There’s a new bank among the top ten biggest banks in the country, and its name is Truist.
BB&T Corp. and SunTrust Banks are now one company after the banks announced Monday they completed the biggest bank merger since the financial crisis.
The combined company, which is the sixth-largest bank in the U.S., will operate as Truist Bank.
“This is a historic moment for Truist – a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities,” said Truist Chairman and CEO Kelly King.
“The completion of this merger of equals is a tremendous achievement and a testament to the thousands of Truist teammates who have diligently worked to ensure its timely conclusion,” King added.
The banks first announced the $66 billion “merger of equals” in February, later stating that they planned to operate as Truist.
The companies also announced the opening of a new headquarters in Charlotte, North Carolina, which will house 2,000 of the combined company’s executive team members who will be relocated over the next several years.
Last month, the banks cleared a regulatory hurdle when the Department of Justice approved the banks’ merger, but ordered the banks to divest 28 branches to address antitrust concerns raised by the merger.
At that point, all that stood in the merger’s way was approval by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corp.
Those bodies, along with the Georgia Department of Banking and Finance and the North Carolina Commissioner of Banks, approved the merger late last month, clearing the way for its completion.
“With Truist, we’re creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience,” said Truist President and Chief Operating Officer Bill Rogers. “We have much work ahead of us, but we’re well-positioned to create meaningful change for the clients we serve and the communities where we live and work.”
According to the companies, Truist Bank will serve “approximately 10 million consumer households.”
Truist stated Monday that for now, clients can continue to use through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers for their banking needs.
The companies stated that the “transition to the full Truist experience” will happen over the next two years.
