BB&T Corporation and SunTrust Banks, Inc., will rebrand as Truist after the two companies combine through their planned merger, announced earlier this year.
According to the companies, Truist will be the sixth-largest U.S. bank holding company serving more than 10 million households in the U.S., with a presence in many high-growth markets in the country.
The merger is expected to close in the third or fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company. BB&T and SunTrust remain separate and independent companies until the transaction closes.
The companies also announced the address of the new corporate headquarters located in Charlotte, North Carolina.
The two companies have partnered with Interbrand, a global brand consultancy, to lead in the development of the new name and brand identity. The process prioritized input from BB&T associates, SunTrust teammates and clients.
The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank. While the new names will be effective upon completion of the merger, clients will continue to be served post-closing under the BB&T and SunTrust brands for the near future. Over time following the closing, both the BB&T and SunTrust brands will be transitioned to Truist, including its products and services.
The merger was announced in February. The firms said at the time the combined company will leverage its complementary businesses to generate additional revenue opportunities through BB&T’s community banking and insurance operation and SunTrust’s middle market corporate and investment banking business and digital consumer lending platform.
The marriage is expected to deliver approximately $1.6 billion in annual net cost synergies by 2022. The primary sources of cost savings are expected to be in facilities, information technology/systems, shared services, retail banking and third-party vendors.
In the coming months, shareholders of both BB&T and SunTrust will vote on the proposed merger. Shareholders of BB&T will also vote on the new holding company name.
The new location for the proposed combined company resulting from their merger will be headquartered at 214 N. Tryon St., in Charlotte. Over the next several years, the proposed combined company will transition people to occupy more than 550,000 square feet of the nearly 965,000 square-foot tower.
The new headquarters will be home to the combined company’s executive management team. It also will accommodate leadership teams for groups including corporate communications, finance, human resources, insurance, legal, technology and risk management, eventually housing approximately 2,000 employees. As previously announced, Charlotte also will be home to the new company’s Innovation and Technology Center.
Winston-Salem-based BB&T operates more than 1,800 financial centers in 15 states and Washington, D.C. It offers a range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending.
Headquartered in Atlanta, SunTrust has two business segments: consumer and wholesale. Its flagship subsidiary, SunTrust Bank, operates a branch and ATM network throughout the Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate and institutional clients nationally.
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