WINSTON-SALEM, N.C. - BB&T Financial Corp. and Southern National Corp. have completed their merger, the two banks said.

The "new" Southern National is the nation's 36th largest bank holding company with $20 billion in assets, according to the banks.

The merged entity, to be based in Winston-Salem, N.C., will be listed on the New York Stock Exchange under the trading symbol SNB. Subsidiary banks and offices will carry the Branch Banking and Trust Co. - or BB&T - name.

Former BB&T chairman John A. Allison will serve as chairman and chief executive of the new corporation.

Southern National chairman Glenn Orr is retiring, but will remain a director of the new company and a member of the board's executive committee. The new board of directors will have 12 members each from BB&T and Southern National.

The transaction will be accounted for as a pooling of interests in which BB&T shareholders receive 1.45 shares of common stock of Southern National for each share of BB&T common stock.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.