BB&T Completes Merger with SunTrust to Form Truist

In 2019, BB&T completed its merger with SunTrust to form Truist Financial Corporation, creating the nation's fifth-largest bank by assets.

The merger was a massive undertaking that involved combining the operations of two large banks.

BB&T and SunTrust were both well-established banks with a long history of serving their customers.

The merger was a strategic move to create a stronger, more competitive bank that could better serve the needs of its customers.

BB&T made a significant acquisition in 2017 with the purchase of Susquehanna Bancshares, a Pennsylvania-based bank, for $2.9 billion. This deal expanded BB&T's presence in the Mid-Atlantic region.

The acquisition of Susquehanna Bancshares added 175 branches and 250 ATMs to BB&T's network.

Truist Financial Corporation received the highest possible overall rating of "Outstanding" from the Federal Deposit Insurance Corporation (FDIC) for its Community Reinvestment Act (CRA) performance.

This is a testament to the company's commitment to investing in and serving the communities it operates in.

Truist Financial Corporation is the result of a merger between BB&T and SunTrust Bank, two major financial institutions in the US.

The company's outstanding CRA rating is a significant achievement, reflecting its efforts to promote economic growth and stability in the communities it serves.

The merger between BB&T and SunTrust Bank created one of the largest financial institutions in the US, with a presence in over 10 states.

Truist's commitment to community development and lending practices has earned it a spot among the top-rated banks in the country.

The Justice Department requires divestitures for Suntrust merger to resolve antitrust concerns arising from BB&T’s proposed merger with SunTrust. This is a significant step in the merger process.

The divestiture involves 28 branches across North Carolina, Virginia, and Georgia with approximately $2.3 billion in deposits. The divestiture constitutes the largest divestiture in a bank merger in over a decade.

The divested assets will include all deposits and loans associated with the divested branches. This means that customers of the divested branches will not be affected by the merger.

The divestitures will take place in the Eastern Shore, Virginia; Patrick County, Virginia; Franklin County, Virginia; Henry County/City of Martinsville, Virginia; Lumpkin County, Georgia; Winston-Salem, North Carolina; and Durham-Chapel Hill, North Carolina. These locations will have separate branches with their own management and staff.

The Justice Department has agreed not to challenge the merger if the parties divest the branch offices and entire customer relationships associated with the divestiture branches. This is a crucial condition for the merger to proceed.

The divestitures are a key part of the merger process, ensuring that banking customers across Virginia, North Carolina, and Georgia will continue to have access to competitively priced banking products.

The BB&T merger with SunTrust required regulatory approvals from several key organizations. The Federal Deposit Insurance Corporation (FDIC) unanimously approved the Bank Merger Act (BMA) application submitted by BB&T, allowing the merger to proceed.

The FDIC considers several factors when reviewing BMA applications, including the transaction's effect on competition and the financial resources of the existing and proposed institutions. The application satisfied these requirements, as well as additional requirements for interstate mergers under section 44 of the Federal Deposit Insurance (FDI) Act.

The FDIC's approval is conditional upon Truist Bank's compliance with certain requirements, including the divestiture of 30 branches and $2.4 billion in associated deposits. The applicant also committed to providing post-merger updates describing any material changes to its legal structure.

The Department of Justice required BB&T and SunTrust to divest 28 branches across North Carolina, Virginia, and Georgia with approximately $2.3 billion in deposits to resolve antitrust concerns. This divestiture is the largest in a bank merger in over a decade.

The divested assets will include all deposits and loans associated with the divested branches, which are located in several counties in Virginia and Georgia, as well as in North Carolina.

BB&T has undergone significant changes in recent times. The company has revised its near-term forecasts for reducing expenses, citing delayed branch closings and a decision to spend more time testing systems ahead of conversion and integration.

The merger between BB&T and SunTrust has resulted in the formation of a new bank, Truist Bank. This new entity will operate under BB&T's charter and will be headquartered in Charlotte, NC.

Truist Bank has unveiled a new logo that emphasizes a high-touch, high-tech focus. This is part of the company's efforts to rebrand itself and appeal to a wider audience.

The company has also established an innovation lab that will put customers at the center of product development. This is a significant shift in approach, as clients will have an active role in testing new products and services.

Here are some key facts about Truist Bank's innovation lab:

BB&T has also faced challenges related to its data storage systems. A single data storage unit caused a 15-hour shutdown of online banking, mobile banking, ATMs, and wire transfers, resulting in significant losses for the company.

The company has taken steps to address these issues, including filing a lawsuit against the vendor, Hitachi Vantara. The lawsuit claims that the vendor's equipment failure led to the outage and resulting losses.