Federal bank regulators on Tuesday accepted the merger of SunTrust Banks and rival BB&T by removing the final obstacle for the financial giants to merge into the nation’s sixth-largest bank.
Atlanta-based mostly SunTrust and Winston-Salem, N.C.-based mostly BB&T announced plans in February to join forces. The mixed bank shall be based mostly in Charlotte, although Atlanta will retain the company and investment banking division, which will be known as Truist Bank.
The Board of the Federal Reserve System and the Federal Deposit Insurance Corporation granted approval, and the banks stated in a news release they count on the deal to be accomplished December 6, the companies said in a news release.
The US Department of Justice signed off earlier this month following an anti-belief evaluate that resulted in the divestiture of bank branches in Georgia, North Carolina, and Virginia.
Primarily based in its namesake tower on Peachtree Street in downtown Atlanta, SunTrust is Georgia’s largest bank. It’s No. 1 in metro Atlanta by way of deposits and second in a complete variety of branches. BB&T, which also has a regional hub in Atlantic Station, ranks 4th in total deposits and local places within the metro area.
When the businesses introduced the merger in February, executives stated they anticipated to search out price reductions totaling $1.6 billion yearly by 2022. Overlaps in the markets that banks serve will undoubtedly mean branch closures and layoffs as the two behemoths combine.
SunTrust and BB&T clients will proceed to do business with their existing department networks, web sites, mobile apps, checks, and payment cards. The conversion of the banks to the Truist brand is anticipated to happen over about two years.