Charlotte is Abuzz with the BB&T/SunTrust Merger
While the good news traveled like wildfire this morning across the Queen City, many others across the nation have been speculating about the merge of the Atlanta-based BB&T and Winston Salem’s coveted SunTrust Bank. Concern about the ‘big bank swallowing up the little banks again,’ meaning that this was surely a sign of a serious economic downturn, is nearly as rampant.
While businesses & banks merge with considerable regularity, concern stretches far & wide. In this planned merger, however, there truly is no concern necessary.
"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future," BB&T Chairman and CEO, Kelly S. King.
"By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients,” SunTrust Chairman and CEO, William H. Rogers, Jr.
Driven by the need of both banks to advance their technology platforms, the merger makes complete sense. Combining the two banks, the new bank will weigh heavily on SunTrust for its strengths in corporate and investment banking, while BB&T will levy their stronger positions in community banking and insurance services.
The new name has not been announced to date. The merger is expected to be completed by the end of this year.
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Charlotte is Abuzz with the BB&T/SunTrust Merger
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