BB&T agreed to buy SunTrust Banks for $28.2 billion in stock, creating the country's sixth largest bank by assets and deposits. If approved, it would be the biggest U.S. bank merger since the 2008 financial crisis.
By the numbers: The merged bank will have $442 billion in assets, with BB&T contributing a little more than $225 billion and SunTrust contributing the rest, WSJ's Justin Lahart writes:
"A bank relief law passed last year raised the threshold for stricter oversight by the Federal Reserve to $250 billion in assets from $50 billion. With both banks on the verge of reaching that higher threshold, why not join forces and reap the cost savings of a merged entity?"
Go deeper: Regional banks BB&T and SunTrust to merge in $66 billion deal.