The largest bank merger since the Great Recession is closer to completion.
BB & T Corp and SunTrust Banks jointly announced Tuesday that they received regulatory approvals from the Federal Reserve System and the Federal Deposits Insurance Corporation.
The discussion, which was announced in February and valued at $ 66 billion, creates Truist Financial Corp., which is the sixth largest bank in the United States serving more than 10 million U households, and assets over They have $ 425 billion, according to news release.
BB & T and SunTrust are hoping to complete the merger on 6 December, until conditions are closed. The release provides that additional regulatory approvals are not required.
But it may take some time before consumers notice that there is a difference.
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“Clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisers and relationship managers as systems are integrated,” says the release. ”The conversion to the Truist brand will happen. two years ahead. "
"We are delighted that we have secured regulatory approval to imagine two strong companies with complementary business models and a high level of cultural alignment," said BB & T Chief Executive, Kelly King, who will be CEO and chairman of Truist through September. 2021, in the release.
Truist headquarters will be in Charlotte, North Carolina, but will continue to work out of the existing BB & T headquarters in Winston-Salem, North Carolina, and SunTrust Atlanta headquarters.
The CEO of SunTrust, Bill Rogers, will be president and chief operating officer until the arrival of King in September 2021. Rogers will then take on the role of CEO.
The Federal Reserve claimed BB & T and SunTrust to sell 30 branches and divest $ 2.4 billion as a condition of the merger.
The new bank will trade under the “ICT” “stock” on the New York Stock Exchange.
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