The combined entity is expected to emerge as the sixth-largest bank in the U.S.

BB&T Corporation, a North Carolina-based bank holding company, has reportedly announced its acquisition of SunTrust Banks Inc., an American bank holding company, in an all-stock deal of $28 billion. The two companies recently acknowledged the deal as a merger of equals, which has been valued at $66 billion.

Sources with the knowledge of the matter cited that the latest move creates the greatest bank deal since the impactful financial crisis between 2007-2009. The combined entity is expected to emerge as the sixth-largest US bank that will operate under a new name and will hold approximately $442 billion in assets, $324 billion in deposits and $301 billion in loans, added sources.

Apparently, the deal has taken place amidst the Trump administration striving to ease regulations from the crisis period that had restricted expansion and triggered stricter regulatory scrutiny on the big banks. The combined company appears to compete with the U.S. Bancorp, which holds around $467 billion in assets.

Bloomberg reported that the deal is anticipated to stimulate more investment in technology and curb over 10% of the total expenses by removing duplicate branches and digital systems. The bank will open an Innovation & Technology Center and have nearly 60,000 employees at its new headquarters. with a 22% return on tangible equity and higher profitability than any other major US lender.

Reportedly, the combined entity will cover a considerable extent of the East Coast, with the new corporate headquarters located in the North Carolina city of Charlotte. It will continue operations in North Carolina, Georgia, Winston-Salem, and Atlanta.

It has also been reported that shareholders of SunTrust will receive 1.295 BB&T shares for every owned share, as part of the deal. The per share value of $62.85 will be at a 7% premium to the closing price of SunTrust. The BB&T shareholders will acquire about 57% of the combined bank and the rest will be owned by SunTrust.