The bank with the largest market share in Harnett County is expanding at the corporate level after announcing one of the largest bank mergers in recent memory.
Branch Banking and Trust, or BB&T, announced plans Thursday to merge with SunTrust Bank which also has branch locations in the local area. BB&T has a main location in Downtown Dunn as well as branches in Erwin, Angier, Lillington and other local communities.
According to the Federal Deposit Insurance Corporation, or FDIC, BB&T has the largest market share in Harnett County. An FDIC report indicates the bank has approximately 26 percent of the market share in the county. Select Bank is second with 21 percent.
SunTrust currently has a branch office located in Dunn. Its market share in Harnett County is 3 percent.
If approved by regulatory authorities, the merged bank will begin operating under a new name by the end of the year. The name of the new bank has not been released.
The bank will create the sixth-largest retail bank in the country. The two banks currently have branches from Florida to Pennsylvania and as far west as Texas.
The new bank will maintain a presence in Winston-Salem, where BB&T is headquartered, and in Atlanta, the current headquarters of SunTrust.
The corporate headquarters for the yet-to-be-renamed merged bank will be in Charlotte.
The leadership of the two banks will continue in leadership roles in the new company. BB&T Chief Executive Officer Kelly King will be the CEO of the new company until 2021.
SunTrust CEO William Rogers will be the president and chief operating officer of the new bank until 2021.
BB&T Vice President for Corporate Communications David R. White said because of the volume of media inquires he did have time to comment Thursday afternoon.
The effects of the merger on stockholders were released along with the announcement of the merger.
Those who own stock in SunTrust will receive 1.295 shares of BB&T stock for each share of SunTrust which they own.