BB&T and SunTrust struck an all-stock deal in what amounts to the largest U.S. bank merger since the financial crisis, with a combined company value of $66 billion, the Wall Street Journal reports. The newly merged bank will have about $442 billion in assets.
“Tepper added that before the merger announcement, the market value of both BB&T and SunTrust was already nearing the big bank threshold and together they now have access to ‘greater scale, great cost efficiency [and]better geographical reach,’” reports CNBC.
KRE and IAT are up an average of 16.2% this year. KRE remains 7.62% below its 200-day moving average.
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