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Regional banks BB&T and SunTrust to merge in $66 billion deal

BB&T is buying rival SunTrust Banks in an all-stock deal worth $66 billion, creating the 6th biggest U.S. bank by deposits and assets. If the deal closes, it would be the biggest bank merger since the financial crisis, as the New York Times points out.

Big picture: As regulations eased and pressure builds on regional banks to slash costs and better compete with rivals, there’s been speculation about whether there would be more consolidation of regional banks. The industry, though, has largely sat out M&A in the past decade for fear that deals will be stalled due to harsh regulatory conditions.