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SunTrust, BB&T, announce merger

  • Charles County,St Mary's County,Calvert County,Prince George's County,Anne Arundel County
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Charlotte, NC - Two prominent banking franchises have announced their intention to merge sometime this year. Sun Trust and BB&T announced the pending merger Thursday morning, Feb. 7. The coupling will create the sixth-largest bank in the United States.

According to a joint press release, the pro forma company will have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits serving more than 10 million households in the United States, with leading market share in many of the most attractive, high-growth markets in the country. The incremental scale positions the new company to achieve industry-leading financial and operating metrics with the strongest return profile among its peers.

"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future," said BB&T Chairman and Chief Executive Officer (CEO) Kelly S. King. "It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill's [William H. Rogers, Jr., chairman and CEO of SunTrust leadership] and our new SunTrust teammates, we're going to bring the best of both companies forward to serve our clients and communities."

"By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients,” Rogers stated. “Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands. With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities, and shareholders than we could alone. I have tremendous respect for Kelly, his leadership team and the BB&T associates. We will leverage our respective strengths as we focus together on the future."
In Southern Maryland, Sun Trust has seven locations while BB&T has five branch officers and mortgage office.
The press release stated the merger is expected to close in the fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.

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