Regulatory Approval for the BB&T and SunTrust Merger - Truist Deal to be Signed DEC 6
The proposed merger between Winston-Salem-based BB&T Corp. (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI), headquartered in Atlanta, was given regulatory approval by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corp. this week. The $66 billion merger is now set to Close on December 6, 2019.
SunTrust also had to set aside $5M in a settlement fund to reimburse account-holders who were impacted by previous ‘upselling’ by the bank during 2013-2017. The practice has been stopped but, BB&T agreed to comply with the post-merger consent order.
The merged banks will become 'Truist' and will make the bank the nation’s sixth-largest bank and, as planned in 2018, will bring its headquarters to Charlotte.