BB&T Corporation and SunTrust Banks, Inc., announced Truist as the name for the combined company to be created through their merger of equals. Truist will be the sixth-largest U.S. bank holding company serving more than 10 million households in the U.S., with a leading presence in many of the most attractive, high-growth markets in the country.
The two companies also announced the proposed combined company will have its headquarters in Charlotte, NC. Over the next several years, the combined firm will transition people to occupy more than 550,000 square feet of the nearly 965,000 square-foot tower.
The new headquarters will be home to the combined company’s executive management team. It also will accommodate leadership teams for groups including corporate communications, finance, human resources, insurance, legal, technology and risk management, eventually housing approximately 2,000 employees. As previously announced, Charlotte also will be home to the new company’s Innovation and Technology Center.
In February, BB&T and SunTrust announced a proposed merger of equals which would result in the sixth-largest U.S. commercial bank based on assets and deposits.
"With the merger of equals, our goal is to create a bold, transformative organization that delivers a smarter and easier client experience through technology and human connection," said BB&T Chairman and Chief Executive Officer Kelly S. King, who will serve as the Chairman and CEO of the combined company. "True to the heritage of both companies, Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities."
"Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner," said SunTrust Chief Executive Officer Bill Rogers, who will be President and Chief Operating Officer of the combined company until he succeeds King as Chief Executive Officer in September 2021. "As part of our relentless pursuit to create a better experience, we're making a commitment to always look forward, pursue what's next and strive to do more to further financial well-being for everyone."
The two companies partnered with Interbrand, a global brand consultancy, to lead in the development of the new name and brand identity. The rigorous, data-driven brand development process prioritized input from BB&T associates, SunTrust teammates and clients. Through focus groups and analytical research, these stakeholders shared their expectations and aspirations for the new brand, which led to the name revealed today.
Additional brand elements, such as the logo, typography and visual identity will be revealed at a later date. The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank. While the new names will be effective upon completion of the merger, clients will continue to be served post-closing under the BB&T and SunTrust brands for the near future. Over time following the closing, both the BB&T and SunTrust brands will be seamlessly transitioned to the full Truist client experience, products and services.
In the coming months, shareholders of both BB&T and SunTrust will vote on the proposed merger of equals. Shareholders of BB&T will also vote on the new holding company name. The merger is expected to close in the third or fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company. BB&T and SunTrust remain separate and independent companies until the transaction closes. For more information, visit here.
BB&T is one of the largest financial services holding companies in the U.S. with $227.7 billion in assets and market capitalization of approximately $35.6 billion as of March 31. SunTrust had total assets of $220 billion and total deposits of $162 billion.