Fed Approves BB&T, SunTrust Banks Merger

Date : 11/19/2019 @ 9:31PM
Source : Dow Jones News
Stock : SunTrust Banks Inc (STI)
Quote : 70.13  0.0 (0.00%) @ 12:00AM

Fed Approves BB&T, SunTrust Banks Merger

BB and T (NYSE:BBT)
Historical Stock Chart

1 Month : From Nov 2019 to Dec 2019

Click Here for more BB and T Charts.
   By Allison Prang 
 

The Federal Reserve Board approved the merger of regional lenders BB&T Corp. (BBT) and SunTrust Banks Inc. (STI), the largest bank deal since the financial crisis.

BB&T and SunTrust--based in Winston-Salem, N.C., and Atlanta respectively--announced plans earlier this year to combine. The deal has been valued at over $28 billion and would combine two the country's biggest regional banking firms. The combined bank will be named Truist.

While the Fed approved the deal, it also issued a consent order against SunTrust and said the company "made misleading or inaccurate statements" to business customers regarding add-on products. The regulator said SunTrust did this from 2013 through 2017, and that the company has ended these practices and paid customers about $8.8 million in fees.

The Fed said "as a condition of the merger, BB&T has committed that the resulting bank will comply with the enforcement action."

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

November 19, 2019 16:16 ET (21:16 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest STI Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.