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Monday, April 19, 2021

BB&T, SunTrust to become Truist in merger

NEW YORK (AP) — The name of the nation’s newest mega bank is Truist Bank.

Southern regional banking giants BB&T and SunTrust said Wednesday that the two would adopt the name for their merged institution.

The two banks announced their merger earlier this year creating the nation’s sixth-largest bank by assets at $440 billion. The merged banks are poised to geographically dominate the South, where they are based.

The banks also announced Truist will be headquartered in Charlotte, North Carolina, a city already home Bank of America. San Francisco-based Wells Fargo also has a large presence in the city.

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