BBandT to buy SunTrust in biggest U.S. bank deal in decade

It's the largest bank deal since the financial crisis.

Regional lenders BB&T and SunTrust Banks are merging.

They value the combined company at $66 billion.

They're creating the six-largest U.S. bank that will rival U.S. Bancorp in size with around $442 billion in assets.

National Securities' chief market strategist, Art Hogan: SOUNDBITE: NATIONAL SECURITIES' CHIEF MARKET STRATEGIST, ART HOGAN, (ENGLISH) SAYING: "Even at number six, they look tiny compard to the top three.

So there already has been a lot of consolidation.

It probably makes sense in a great extent." Its footprint will cover the East Coast.

The deal could kick off wave a banking consolidation that Wall Street has long been expecting.

The deal comes as the Trump administration eases regulations that had restricted expansion.

Wall Street cheered the deal, driving shares of both banks higher.

The banks expect to reap annual cost savings of $1.6 billion within three years.

The combined company will operate under a new name and brand and make big investments in technology.