Truist, the company that will be created through the mergers of BB&T Corp (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI), will be “the bank of the future,” said Tim Schar, SunTrust’s Tampa market president.
The bank, which will be the second largest in the Tampa-St. Petersburg-Clearwater metro area, will provide improved experiences, said Jim Daly, West Florida regional president for BB&T.
The $66 billion deal, initially unveiled in February, will create the sixth-largest U.S. bank holding company. Bank executives announced the new name and some details around the branding process on Wednesday.
The two companies partnered with Interbrand, a global brand consultancy, to lead in the development of the new name and brand identity. The brand development process was data-driven and included input from BB&T and SunTrust employees, as well as focus group, a news release said.
“Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities,” said Kelly King, chairman and CEO of BB&T. He will be chairman and CEO of the combined company.
SunTrust CEO Bill Rogers will be president and chief operating officer of the combined company until he succeeds King as CEO in September 2021. He said the new company will serve clients as “a true financial partner.”
“Together, as Truist, serving our clients well will continue to be our first priority as we work towards creating a bold, transformational financial institution,” Daly said. “The proposed merger of equals will mean better experiences, better partnerships, better technology and doing more for better communities and a better future in West Florida and across our footprint.”
SunTrust had 75 offices and $9.9 billion in deposits in the Tampa-St. Pete metro as of June 2018, the most recent date for which data is available from the Federal Deposit Insurance Corp. BB&T had 42 offices and $2.6 billion in deposits.
“We will have the opportunity to do even more for our clients and communities in the city of Tampa, by combining two iconic, purpose-driven brands into Truist,” Schar said. “Our merger is designed to create the bank of the future, balancing intuitive technology with genuine personal connection, and our new name will be a powerful symbol of what the future looks like.”
The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank. Additional brand elements, such as the logo, will be revealed later, the banks said.
Shareholders of both banks will vote on the proposed merger in the coming month, and shareholders of BB&T will also vote on the new holding company name. The deal is expected to close before the end of the year, pending shareholder and regulatory approval. Until then, the banks will operate separately under their existing brand names.