FDIC Approves the Merger Between BB&T and SunTrust — 2019-11-19

The Federal Deposit Insurance Corporation (FDIC) Board of Directors unanimously approved the Bank Merger Act (BMA) application submitted by Branch Banking and Trust Company (BB&T), Winston- Salem, NC, to merge with SunTrust Bank, Atlanta, GA. The resulting bank will operate under BB&T’s charter and will be called Truist Bank. Truist Bank will be headquartered in Charlotte, NC. When reviewing applications under the BMA, the FDIC considers statutory factors, such as the transaction’s effect on competition, the financial and managerial resources and future prospects of the existing and proposed institutions, the convenience and needs of the communities to be served, the risk to the stability of the U.S. banking or financial system, and the anti-money laundering records of the institutions involved. The application satisfied those requirements as well as the additional requirements applicable to interstate mergers under section 44 of the Federal Deposit Insurance (FDI) Act.