Saturday, 16 February, 2019

BB&T and Suntrust Announce $66 Billion Merger With New Headquarters in Charlotte

BB&T Sun Trust Deal Could Be First in a Wave of Big Bank Mergers BB&T And SunTrust To Merge, Forming 6th-Largest Bank In The U.S.
Laurie Berry | 09 February, 2019, 12:13

JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley brought in more than $120 billion combined in profit a year ago, the result of President Donald Trump's corporate tax cuts and a booming economy.

Their combination will bring a new bank brand to all of the markets in which they operate. They said they'll now have top-3 market share in eight states. The coupling will create the sixth-largest bank in the United States.

Bank of America CEO Brian Moynihan said at the World Economic Forum in Davos, Switzerland last month that it would take a round of USA bank mergers to produce a new rival to his firm. "These are both very clean banks".

Southern regional banks BB&T and SunTrust are combining in $66 billion that will affect thousands of customers at two of Central Florida's five largest financial institutions.

When the two Southern banks are combined, the new company will serve more than 10 million US households, with approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits, according to a joint news release detailing the plan.

The merger reflects the growing consolidation in the banking industry.

The 100,000-square-foot building slated for the intersection of J.K. Powell Blvd. and Columbus Street will house the 500 BB&T employees who now work in nine locations in the Whiteville area, including its Client Care Center on US 701 North.

"The regulatory environment is much easier for something of this size to happen", said Brian Klock, an analyst with KBW.

The bank created by the merger will get a new name, which has not been announced, and a new headquarters in Charlotte. SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own, the companies said in the statement. BB&T shareholders will own about 57 percent and SunTrust shareholders will own about 43 percent of the business.

Is Maurizio Sarri right to call Manchester City Europe's best team?
We were there, focused, physically strong. "At the end of the season, I just want to be able to say we gave everything". I think the squad is definitely there, in terms of the depth they have. "They need to be consistent year after year".

They will continue to maintain the Community Banking Center in Winston-Salem, NC and the Wholesale Banking Center in Atlanta.

In the Baltimore metro area, BB&T has 69 branches with $5.47 billion in deposits for a market share of 7.5 percent, according to the FDIC.

SunTrust shares were up 8.5% following the news, and BB&T's were higher by 4.8%.

Bank of America is the market leader with $21.3 billion in deposits and a almost 30 percent market share. It also has two branches in Plant City and one in Poinciana.

Current BB&T Chairman and CEO Kelly King will lead the combined company until September 2021, when he'll become executive chairman. Estimated net cost synergies will save the new bank at least $1.6 billion by 2022.

BB&T Chairman and chief executive officer Kelly King called the deal a "true merger of equals" in prepared remarks.

Shares of Atlanta-based SunTrust rose 10 percent to $64.60 before the opening bell, above the acquisition price, while those of BB&T rose 5 percent to $51.20.

The merger is expected to close in the fourth quarter of 2019.

Manufacturers and Traders Trust Co.

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