RBC lands advisory record with $66bn SunTrust-BB&T merger

RBC lands advisory record with $66bn SunTrust-BB&T merger

RBC lands advisory record with $66bn SunTrust-BB&T merger

He will also hold a seat on the combined company's Board of Directors through his position as President and Chief Operating Officer and then Chief Executive Officer.

Under the terms of the merger agreement, SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own.

The two companies called it a merger of equals, valued at $66 billion.

Other regional bank stocks rose on the news of the transaction: Comerica (CMA) was up nearly 6%; Fifth Third (FITB) was up 3%; Huntington Bancshares (HBAN) was up nearly 5%; and Citizens Financial (CFG) was up more than 4%. The expected benefits of the transaction include a pro forma efficiency ratio of 51%, peer best ROATCE of 22% and projected tangible book value per share accretion at close for BB&T shareholders of approximately 11%, or 6% fully accounting for one-time merger charges.

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"We have been expecting a step up in the pace of banking industry consolidation with the belief that the increasing importance of scale and branding coupled with regulatory support (i.e., the $700bn tailoring line) would drive bigger bank deals", Credit Suisse's Susan Katzke said in a note to clients.

Atlanta-based SunTrust rose 5.5 percent to $62 before the opening bell, a few cents short of its acquisition price. SunTrust Banks, Inc.is one of the largest bank holding companies in the Southeast. BB&T has more than 1,800 financial centers in 15 states and Washington, D.C.; SunTrust has an extensive network of branches, along with corporate and investment banking operations.

Big bank mergers had been nonexistent after the financial crisis, when a flurry of government-directed mergers created a handful of megabanks.

BB&T, which was started by the Branch family in Wilson, and Atlanta's SunTrust will be combined into one bank with headquarters in Charlotte. To that end, an innovation and technology center will be based in Charlotte.

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The combined company will be the sixth-largest retail bank in the country, putting BB&T and SunTrust in the ranks of other megabanks like JPMorgan Chase, Bank of America and Wells Fargo. BB&T controls about 4.2 percent of the area's deposits, according to the FDC. GAAP and Cash EPS accretion per SunTrust share in 2021 is expected to be approximately 9% and 16%, respectively (based on Street estimates).

Together, BB&T and SunTrust will have about $442 billion in assets, $301 billion in loans, and $324 billion in deposits, the companies said. SunTrust Chairman and Chief Executive Officer William H. Rogers, Jr. will serve as President and Chief Operating Officer.

The new company will be lead with BB&T Chairman and Chief Executive Officer Kelly S. King as the new company's Chairman and Chief Executive Office until September 12, 2021. He will then become CEO for six months, then add board chairman to his title.

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