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Truist Merger: Important Facts You Should Absolutely Know

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Key Facts:

  • BB&T will buy SunTrust Banks for $28.24 billion in an all-stock deal.
  • The deal was agreed to be a merger of equals, valued at $66 billion.
  • SunTrust and BB&T will become Truist.
  • The deal is expected to close in the fourth quarter of 2019/Early Q1 2020.
  • BB&T and SunTrust said the combined bank would produce annual cost savings of around $1.6 billion by 2022.
  • Truist will rival U.S. Bancorp, which has about $467 billion in assets.
  • The combined company will be the sixth-largest U.S. bank based on assets and deposits.
Updated Tactical Timeline
  • The combined company will operate under a new name and have around $442 billion in assets, $301 billion in loans and $324 billion in deposits.
  • SunTrust is known for its expertise in commercial banking /wealth management (currently based in Atlanta, GA).
  • BB&T has a solid reputation for strong branch operations (currently based in Winston-Salem, NC).

BB&T SunTrust growth comparison chart

Atlanta skyline
Atlanta, GA
Winston-Salem, NC
Winston-Salem, NC

The Truist Team will unite in at their new corporate HQ at: 214 N. Tryon St., Charlotte, NC, 28202

Map of downtown Charlotte and new Truist HQ
David Cobb

David Cobb

David Cobb, Principal & Founder at Archon Commercial Advisors specializes in connecting Tenants w/ Developers, uncovering ninja CRE deals and cultivating a network of entrepreneurial influencers — ultimately leveraging information arbitrage to uncover unique and lucrative opportunities, stimulate expansion and create wealth for our ecosystem of relationships.