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Money News

BB&T Buys SunTrust: Meet the Newest U.S. Megabank

February 12, 2019

1 min read

BB&T and SunTrust—two of the largest banks in the South and the eastern U.S.—are merging. The two banks, which have a combined $441 billion in assets, 10 million customers, and $324 billion in deposits, will join together to become the sixth-largest bank in the U.S.

Here’s what you need to know:

Banking on the future

Most Americans use one of the “big four” banks—JPMorgan Chase, Bank of America, Wells Fargo, and Citibank—which each have more than $1 trillion in assets. Since both BB&T and SunTrust have a combined 10 million customers, the effects for retail banking customers may be minimal.

The deal will, however, likely raise concerns about consolidation in the financial industry, and may come under scrutiny from regulators.

But while the new institution will be the sixth-largest in the U.S., it will only rank as the 65th largest worldwide, according to industry data. The new bank will be better equipped to compete with the “big four” banks, which are considerably larger than any others in the U.S.

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By Sam Becker

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