BB&T-SunTrust Merge To Form 6th Biggest Bank Truist Financial
Zacks Investment Research | Dec 09, 2019 07:21AM ET
In one of the biggest banking deals in over a decade, BB&T Corp (NYSE:TFC) and SunTrust Banks (NYSE:STI) have merged to form Truist Financial Corp. The “merger of equals” all-stock deal, announced in February, created the sixth largest commercial bank in the United States (in terms of assets and deposits).
Based in Charlotte, NC, Truist Financial will start trading on the NYSE from today with “TFC” as the ticker symbol. The company will have more than $450 billion in assets, $300 billion in loans, and $320 billion in deposits, based on legacy companies’ data as of Sep 30, 2019. Nonetheless, branch and system integrations are likely to take around two years.
Last month, the transaction was approved by the Federal Reserve, the Federal Deposit Insurance Corporation and the Department of Justice’s (“DOJ”).
Notably, the DOJ consented to the deal on the condition that SunTrust will divest its 28 branches. Subsequently, SunTrust announced a deal to sell 30 branches across North Carolina, Virginia and Georgia to First Horizon National Corp. (NYSE:FHN) . (Read more: Zacks Investment Research
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