Following a vote by shareholders and the resolution of other closing conditions, BB&T Corporation and SunTrust Banks, Inc. will merge to form Truist. Once the merger is completed, Truist will be the sixth-largest U.S. bank holding company, serving more than 10 million American households.
The two companies partnered with consultant Interbrand to lead in the development of the new name and brand identity. The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank. While the new names will be effective upon completion of the merger, clients will continue to be served under the BB&T and SunTrust brands.
“Our goal is to create a bold, transformative organization that delivers a smarter and easier client experience through technology and human connection,” said BB&T Chairman and Chief Executive Officer Kelly S. King in announcing the new name. King will serve as the chairman and CEO of the combined company.
“Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,” said SunTrust Chief Executive Officer Bill Rogers, who will be president and Chief Operating Officer of the combined company until he succeeds King as Chief Executive Officer in September 2021.
In the coming months, shareholders of both BB&T and SunTrust will vote on the proposed merger. Shareholders of BB&T will also vote on the new holding company name. The merger is expected to close in the third or fourth quarter of 2019 following receipt of regulatory approvals, approval by the shareholders of each company and other closing conditions. BB&T and SunTrust remain separate and independent companies until the transaction closes.