Truist Financial Is New Name for Combined BB&T, SunTrust
June 12 2019 - 4:20PM
Dow Jones News
By Allison Prang
BB&T Corp. and SunTrust Banks Inc. said Wednesday they will
adopt the name Truist Financial Corp. when they close their merger,
the biggest bank deal since the financial crisis.
The companies announced in February they would combine in a deal
that has been valued at $28.2 billion. At the time, they said they
would adopt a new name and leave both of their headquarters cities
for Charlotte, N.C. They worked with global brand consulting firm
Interbrand to decide on their branding, they said.
The bank will be called Truist Bank. It will be the
sixth-largest retail bank in the U.S.
The companies expect the deal to close in the second half of
2019. While shareholders of BB&T and SunTrust will vote on the
merger, only BB&T's shareholders will vote on the new name, the
companies said.
BB&T and SunTrust said earlier Wednesday that they selected
a high-rise building in Charlotte's financial district as their new
headquarters. The companies said the combined banking enterprise
will take up more than half of the tower's space and ultimately
have around 2,000 employees at those offices.
BB&T is based in Winston-Salem, N.C., and SunTrust is based
in Atlanta.
(END) Dow Jones Newswires
June 12, 2019 16:05 ET (20:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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