BIG BANK BANG.

• Author: Mildenberg, David
• Position: STATEWIDE: Charlotte

Everyone knew BB&T CEO Kelly King, 70, would go out with a bang --man, did he come through. Creating a merger of equals with SunTrust Banks--the biggest U.S. bank deal in a decade--is a capstone to King's 47-year career at the company, which Alpheus Branch started in Wilson in 1872. When BB&T moved to Winston-Salem upon its 1995 merger with Southern National Bank, it had about $10 billion in assets. Pending completion of the SunTrust deal, the combined bank will have more than $440 billion--a 44-fold increase in 24 years.

Mergers of equals are often viewed dubiously, though King insists this one is the real deal. While BB&T's vaunted corporate culture will continue to be emphasized, the 14-member senior management team and the board of directors will be equally split between the two companies. SunTrust's David Ratcliffe, a former CEO at electric utility Southern Co., will be lead director. King will be CEO and chairman until September 2021, then William "Bill" Rogers Jr., 61, the CEO of SunTrust and a UNC Chapel Hill graduate, will take over.

Waiting in the wings are BB&T President Chris Henson, 57, who had a stint as BB&T's Atlanta region president, and SunTrust Co-Chief Operating Officer Hugh "Beau" Cummings III, 56, a former Bank of America executive. SunTrust's other co-chief operating officer, Mark Chancy, is not part of the combined leadership. BB&T shareholders will control 57% of shares.

Creating an equal merger requires a new headquarters city, which should pay off nicely for Charlotte. Rogers told employees the merger will allow for an additional $100 million in digital efforts, boosting Charlotte's increasing reputation as a financial-technology...