BB&T, SunTrust banks complete merger as Truist

The merger between BB&T Bank and SunTrust Bank is complete, with the new company — Truist Financial Corp. — becoming the sixth largest commercial bank in the country.

Truist now counts some 10 million consumer households among its customer base, according to an announcement from the new bank on Monday. Truist’s corporate headquarters will be in Charlotte, although its corporate and investment banking division will remain in Atlanta (SunTrust’s former home) and its community bank headquarters will stay in Winston-Salem, North Carolina, where BB&T was formerly based.

“This is a historic moment for Truist — a financial-services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities,” said Truist chairman and CEO Kelly S. King, formerly chair and CEO of BB&T.

“With Truist, we’re creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience,” said Truist president and chief operating officer Bill Rogers, formerly chair and CEO of SunTrust. “We have much work ahead of us, but we’re well-positioned to create meaningful change for the clients we serve and the communities where we live and work.”

The marriage has been in the works for some time. BB&T and SunTrust first announced the merger this past February, with executives anticipating an annual cost reduction of $1.6 billion through the move. The two companies have more than 700 locations within two miles of each other, so branch consolidation is expected. The all-stock deal is valued at $66 billion.

The rebrand to Truist was announced this past summer and, in November, the U.S. Department of Justice approved the merger while also ordering the banks to divest 28 branches as a condition of approval to comply with antitrust laws. The divested branches, located in Virginia, North Carolina and Georgia, were purchased by First Horizon Bank.

Soon after, the Federal Reserve and Federal Deposit Insurance Corp. each gave their approval to the deal, paving the way for today’s announcement.

The banks’ press release stated that integration between the two companies’ systems will occur over the next two years. For now, customers will continue to be served through their respective BB&T or SunTrust locations and digital platforms. The logo, color scheme and branding for Truist are still to be determined and is expected to be finalized next year.


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