The United States Federal Reserve has just officially approved the $66 billion Truist bank merger. The new bank will combine the assets of BB&T and SunTrust to make the 6th biggest bank in America, and their decision to build a new headquarters in Uptown Charlotte will officially reinstate our title as the second biggest banking city in America.
According to a press release, BB&T and SunTrust expect to complete the merger on December 6, 2019, pending satisfaction of customary closing conditions. BB&T common shares will become Truist common shares and SunTrust common shareholders will receive 1.295 Truist common shares for each share of SunTrust common stock they own at the closing.
“We are pleased to have received regulatory approval to merge two strong companies with complementary business models and a high level of cultural alignment. We’ll be even better together for our clients, teammates, communities and shareholders,” said BB&T Chairman and CEO Kelly King, who will serve as chairman and CEO of Truist.
“We will build upon our mission- and purpose-driven cultures and work to ensure a positive experience for our clients,” said SunTrust Chairman and CEO Bill Rogers, who will be president and chief operating officer of Truist prior to succeeding King as CEO in September 2021. “Following months of thoughtful collaborative planning, we are prepared to begin a successful integration.”
The new bank will build its headquarters in Uptown Charlotte’s Hearst Tower.
The headquarters will include an expansive Innovation and Technology Center to drive digital growth and development. The former community banking centers of both companies will remain in operation in Winston-Salem and Atlanta.
The board of the new company will be comprised of an equal number of executives from both companies.
What do you think about the merger?