WINSTON-SALEM, N.C. and
ATLANTA, Nov. 19, 2019 /PRNewswire/ -- BB&T
Corporation (NYSE: BBT) and SunTrust Banks, Inc. (NYSE: STI)
today announced receipt of regulatory approvals from the Board of
Governors of the Federal Reserve System and the Federal Deposit
Insurance Corporation to complete the previously announced merger
of equals and become Truist Financial Corporation. Upon completion
of the merger, Truist will be the sixth largest U.S. commercial
bank, serving approximately 10 million U.S. consumer households and
a full range of business clients, with leading market share in
many of the most attractive, high-growth markets in the
country.
BB&T and SunTrust expect to complete the merger on
December 6, 2019, pending
satisfaction of customary closing conditions. BB&T common
shares will become Truist common shares and SunTrust common
shareholders will receive 1.295 Truist common shares for each share
of SunTrust common stock they own at the closing. Following the
closing, Truist common shares will trade on the NYSE under the
symbol "TFC" and depositary shares or preferred purchase securities
representing interests in Truist Series F, G, H, I and J preferred
shares will trade on the NYSE under the symbols "TFC.PrF,"
"TFC.PrG," "TFC.PrH," "TFC.PrI" and "TFC.PrJ," respectively.
The regulatory approval process also included approvals from The
Georgia Department of Banking and Finance and the North Carolina Commissioner of Banks. The U.S.
Department of Justice completed its antitrust review earlier in
November as part of an agreement to divest branches in North Carolina, Virginia and Georgia. No further regulatory approvals are
required to complete the merger of BB&T and SunTrust and all
related subsidiaries.
"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, who
will serve as chairman and CEO of Truist.
"We will build upon our mission- and purpose-driven cultures and
work to ensure a positive experience for our clients," said
SunTrust Chairman and CEO Bill
Rogers, who will be president and chief operating officer of
Truist prior to succeeding King as CEO in September 2021.
"Following months of thoughtful collaborative planning, we are
prepared to begin a successful integration."
Clients will continue to be served through their respective
BB&T or SunTrust branches, websites, mobile apps, financial
advisors and relationship managers as systems are integrated. The
conversion to the Truist brand will occur over the next two
years.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with $236.8 billion in assets and market
capitalization of approximately $40.9
billion as of September 30, 2019. Building on a long
tradition of excellence in community banking, BB&T offers a
wide range of financial services including retail and commercial
banking, investments, insurance, wealth management, asset
management, mortgage, corporate banking, capital markets and
specialized lending. Based in Winston-Salem, N.C., BB&T operates more
than 1,700 financial centers in 15 states and Washington, D.C., and is consistently
recognized for outstanding client service by Greenwich Associates
for small business and middle market banking. More information
about BB&T and its full line of products and services is
available at BBT.com.
About SunTrust
SunTrust Banks Inc. (NYSE: STI) is a
purpose-driven company dedicated to Lighting the Way to Financial
Well-Being for the people, businesses and communities it serves.
SunTrust leads onUp, a national movement inspiring Americans to
build financial confidence. Headquartered in Atlanta, the Company has two business
segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust
Bank, operates an extensive branch and ATM network throughout the
high-growth Southeast and Mid-Atlantic states, along with 24-hour
digital access. Certain business lines serve consumer, commercial,
corporate and institutional clients nationally. As of September 30, 2019, SunTrust had total assets of
$227 billion and total deposits of
$168 billion. The Company provides
deposit, credit, trust, investment, mortgage, asset management,
securities brokerage and capital market services. Learn more at
SunTrust.com.
Forward Looking Statements
This communication contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 regarding the financial
condition, results of operations, business plans and the future
performance of BB&T and SunTrust. Words such as "anticipates,"
"believes," "estimates," "expects," "forecasts," "intends,"
"plans," "projects," "could," "may," "should," "will" or other
similar words and expressions are intended to identify these
forward-looking statements. These forward-looking statements are
based on BB&T's and SunTrust's current expectations and
assumptions regarding BB&T's and SunTrust's businesses, the
economy and other future conditions. Because forward-looking
statements relate to future results and occurrences, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Many possible events
or factors could affect BB&T's or SunTrust's future financial
results and performance and could cause actual results or
performance to differ materially from anticipated results or
performance. Such risks and uncertainties include, among others:
the occurrence of any event, change or other circumstances that
could give rise to the right of one or both of the parties to
terminate the definitive merger agreement between BB&T and
SunTrust, the outcome of any legal proceedings that may be
instituted against BB&T or SunTrust, delays in completing the
transaction, the failure to satisfy any conditions to the
transaction on a timely basis or at all, the possibility that the
anticipated benefits of the transaction are not realized when
expected or at all, including as a result of the impact of, or
problems arising from, the integration of the two companies or as a
result of the strength of the economy and competitive factors in
the areas where BB&T and SunTrust do business, the possibility
the transaction may be more expensive to complete than anticipated,
including as a result of unexpected factors or events, diversion of
management's attention from ongoing business operations and
opportunities, potential adverse reactions or changes to business
or employee relationships, including those resulting from the
announcement or completion of the transaction, the ability to
complete the transaction and integration of BB&T and SunTrust
successfully, and the dilution caused by BB&T's issuance of
additional shares of its capital stock in connection with the
transaction. Except to the extent required by applicable law or
regulation, each of BB&T and SunTrust disclaims any obligation
to update such factors or to publicly announce the results of any
revisions to any of the forward-looking statements included herein
to reflect future events or developments. Further information
regarding BB&T, SunTrust and factors that could affect the
forward-looking statements contained herein can be found in
BB&T's Annual Report on Form 10-K for the fiscal year
ended December 31, 2018, as updated
by its Quarterly Reports on Form 10-Q, and its other filings with
the Securities and Exchange Commission ("SEC"), and in SunTrust's
Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, as updated by its
Quarterly Reports on Form 10-Q, and its other filings with the
SEC.
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SOURCE BB&T Corporation