BBT BB and T Corporation

By Colin Kellaher

BB&T Corp. (BBT) and SunTrust Banks Inc. (STI) Wednesday said they have chosen the 46-story Hearst Tower in downtown Charlotte, N.C., as headquarters for the combined company.

The banks said they will move people to the building at 214 N. Tryon St. over the next several years, eventually occupying more than 550,000 square feet of the 970,000-square-foot tower, which is owned by Cousins Properties Inc. (CUZ).

BB&T, based in Winston-Salem, N.C., in February agreed to buy Atlanta-based SunTrust for $28.2 billion in a deal that will combine two regional lending powerhouses to create the sixth-largest U.S. retail bank. As part of the deal, the combined company is relocating its headquarters to Charlotte, which is already home to Bank of America Corp. (BAC) and a large Wells Fargo & Co. (WFC) hub.

The transaction is expected to close later this year, and the combined company will operate under a new name, which hasn't yet been announced.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 12, 2019 10:45 ET (14:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.