The $66 billion merger of SunTrust and BB&T combines two of the nation’s larger banks, both of which have substantial footprints in Florida and the Tampa Bay area.
SunTrust has about 5,500 employees across the state. BB&T has thousands, too.
One of the tallest buildings in downtown Tampa bears the SunTrust name. Same for the BB&T building in downtown St. Petersburg. They both sponsor local events and are active in philanthropic circles.
The BB&T Center in Sunrise is home to the National Hockey League’s Florida Panthers. SunTrust has a close relationship with the business school at Florida International University and is a supporter of Heart of Florida United Way.
Here’s a snapshot of how the two banks stack up in the state now and once they officially merge:
Combined, SunTrust and BB&T would rank third for total deposits in the state with $68.9 billion, according to data from the Federal Deposit Insurance Corp. That would account for about 12 percent of the Florida market.
1. Bank of America $111.2 billion
2. Wells Fargo $79.4 billion
3. SunTrust $50.6 billion
4. JPMorgan Chase $36.3 billion
5. TIAA $23.1 billion
6. Raymond James Bank $19.7 billion
7. BB&T $18.3 billion
In the Tampa Bay area, the combined bank would also rank third with $12.5 billion in deposits.
Tampa-St. Petersburg-Clearwater metro area
1. Raymond James Bank* $19.7 billion
2. Bank of America $14.1 billion
3. Wells Fargo $9.9 billion
4. SunTrust $9.9 billion
5. Regions $4.2 billion
6. JPMorgan Chase $3.4 billion
7. Fifth Third $2.7 billion
8. BB&T $2.6 billion
*Nearly all of Raymond James Bank customers are also clients of Raymond James Financial, an investment company. The bank has just one local branch.
Branches/offices in Florida
1. Wells Fargo 607
2. Bank of America 549
3. SunTrust 426
4. JPMorgan Chase 410
5. Regions 317
6. BB&T 288
Combined, the two banks have more offices and branches than current No. 1 Wells Fargo, though bank officials have warned that there will be overlap, which means some will close to help save money.
Locally, SunTrust has 75 branches, BB&T 42, according to the FDIC. Again, it’s a good bet that at least a few of those will close after the merger is official.
SunTrust’s share price closed Thursday at $64.72, up $5.98. BB&T finished at $50.46, up $1.93.
Contact Graham Brink at [email protected] Follow @GrahamBrink.