Merger announced between SunTrust and BB&T

(NBC NEWS) Southern regional banks SunTrust and BB&T are joining forces.

The two companies announced Friday morning that BB&T will buy SunTrust for $28 billion. The combined company will operate under a new name and have around $442 billion in assets, $301 billion in loans and $324 billion in deposits.

The merger will create the sixth largest lender. It’s also the biggest bank deal since the 2007-2009 financial crisis.

The combined company will cover the east coast with new corporate headquarters in Charlotte, North Carolina.

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