Skip to main content

SunTrust and BB&T Announce Merger

Phil Hall
Feb 07, 2019
SunTrust Banks Inc. and BB&T Corp. have announced an all-stock merger that would create the nation’s sixth largest bank

SunTrust Banks Inc. and BB&T Corp. have announced an all-stock merger that would create the nation’s sixth largest bank.
 
The combined company, which has yet to be formally named, would have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits, with a customer base of more than 10 million households.  in the United States, with leading market share in many of the most attractive, high-growth markets in the country. A new corporate headquarters will be established in Charlotte, N.C., with a Community Banking Center based in Winston-Salem, N.C. and a Wholesale Banking Center in Atlanta.
 
Kelly S. King, Chairman and Chief Executive Officer of BB&T and its bank subsidiary, will serve as Chairman and CEO of the combined company and its bank subsidiary until Sept. 12, 2021, after which time he will serve as Executive Chairman of both entities until March 12, 2022. King will continue to serve on the board of directors of the combined company until the end of 2023. William H. Rogers Jr., Chairman and CEO of SunTrust, will serve as President and Chief Operating Officer of the new entity and its bank subsidiary until Sept. 12, 2021, at which time he will become CEO of the combined company and its bank subsidiary. He will also hold a seat on the combined company's board of directors through his position as President and Chief Operating Officer and then Chief Executive Officer, and will become Chairman and CEO of the new company and its bank subsidiary on March 12, 2022.
 
"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future," said King. "It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill's leadership and our new SunTrust teammates, we're going to bring the best of both companies forward to serve our clients and communities."
 
Rogers added, “By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients. Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands. With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities, and shareholders than we could alone. I have tremendous respect for Kelly, his leadership team and the BB&T associates. We will leverage our respective strengths as we focus together on the future.”

 
Published
Feb 07, 2019
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021
Fugo Appoints Bahlman As VP, Client Relations & Sales

Brings 19 Years of Experience To Texas-Based Back-Office Support Company

Industry News
Sep 16, 2021
Envoy Mortgage Expands To Atlanta

Envoy Mortgage lender expanded its Southeast operations to Atlanta, GA.

Industry News
Sep 15, 2021
FHFA Suspends Controversial PSPA Amendments

Today, the FHFA will be suspending controversial provisions added to the Preferred Stock Purchase Agreement (PSPA) on January 14, 2021.

Industry News
Sep 15, 2021
Covius Holdings To Acquire Nationwide Title Clearing

All 670 NTC Employees, Including Senior Management, Will Join Covius

Industry News
Sep 14, 2021
MBA Appoints AVP Of Diversity, Equity, & Inclusion

Promotes Amber Lawrence From Position As Associate Director Of Career Development Programs

Industry News
Sep 14, 2021