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SunTrust Banks and BB&T to Merge, Form Truist

Shareholders of BB&T Corp. voted overwhelmingly Tuesday to approve the Winston-Salem-based bank’s merger with SunTrust Banks and the new bank’s proposed name: Truist.

This story by John Joyce originally appeared in BizJounals.com.

BB&T said 98 percent of the votes supported the merger with the Atlanta bank and 96 percent were in favor of the name.

The N.C. Office of the Commissioner of Banks approved the merger July 10. The two banks are expected to merge later this year, a deal valued at $66 billion that would create one of the nation’s largest banks. It will be based in Charlotte.

The merger still needs nods from the Federal Reserve and Federal Deposit Insurance Corp. Nearly 99 percent of SunTrust shareholders had voted for the merger in a separate vote.

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.

Employees will relocate to Charlotte from other areas, including Winston-Salem and Atlanta. But the new bank will maintain a substantial presence in both of its previous headquarter cities. All of the executive team will be based in Charlotte. Hearst Tower will house leadership teams for corporate communications, finance, human resources, insurance, legal, technology and risk management.

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