BB&T announced Thursday morning that it will buy its rival SunTrust Banks in an all-stock deal valued at $66 billion, creating the sixth largest US bank, based on assets and deposits.
SunTrust shareholders will receive almost 1.3 shares of BB&T for each SunTrust share they own.
Recommended Videos
BB&T will own 57 percent of the combined company and SunTrust shareholders will own about 43 percent.
The deal is expected to close in the fourth quarter of this year.