BB&T and SunTrust have announced that they have received regulatory approval to complete their merger to become Truist Financial Corporation.
The merger is expected to be completed on Dec. 6, 2019. Truist will be the sixth-largest U.S. commercial bank, serving approximately 10 million U.S. consumer households and a range of business clients. BB&T common shares will become Truist common shares, while SunTrust common shareholders will receive 1.295 Truist common shares for each share of SunTrust common stock they own at the closing.
The conversion to the Truist brand will occur over the next two years. In the meantime, clients can continue to receive services via their BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers.
Last July, executives from the two banks appeared before the House Committee on Financial Services, where Chairwoman Representative Maxine Waters of California said the merger — the largest in the sector since the financial crisis — may be “too big to manage.” The regulatory approval process included the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Georgia Department of Banking and Finance, and the North Carolina Commissioner of Banks.
“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, in a press release.
“We will build upon our mission- and purpose-driven cultures, and work to ensure a positive experience for our clients,” added SunTrust Chairman and CEO Bill Rogers, who will be president and COO of Truist before succeeding King as CEO in September 2021. “Following months of thoughtful collaborative planning, we are prepared to begin a successful integration.”