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United States merger to create sixth largest bank
09 February 2019, 12:08 | Hattie Nash
Zuri Berry WFAE
The merger marks the first major banking sector deal since the 2008 financial crisis.
Regional banking companies SunTrust Banks and BB&T Corporation announced on Thursday they will be merging in a $66 billion deal that will result in a single bank-poised to become the sixth largest in the country.
BB&T shareholders were pleased.
The predictions of more merger activity in the financial services industry is coming true.
"We don't think such a merger is going to be beneficial to consumers or employees", Naylor told AFP. "SunTrust has a call center that undoubtedly can say the same thing".
SunTrust has 11 sites in Miami-Dade, five in Broward and 19 in Palm Beach County. SunTrust is headquartered in Atlanta and has 1,268 branches throughout the Southeastern U.S., but none in Robeson County. He will also hold a seat on the combined company's Board of Directors through his position as President and Chief Operating Officer and then Chief Executive Officer.
William H. Rogers, Jr., Chairman and Chief Executive Officer of SunTrust will serve as President and Chief Operating Officer of the combined company and its bank subsidiary until September 12, 2021, at which time he will become Chief Executive Officer of the combined company and its bank subsidiary. In a CNBC interview, executives said the merger would allow them to invest more heavily in new technology demanded by customers. And Ernst & Young said it expects a flurry of transactions this year, fueled by easing regulations and the USA tax overhaul, which helped lenders build a war chest to spend on acquiring new clients and technology.
He could not add much more. Most bank mergers stopped after the crisis because the banks had to clean up their balance sheets, and the regulatory environment under the Obama administration made mergers more hard. Based in Winston-Salem, North Carolina, it has 1,800 branches in 15 states, mainly in the eastern US.
In 2015, RBC won its largest-ever M&A mandate with a role advising technology company Dell on its $66bn takeover of software developer EMC, working alongside big Wall Street names like banks JPMorgan and Goldman Sachs and smaller advisory outfits including Moelis and LionTree Advisors.
BB&T, which was started by the Branch family in Wilson, and Atlanta's SunTrust will be combined into one bank with headquarters in Charlotte.
As part of the deal, SunTrust shareholders will receive 1.295 shares of BB&T for each share they own. BB&T shareholders will own about 57 percent of the combined company and SunTrust shareholders will own the rest - creating roughly a merger of equals.
BB&T and SunTrust have about 740 branches within two miles of each other, or about 24 percent of all branch locations run by the banks. Both events were sweetened for local communities with management and service centers remaining. They said that when they combine, they'll have top-three market share in eight states. "These are both very clean banks".
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The company changed its name in 1913 to Branch Banking and Trust Company, or BB&T.
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