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Regulatory Approval for the BB&T and SunTrust Merger - Truist Deal to be Signed DEC 6

By Debe Maxwell, CRS

Real Estate Agent with Savvy + Company (704) 491-3310 228209

November 22, 2019 08:13 PM

The proposed merger between Winston-Salem-based BB&T Corp. (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI), headquartered in Atlanta, was given regulatory approval by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corp. this week. The $66 billion merger is now set to Close on December 6, 2019.

SunTrust also had to set aside $5M in a settlement fund to reimburse account-holders who were impacted by previous ‘upselling’ by the bank during 2013-2017. The practice has been stopped but, BB&T agreed to comply with the post-merger consent order.

The merged banks will become 'Truist' and will make the bank the nation’s sixth-largest bank and, as planned in 2018, will bring its headquarters to Charlotte.

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Laura Cerrano

Feng Shui Manhattan Long Island - Locust Valley, NY

Certified Feng Shui Expert, Speaker & Researcher

You broke something down that is pretty complex into the smallest easiest to digest parts. :)

Nov 22, 2019 08:20 PM

Roy Kelley

Gaithersburg, MD
Debe Maxwell, CRS

Charlotte, NC

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Well, thank you, Laura Cerrano - you know I try!

Hope you have a wonderful weekend...

Nov 22, 2019 08:31 PM

I just went back over this hoping for the best with everything that you do and that we do as a collective.

Nov 22, 2019 08:38 PM

Debe Maxwell, CRS

Charlotte, NC
Roy Kelley

Gaithersburg, MD

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

I am really unhappy about it. Love our suntrust. Hate our BB&T. feel we're going to lose some good loan officers locally with this merger.

Nov 22, 2019 08:54 PM

James Dray

Fathom Realty - Bentonville, AR

Morning Debe.

Charlotte continues to grow, I wonder how many of the employees will cross paths with you, looking for a home? Good luck

Nov 23, 2019 01:22 AM

Roy Kelley

Retired - Gaithersburg, MD

Thanks for your update. SunTrust has been our bank for many years. There have been several name changes for us.

Nov 23, 2019 08:16 AM

Debe Maxwell, CRS

Charlotte, NC

I'm so sorry, Tammy Lankford, but I am hopeful that they prove to be even better with the merge.

Nov 23, 2019 08:38 AM

We've already had some of them, James Dray! The last Closing we had with one of their executives, we were all unsure if the name would be kept (we have a credit union here with a similar name). There was a lot of talk about the credit union going after the banks for using a name too similar to theirs. Obviously, that was addressed!

Nov 23, 2019 08:40 AM

Same here for us with Wells Fargo and Bank of America - both have changed several times since we've been shareholders and/or customers, Roy Kelley.

Nov 23, 2019 08:41 AM

Roy Kelley

Gaithersburg, MD

I am not fond of the new name they selected. What do you think?

Nov 23, 2019 08:43 AM

Regulatory Approval for the BB&T and SunTrust Merger - Truist Deal to be Signed DEC 6

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