After years of erosion in Charlotte’s status as a national banking center — “Banktown” is back in a big way.
Winston-Salem’s BB&T announced Thursday that it would merge with Atlanta’s SunTrust in a $66 billion deal, adopt a new name and move the combined headquarters to Charlotte.
Both banks already had significant presences in the city, but the presence of its corporate headquarters adds significant gravitas. Combined, BB&T will be the sixth-largest bank in the United States.
The new bank will join Bank of America as major national banks headquartered in Charlotte.
The headquarters move will also solidify Charlotte’s position as the No. 2 banking center in the country, behind New York City.
That status had vacillated since San Francisco’s Wells Fargo took over the ailing Wachovia during the financial crisis.
Charlotte had also lost numerous regional and community bank headquarters as the industry consolidates.