The merger is expected to close later this year, pending regulatory approval.
The $66 billion merger creates the sixth largest bank in the U.S. based on assets and deposits.
The combined company will operate under a new name, which is yet to be announced.
The company will open a new headquarters in Charlotte, N.C., but will maintain existing operations in Winston-Salem, N.C., and Atlanta.
Together, BB&T and SunTrust will have about $442 billion in assets, $301 billion in loans, and $324 billion in deposits, the companies say in a release.
The deal is expected to create estimated net cost synergies of at least $1.6 billion by 2022.
Kelly S. King, chairman and CEO of BB&T and its bank subsidiary, will serve as chairman and CEO of the combined company and its bank subsidiary until Sept. 12, 2021, after which time he will serve as executive chairman of both entities until March 12, 2022.
King will continue to serve on the board of directors of the combined company until the end of 2023.
William H. Rogers Jr., chairman and CEO of SunTrust, will serve as president and chief operating officer of the combined company and its bank subsidiary until Sept. 12, 2021, at which time he will become CEOr of the combined company and its bank subsidiary. He will also hold a seat on the combined company’s board of directors through his position as president and chief operating officer and then CEO.
On March 12, 2022, Rogers will also become chairman and CEO of the combined company and its bank subsidiary.