BB&T and Suntrust Receive Approval for Truist Merger

https://dailyalts.com/wp-content/uploads/2019/09/57e0d3404e56ae14ea898579ce203e7c1d22dfe05556744a722a7ed1_640.jpg

The new banking giant will have the name Truist

BB&T and Suntrust received approval for their merger of equals by the Federal Reserve System and the Federal Deposit Insurance Corporation.

The combined banks operate in Charlotte, NC. They now will hold more than $450 billion in total assets. The new bank will undergo a name change to Truist. The merger should close on December 6, 2019.

New shares will trade on the NYSE with the ticker TFC.

“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. 

King will serve as chairman and CEO of Truist.

BB&T and Suntrust Merger Details

This is the largest bank merger since the credit crisis.

Until Congress raised the Systemic Important Financial Institution limits to $250 billion last year, this deal would not have been possible.

This is the first merger of larger banks since the limits increased. Investors have been watching closely to see how the regulators responded to a merger of equals of larger banks. Acquisitive banks that had hit the limit are now considering getting back in the acquisitions business after seeing the regulatory process play out in a fairly normal manner despite the size of the banks involved.

With growth limited by a languid growing economy and a very competitive banking market, the best path to earning growth for many banks has been M&A. Now that it is clear that the regulators will maintain a friendly attitude, we will see more of these larger deals completed.

Earlier this month, we saw the second-largest deal since the crisis when First Horizon National Corp. (FHN) and IBERIABANK Corporation (IBKC) announced. When it is completed, the merger will create a southeastern regional bank with over $75 billion in assets.

The relative ease with which the BB&T and SunTrust merged should spur regional bank deal making well into 2020.

Related: Casino “Whale” Caesars in Eldorado’s Net: Shareholders Green Light Their Merger

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/356901633_276429318297362_3881044731480445473_n.jpg
FinTech: Pluto Inks Collaboration With Mastercard For B2B Payments In The UAE
December 1, 2023     FinTech, News

Pluto, a prominent provider of financial corporate spend management solutions in the UAE, has forged a strategic alliance with Mastercard (NYSE: MA), the global technology giant in the payments sector….

https://dailyalts.com/wp-content/uploads/2023/12/hero-banner-alt-3155f1b6f6971fe4f41937640076d717.jpg
Alternative Investments/Real Estate: Alternative Investing Platform Yieldstreet Acquires Real-Estate Focused Cadre
December 1, 2023     Alternative Investments, News, Real Estate

Yieldstreet, a prominent private market investment platform, has officially announced its acquisition of Cadre, an online real estate-focused investment platform catering to institutional and high net worth investors. This strategic…

https://dailyalts.com/wp-content/uploads/2023/12/ursa-major-screengrab.jpg
Venture Capital: Rocket Propulsion Startup Ursa Major Lands $138M
December 1, 2023     News, Venture Capital

Ursa Major Technologies recently closed its Series D and D-1 funding rounds, securing a substantial $138 million investment led by Explorer 1 Fund and Eclipse, with participation from RTX Ventures,…

https://dailyalts.com/wp-content/uploads/2023/12/face-4776910_640.jpg
Artificial Intelligence: Saudi Venture Fund Forced To Sell Shares In Altman-Backed Chip Startup Rain AI
December 1, 2023     Artificial Intelligence, Latest News, News

The Biden administration has compelled Saudi Aramco (TADAWUL: 2222)-backed venture capital firm, Prosperity7, to divest its shares from Rain Neuromorphics, a Silicon Valley AI chip startup supported by Sam Altman,…