Federal Reserve Approves BB&T and SunTrust Banks Merger

The Federal Reserve Board on Tuesday approved the application by BB&T Corp. of Winston-Salem, North Carolina, to merge with SunTrust Banks, Inc. of Atlanta, Georgia. The merged entity will be called Truist Financial Corp. Upon completion of the merger, Truist will be the sixth largest U.S. commercial bank, serving approximately 10 million U.S. households and a range of business clients, with leading market share in many of the most attractive, high-growth markets in the country. BB&T and SunTrust said they expect to complete the merger on Dec. 6, 2019. The conversion to the Truist brand will occur over the next two years. The Federal Reserve Board’s approval is conditioned on several actions, including that BB&T must divest 30 branches and more than $2.4 billion in deposits to mitigate the competitive effects of the merger.