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Feb. 7, 2019, 6:18 a.m. EST

SunTrust Banks and BB&T combining in merger worth about $66 billion

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By Rachel Koning Beals

SunTrust Banks Inc. and BB&T Corp. will combine in an all-stock merger of equals valued at approximately $66 billion, the companies announced Thursday. This creates the sixth-largest U.S. bank based on assets and deposits, with approximately $442 billion in assets, $301 billion in loans and $324 billion in deposits. SunTrust shareholders will receive a 5% increase in their dividend upon consummation of the transaction. Under the terms of the deal, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own. BB&T shareholders will own approximately 57% and SunTrust shareholders will own approximately 43% of the combined company. STI shares were up some 5% in premarket trading Thursday, although are down about 10% over the past year. BBT shares were posting a modest premarket gain. They're down nearly 5% over the past year.

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