BB&T and SunTrust merging into new bank

WINSTON-SALEM, N.C. (WITN) - A bank that got its start here in Eastern Carolina is merging with another financial institution to become the 6th largest bank in the country.

BB&T, which was started by the Branch family in Wilson, and Atlanta's SunTrust will be combined into one bank with headquarters in Charlotte.

The new bank will have a new name that hasn't been announced yet.

BB&T moved its headquarters from Wilson to Winston-Salem in 1995, but the new company says it will still maintain a strong presence in the Triad.

SunTrust shareholders will receive 1.295 shares of BB&T for each share they own. BB&T shareholders will own about 57 percent and SunTrust shareholders will own about 43 percent of the business.