North Carolina-based BB&T is acquiring SunTrust Banks for $28.3 billion in a deal that will create America’s sixth-largest bank. The combined entity, valued at $66 billion, is set to be finalized by the fourth quarter of this year. The new company will count approximately 10 million households as customers, as well as $442 billion in assets, per TheStreet.com. The merger is the biggest the banking industry has seen since the 2008 financial crisis.
“This is a massive merger and will create even fiercer competition in the banking sector. Physical footprints are shrinking for most banks, this will just accelerate that trend. I interested to see how banks with