Posted November 25, 2019
New York (CNN Business)The marriage of SunTrust and BB&T received the blessing of financial watchdogs on Tuesday, paving the way for the formation of America's sixth-largest commercial bank.
The approval by the Federal Reserve and the FDIC removes the final obstacle facing the biggest bank merger since the 2008 financial crisis -- a crisis that was worsened by the creation of mega banks.
The deal, easily the biggest ever to be considered by the FDIC, received unanimous approval from the agency, although one official warned of "very significant financial stability risks."
The combined company, which will be based in Charlotte, will serve about 10 million US consumer households and lay claim to around $330 billion in deposits.
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