BB&T and Suntrust to merge

BB&T and SunTrust have agreed to merge into a new and as-yet-unnamed bank, in an all-stock deal valued at approximately $66 billion.

The new bank, which would have its headquarters in Charlotte, N.C., will be the sixth-largest in the U.S. based on assets and deposits.

BB&T shareholders will own about 57 percent of the new bank.

In Pensacola, Suntrust has two branches–on Alcaniz Street and Creighton Road. BB&T has its main office on 12th Avenue and a smaller office on Garden Street.