BB&T and SunTrust Receive Regulatory Approvals for Merger of Equals to Form Truist
Thursday, November 21st, 2019
BB&T Corporation and SunTrust Banks, Inc, announced receipt of regulatory approvals from the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation to complete the previously announced merger of equals and become Truist Financial Corporation. Upon completion of the merger, Truist will be the sixth largest U.S. commercial bank, serving approximately 10 million U.S. consumer households and a full range of business clients, with leading market share in many of the most attractive, high-growth markets in the country.
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. Following the closing, Truist common shares will trade on the NYSE under the symbol "TFC" and depositary shares or preferred purchase securities representing interests in Truist Series F, G, H, I and J preferred shares will trade on the NYSE under the symbols "TFC.PrF," "TFC.PrG," "TFC.PrH," "TFC.PrI" and "TFC.PrJ," respectively.
The regulatory approval process also included approvals from The Georgia Department of Banking and Finance and the North Carolina Commissioner of Banks. The U.S. Department of Justice completed its antitrust review earlier in November as part of an agreement to divest branches in North Carolina, Virginia and Georgia. No further regulatory approvals are required to complete the merger of BB&T and SunTrust and all related subsidiaries.
"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."
Clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers as systems are integrated. The conversion to the Truist brand will occur over the next two years.