BB&T Corp. and SunTrust Banks will be rechristened Truist Bank once the merger of the two companies is completed, they said Wednesday.
The deal, announced in February and valued at $66 billion, will create the sixth-largest bank in the U.S. serving more than 10 million U.S. households. The combined holding company will be named Truist Financial Corp.
Other company branding such as logo and typography will be unveiled at a later date.
The new name will be effective as soon as the merger closes. But BB&T and SunTrust customers will be served under their old bank brands for the near feature.
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Truist will be headquartered in Charlotte, North Carolina, but it will continue to have operations out of BB&T’s current headquarters in Winston-Salem, North Carolina, and SunTrust’s Atlanta headquarters.
BB&T CEO and Chairman Kelly King will become CEO and chairman of the new company and its bank subsidiary through Sept. 12, 2021. He will then serve as executive chairman until March 12, 2022, and remain on the board until the end of 2023.
“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 CEO Bill Rogers, in a press statement.
Rogers will be president and chief operating officer until King steps down. He will then take on the CEO role.
Truist will hold about $442 billion in assets, $301 billion in loans and $324 billion in deposits, the companies said when they first announced the deal. The banks expect to save about $1.6 billion in annual net cost synergies by 2022.
The merger is expected to close in the third or fourth quarter. Shareholders from both companies are scheduled to vote on the merger and new name in the coming months.