(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.