BB&T, SunTrust set date for merger
November 20, 2019 - BB&T Corp. and SunTrust Banks Inc. received the final regulatory approval required for their merger, when the Federal Reserve and the Federal Deposit Insurance Corp. green-lighted the deal Tuesday. The banks plan to complete their merger on Dec. 6, when they will become Truist Financial Corp. Truist will be the second-largest retail bank in the Tampa-St. Petersburg-Clearwater metro area, with 112 offices, about $11.3 billion in deposits and a nearly 13 percent deposit market share, according to the FDIC. BB&T shares will become Truist shares and SunTrust shareholders will receive 1.295 Truist shares for each share of SunTrust stock they own at the closing. Truist shares will trade on the NYSE under the symbol "TFC." The conversion to the Truist brand will occur over two years. Until systems are integrated clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers.