The soon-to-merge BB&T Corp. and SunTrust Banks have a new name: Truist Financial Corp.
This story by Caroline Hudson originally appeared in the Charlotte Business Journal.
“We’re excited because we really think we can redefine the client experience and really create a meaningful change in the community,” said Kelly King, CEO of BB&T.
King said he believes this brand is a way for the new entity to build on the heritages of BB&T and SunTrust while also positioning the new bank for the future.
BB&T and SunTrust announced in February their plans to merge in an all-stock deal valued at about $66 billion. The merger is expected to close by the end of the year. Executives touted an ability to invest more in technological innovation as a combined entity. Truist will become one of the nation’s largest banks.
A logo will be revealed later, the bank said.
Choosing a new brand is one way the two companies sought a “merger of equals.” Another factor is the decision to move the headquarters to Charlotte. BB&T is based in Winston-Salem, N.C., and SunTrust is headquartered in Atlanta, Ga.
Truist will lease 561,000 square feet in Hearst Tower in uptown, as announced Wednesday morning. The lease agreement includes a 15-year term at the 970,000-square-foot building, ultimately backfilling what is currently office space for Bank of America and law firm K&L Gates, as well as an option to buy the tower from Cousins.
The space could house up to 2,000 people in the future, the banks said.
BB&T and SunTrust will begin moving into Hearst Tower in a phased move-in that begins in August of this year and will wrap up by June 2021.