank and North Carolina based BB&T Bank are combining forces, according to a news release yesterday.
Southern regional banks BB&T and SunTrust announced Thursday morning they will merge, creating the sixth-largest bank in the country.
The merger is worth about $66 billion in stocks. The combined company will operate under a new name and be headquartered in Charlotte, North Carolina. The new company will still maintain significant operations and investment in Atlanta and in North Carolina.
The board of directors of both banks unanimously approved the deal, which is subject to regulators’ approval. If all goes well, it should close by the end of the year and the new bank will be branding itself under a new name.
Suntrust operates two locations in Rome, one on Second Avenue and one on Shorter Avenue. BB&T Bank has branches in Summerville, LaFayette and Calhoun.