BB&T and SunTrust announced a $66 billion merger last week, forming the sixth-largest U.S. bank base.
While Angela Morrison, Owensboro‘s BB&T market president, said she does not expect any effects on the local branches, she said the merger is still a huge deal.
The merger marks the first major banking deal since the 2008 financial crisis. Together, BB&T and SunTrust will have approximately $442 billion in assets.
Morrison said the two banks have similar structures and philosophies, so the merger makes sense.
“Both have strong cultural alignment and shared dedication to helping our clients achieve economic success and financial security, which has long been our mission,” she said.
With this merger, Morrison said it may be a catalyst for more regional merger activity.
The combined company will operate under a new, undecided name. The deal is expected to close later this year, pending regulatory approval.
This merger will allow the bank to service clients with an expanded network of branches in 17 states and Washington, D.C.
“The new bank will have the leading market share in many of the most attractive, high-growth markets in the country,” Morrison said. “BB&T has the unique experience of having been through many successful mergers in the past, so we are very adept in this type of activity. We feel our clients will benefit from the best of both banks as it relates to a complete range of services and products, all delivered by the same familiar faces.”
“It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services,” BB&T CEO Kelly King said in a statement.
Both banks have integrated nearly 100 successful bank acquisitions over the last 35 years.