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. 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.
BB&T and SunTrust have both had a presence in Martinsville and Henry County for a longtime. In Martinsville, the original BB&T bank was known as Piedmont Trust Bank and the original SunTrust bank was known as First National Bank.