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Regional banks BB&T Corp. and SunTrust Banks Inc. plan to merge in a $66 billion, all-stock deal that will lead to branch closings and likely job reductions.

The two financial institutions, which both have a major presence in the Richmond region and employ thousands locally, will combine in what executives called “a merger of equals.”

The combined company would operate under a new name and brand, which would be determined before the deal closes. The merger is expected to close in the fourth quarter, subject to regulatory and shareholders’ approval.

The merger would create the sixth-largest U.S. bank based on assets and deposits. It would have about $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million U.S. households.

The combined company’s board and executive management team would be evenly split between the two institutions.

A new corporate headquarters would be established in Charlotte, N.C. BB&T now calls Winston-Salem, N.C., its home, and Atlanta is headquarters for SunTrust.

It was not immediately clear exactly how many jobs or how many bank branches would be affected by the merger.