SunTrust and BB&T have substantial footprints in Florida and Tampa Bay

The merger will make the combined bank the state’s third largest, behind Bank of America and WellsFargo.
The BB&T and SunTrust buildings are seen Thursday in St. Petersburg. Southern regional banks BB&T and SunTrust are combining in an all-stock deal to create a new bank valued at about $66 billion. The banks said Thursday that the combined company will be the sixth-largest U.S. bank based on assets and deposits. (CHRIS URSO   |   Times)
The BB&T and SunTrust buildings are seen Thursday in St. Petersburg. Southern regional banks BB&T and SunTrust are combining in an all-stock deal to create a new bank valued at about $66 billion. The banks said Thursday that the combined company will be the sixth-largest U.S. bank based on assets and deposits. (CHRIS URSO | Times)
Published February 7
Updated February 7

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:

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Deposits

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.

Florida

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.

Stock price

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.

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