bb&t and suntrust merger charlotte

The new company will be headquartered in Charlotte, North Carolina, and will open as the sixth-largest U.S. bank based on assets and deposits. BB&T, SunTrust merger to make nation's sixth largest bank which has not been announced, and a new headquarters in Charlotte. BB&T is the. Truist, the financial entity formed from BB&T Corp.'s acquisition of SunTrust Banks Inc., will have its headquarters in Charlotte.

Bb&t and suntrust merger charlotte -

Do you bank with BB&T? Here's why you won't have access to your account until Sunday


If you bank with BB&T and need to set up an online transaction, withdraw cash, pay a bill or hit up a local branch, plan to do it Friday.

The Charlotte, North Carolina-based bank, now known as Truist after its merger with SunTrust, is shutting down its online banking system and branch computers over part of Columbus Day weekend to update its computer systems.

In an online FAQ, BB&T said customers will not be able to make mobile deposits, transfer funds, access online bill pay services or set up a new Zelle payment through the website or mobile app during the planned outage.

"We expect all systems including mobile app, online banking, BB&T ATMs, and the Truist Contact Center to be back up and running by Sunday, Oct. 10," the bank estimated.

Transactions that have already been scheduled will post to customer accounts on Tuesday. Bill payments that were set to be paid over the weekend will process least one day before the due date.

Branches will be unable to process transactions and ATMs will be offline during the outage. BB&T customers can use SunTrust ATM machines without paying a fee. Should they access ATMs outside the BB&T network during the outage, the fee for both banks will be refunded.

However, BB&T customers cannot conduct any other transactions through SunTrust branches.

Customers can continue using their BB&T credit and debit cards as normal. Transactions will not post until Tuesday due to the Columbus Day holiday, however.

Branches will also be closed Monday due to the holiday.

The banks serve the the Mid-Atlantic, South and Midwest regions.

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Источник: https://www.usatoday.com/story/money/2021/10/08/bb-t-shut-down-online-banking-branch-systems-until-sunday/6048806001/

Wachtell, Sullivan & Cromwell Lead On BB&T, SunTrust Deal

Wachtell, Lipton, Rosen & Katz advised BB&T Corp in its $28.2 billion purchase of SunTrust Banks Inc, which was represented by Sullivan & Cromwell in the transaction.

The deal will create the sixth largest U.S. bank holding company and has been widely described as the largest bank merger since the 2008 financial crisis.

Shareholders of BB&T will own 57 percent of the combined company which will have a new name and a new headquarters in Charlotte, N.C.

The merger announcement said that the boards of both companies unanimously approved the all-stock deal.

Wachtell’s team was led by corporate partners Edward D. Herlihy and Matthew M. Guest. Herlihy is one of the country’s best-known banking lawyers and serves as co-chair of the firm’s executive committee.

In a memo to clients last December, he noted that the U.S. Federal Reserve had undergone a “sea change” in the way it approaches objections from community groups to bank merger and expansion plans.

A more relaxed regulatory environment makes it harder for community groups to block mergers on grounds that banks have not met federal requirements to serve communities.

SunTrust’s banking practices were investigated several years ago, and it paid $968 million in 2014 after the Justice Department looked into allegations of improper mortgage originations and mortgage servicing and foreclosure abuses.

Sullivan & Cromwell’s team representing SunTrust included the firm’s senior chairman and banking and M&A giant H. Rodgin Cohen, as well as partners Mitchell Eitel, Marc Treviño, Ronald E. Creamer Jr. and Joseph J. Matelis. The group also included one special counsel and five associates.

The attorneys work in Sullivan & Cromwell’s corporate, financial services, tax, executive compensation and competition practices.

The BB&T deal comes amid predictions that relaxed regulations and the accumulation of cash since the U.S. tax system was overhauled last year will spur financial institutions to merge.

The deal appears to be the industry’s biggest since Bank of America’s $40.5 billion takeover of Merrill Lynch & Co. in January 2009.

Источник: https://news.bloomberglaw.com/banking-law/wachtell-sullivan-cromwell-lead-on-bb-t-suntrust-deal?context=article-related

BizWorthy: Truist Almost Finalized -- What Comes Next?

The $66 billion merger between Winston-Salem’s BB&T and Atlanta’s SunTrust is set to be finalized this week.  The new bank, to be called Truist, will be headquartered in the Hearst Tower in uptown Charlotte. 

For more on what happens next with the merger and other business news "Morning Edition" host Marshall Terry is joined by Tony Mecia of the Charlotte Ledger business newsletter for our segment BizWorthy. 

Marshall Terry: So, Tony, with the merger about to be done, how long before we see the name Truist start to appear around town?

Tony Mecia: Well, I think it's gonna be a number of months. You know, in these bank mergers, there are a number of things that the banks have to do. There's some that are customer facing, some that are, you know, putting new signs on the branches. Things like: Do you need to get new checks? Do you need to get a new account number? They've got to work through those issues.

There are also issues that happen behind the scenes. Things like merging their technology, merging their accounting practices, figuring out personnel. It's kind of like a marriage going into it. That metaphor is used a lot of times in mergers. And, except instead of two people combining, you have thousands and thousands of people. And so each side's going to have to change a little bit to make it work. And so, there are a lot of moving pieces.

Terry: And speaking of all the branches -- what's going to happen with the SunTrust and BB&T branches? Are they going to become Truist all of a sudden?

Mecia: As part of some of the anti-trust concerns, the Justice Department required them to divest some branches -- none in the Charlotte area, mostly in Raleigh and Greensboro -- but the rest of them eventually will take the Truist name. The thinking is that the whole process is going to take a couple of years and that the banks in the Carolinas and in Georgia are probably going to go last. So that might be a couple of years before we see that.

Terry: Now, is there anything at this point that could prevent this merger from happening?

Mecia: Doesn't look like it, really at this point. All signs are go. They've gotten all the regulatory approvals that they need. It's kind of like closing on a house. You have a closing date and you sort of work toward that date. And it certainly looks like everything is is headed that direction.

Terry: Now, in other financial news, Charles Schwab is moving its headquarters from San Francisco to a suburb of Dallas. You report this move actually has implications for Charlotte. How so?

Mecia: Well, financial people in Charlotte are always sort of looking at San Francisco, hoping we might be able to pick up some companies that are moving o

ut of California because it's known as sort of a high-tax, high-cost area. Maybe a great place to live, maybe not a great place to do business. And so Charlotte has always wanted to pick up some of those companies -- especially Wells Fargo, which is headquartered in San Francisco. And the thinking is, "Well, gosh, we have a new CEO. Maybe Wells Fargo would want to move its headquarters here?" We don't really know the answer to that.

But the other piece of it that's interesting, Marshall, is that for a number of years, Charlotte and San Francisco have been going kind of back and forth in which city has the most deposits, which is the bigger banking center. For a long time, Charlotte was No. 2 and San Francisco was No. 3. Now, in 2017, San Francisco overtook Charlotte, largely on the growth of Charles Schwab. And then Charlotte battled back, became the No. 2 center again in 2018.

Now Schwab is moving to Texas at the same time that Charlotte is picking up Truist. So that means that if you look at the deposits, Charlotte is now in pretty good shape for maintaining that spot as the No. 2 banking center.

Terry: Let's move now to the Whitewater Center, which you report recently got into some trouble with Alcohol Law Enforcement over a trail race?

Mecia: Right. I report in the Charlotte Ledger this week that Alcohol Law Enforcement agents last year got a tip that the Whitewater Center and NoDa Brewing were co-sponsoring a 6K trail race at the Whitewater Center called the Brew Dash 6K. Now, that sounds pretty normal to most people, but the alcohol laws that we have in North Carolina, like a lot of other states, prohibit retailers and alcohol producers from collaborating. These are laws that date to right after Prohibition.

And so the ALE investigated this case of joint advertising for this trail race, sent some agents to NoDa Brewing, to the Whitewater Center, to investigate it. And the Whitewater Center last month settled the case paid $3,000 to avoid having its alcohol license suspended.

Terry: And didn't you write that there was a bit of a kerfuffle between the CEO of the Whitewater Center and ALE?

Yeah. So the ALE agent went to NoDa Brewing to ask NoDa Brewing for the sponsorship agreement and NoDa Brewing and handed it over. Then the ALE agent, according to the report filed with the ABC Commission, went to the Whitewater Center, asked the Whitewater Center CEO Jeff Wise for the sponsorship agreement. And Wise said, "Well, I'm going to call my lawyer. You're going to need a subpoena." The ALE agent said, "No, no. I want it now. And if you don't turn it over, you're gonna go to jail." And so Wise turned it over.

And so, Marshall, if you talk to alcohol producers in town, next time you're at a bar and you strike up a conversation with a bartender, they have a lot of choice opinions about how aggressively alcohol laws are enforced. And they think that maybe some of the agents are a little bit too diligent in enforcing North Carolina's alcohol laws.

Terry: And that's where we're going to have to leave it this week. Thanks, Tony.

Mecia: Thanks, Marshall.

Terry: That's Tony Mecia of the Charlotte Ledger Business Newsletter. 

Источник: https://www.wfae.org/business/2019-12-05/bizworthy-truist-almost-finalized-what-comes-next

Southeast financial institutions BB&T and SunTrust will operate as Truist Bank once they combine operations under their proposed $28 billion merger plan.

The lenders announced the new name Wednesday, to mixed reviews. 

BB&T CEO Kelly King said the brand, an apparent variation of altruism, "will reflect what we stand for – a shared belief in building a better future for our clients and communities.”

Truist Finanical Corp. will be based in Charlotte. It will keep a community banking center in BB&T's hometown of Winston-Salem. It also will maintain a wholesale operation in Atlanta, where SunTrust is headquartered.

BB&T shareholders will own more than half of the combined company, which is projected to be the sixth-largest U.S. bank owner based on its projected $442 billion in assets and $324 billion in deposits if the deal is approved by regulators and shareholders.

The banks hired the consulting firm Interbrand to help craft their new name and identity based on input from employees and customers, but the change hasn't been well-received based on the immediate reaction on social media. The new corporate logo will be revealed later.

Announced in February, the merger will ripple across South Carolina, where BB&T has about 100 branches and $8.4 billion in deposits. SunTrust has opened about 40 offices and amassed $3 billion in deposits since expanding into the Palmetto State in 2004.

Their merger is the largest buyout for the banking industry since the last recession more than a decade ago. 

King said recently that the combined company would create a formidable regional counterweight to what he sees as an emerging and unhealthy “oligopoly” among bigger, deeper-pocketed rivals, namely JPMorgan Chase, Citibank, Bank of America and Wells Fargo & Co.

The planned tie-up would give the merged bank the financial firepower to invest more in the technology that customers are demanding and on the marketing that will be required to spread the word, King said.

“We’ll have the scale to be able to be a player,” he told shareholders at BB&T's annual meeting on April 30 in downtown Charleston.

Our twice-weekly newsletter features all the business stories shaping Charleston and South Carolina. Get ahead with us - it's free.

Contact John McDermott at 843-937-5572 or follow him on Twitter at @byjohnmcdermott

Источник: https://www.postandcourier.com/content/tncms/live/

Truist Bank Review: Will The Newly-Merged Bank Improve the Customer Experience?

Reviews / Banking

GOBankingRates Score

Our Take: The new Truist will expand the footprint of both BB&T and SunTrust and potentially offer better terms and service to SunTrust customers.

  • Rates
  • Customer Service
  • Fees
  • Services & Accessibility

How did we calculate this?

Pros

  • A wide array of account choices
  • Low fees for BB&T customers
  • Potential for improved terms for SunTrust depositors
  • Allows for early withdrawals on some certificates of deposit

Cons

  • The continued existence of BB&T and SunTrust could confuse prospective customers.
  • Bank interest rates may not make interest-bearing accounts worthwhile.

About Truist Bank

Truist is the new bank formed after BB&T acquired the assets of SunTrust bank. The two banks completed the merger on Dec. 6, 2019. During the merger announcement, Truist said that the transition to what the company calls the “full Truist experience” would take place over the next two years.

For now, separate BB&T and SunTrust branches remain in operation. As of this writing, one must visit either the BB&T or SunTrust branches or websites to open or manage accounts. However, Truist depositors can now use BB&T or SunTrust ATMs without incurring out-of-network fees.

This union has turned the Charlotte-based bank into the 6th largest bank in the U.S., holding about $473 billion in assets. The bank serves about 10 million households in 17 states as well as numerous business customers. In addition, GOBankingRates named Truist Bank the Best Regional Bank of 2021 in its annual Best Banks rankings.

Truist Bank Products

PRoductKey details
Checking AccountOptions for lower-income families, seniors and students.
Savings AccountBB&T provides no maintenance fees or monthly minimum balances.
Money MarketBB&T offers unlimited withdrawals.
CDsHigher interest than regular savings account with SunTrust’s short-term CDs.

Truist Bank Checking Account

Both the BB&T and SunTrust sides of the company have a wide array of checking account options. Additionally, the company waives ATM fees when using either a BB&T or SunTrust ATM. GOBankingRates also ranked Truist Bank’s checking account offerings as one of the Best Checking Accounts of 2021.

BB&T Checking Account Features

  • Monthly Maintenance Fees: $0, $5, $10, $12, $30
  • Minimum Balance: $0, $1,000, $1,500, $25,000
  • Loyalty Rewards: No
  • Interest-Bearing Checking Available: Yes

SunTrust Checking Account Features

  • Monthly Maintenance Fees: $0, $7, $20
  • Minimum Balance: $$0, $500, $10,000
  • Loyalty Rewards: Yes
  • Interest-Bearing Checking Available: Yes

Pros

  • BB&T has options for lower-income families and seniors.
  • BB&T Elite Gold checking available to those with a BB&T home loan of at least $150,000.
  • SunTrust Essential checking available to students.

Cons

  • SunTrust offers no options for seniors or low-income families.
  • SunTrust offers limited free out-of-network ATM transactions.

Truist Bank Savings Account

BB&T offers savings accounts for specific purposes. However, its most popular savings account is its eSavings account. The SunTrust part of the company has an Essential Savings account that offers similar benefits.

Features

  • No minimum balance
  • No monthly maintenance fee
  • Ability to use savings for checking overdraft protection
  • No-fee online statements

The only difference is BB&T savings account holders can make unlimited withdrawals from the branch or a BB&T ATM. Those with a SunTrust Essential account have a limit of six withdrawals per month.

Pros

  • No maintenance fees
  • No monthly minimum balance
  • Unlimited withdrawals at BB&T branches

Cons

  • The Merger in progress can cause confusion.
  • SunTrust limits the number of withdrawals.

Truist Bank Money Market Account

Money market accounts are savings and checking hybrid accounts. Depositors can earn interest comparable to a savings account while having the flexibility to spend that comes with a checking account.

The BB&T and SunTrust branches both offer money market accounts with the following features:

BB&T Money Market Account Features

  • Opening Deposit: $100
  • Tiered Interest Rates: Yes
  • Withdrawals: Unlimited at branches
  • Monthly Maintenance Fee: $12
  • Minimum Deposit to Avoid Fee: $1,000

SunTrust Money Market Account Features

  • Opening Deposit: $100
  • Tiered Interest Rates: Yes
  • Withdrawals: Limited to six per month
  • Monthly Maintenance Fee: $17
  • Minimum Deposit to Avoid Fee: $10,000

Pros

  • BB&T offers unlimited deposits, transfers, withdrawals.
  • BB&T has a lower monthly maintenance fee.
  • SunTrust waives maintenance fees with at least $100 per month in automatic transfers.

Cons

  • BB&T does not waive the maintenance fee with automatic transfers.
  • SunTrust limits withdrawals of any type to six per month.

Truist Bank CD Account

Both of Truist’s banks allow depositors to take out certificates of deposit. These products offer higher interest rates in exchange for locking up one’s money for a specified period. Here’s a review of the options available at each financial institution.

BB&T CD Account Features

  • Minimum Opening Deposit: $1,000
  • CD Terms (lock-up periods): 7 days-60 months
  • Interest Rates (APY): 0.01% – 0.05%

SunTrust CD Account Features

  • Minimum Opening Deposit: $2,000
  • CD Terms (lock-up periods): 7 days-10 years
  • Interest Rates (APY): 0.05% – 2.30%

Pros

  • BB&T offers limited early withdrawals without a penalty.
  • SunTrust pays more in interest and includes options for longer terms.
  • Higher interest than regular savings account with SunTrust’s short-term CDs.

Cons

  • Funds are locked up during the CD term.
  • Low rates may not make the lock-up period worthwhile.

Banking Experience

As mentioned before, Truist continues to operate as BB&T and SunTrust. This means customers will not yet find a Truist bank branch or a mobile app of that name. Hence, to open and use an account, one must either visit BB&T or SunTrust.

Customers can call either bank between 8 a.m. and 8 p.m. EST Monday-Friday or 8 a.m. to 5 p.m. EST on Saturday.

Mobile Apps

Like the banks themselves, depositors at both banks will eventually use a Truist banking app. For now, they may also access their accounts via the BB&T or SunTrust mobile apps.

BB&T’s app has earned a 4.7 rating on Google Play and a 4.8 rating at the Apple app store, SunTrust’s rating stands at 4.1 on Google Play, with a 4.1 rating on the Apple app store.

How To Open a Truist Bank Account

Customers who want to open a Truist account have two options. They can visit a BB&T or SunTrust branch. Or they may also visit the BBT.com or SunTrust.com websites.

BB&T & SunTrust Key Information

  1. Customer Service Numbers
    • BB&T: 800-226-5228
    • SunTrust: 800-786-8787
  2. Routing Numbers
  3. Promotions
  4. Bank Hours
  5. Logins

Truist Bank Fees

Banks will levy fees on many services, and Truist is no exception. Customers who bank under either the BB&T or SunTrust name could encounter these levies:

BB&T Fees

  • Maintenance Fee: $0, $5, $10, $12, $30
  • Overdraft/NSF: $36
  • ATM Fee (Non-BB&T, Domestic): $3
  • ATM Fee (Non-BB&T, International): $5
  • Wire Transfer Domestic Incoming: $15
  • Wire Transfer Domestic Outgoing: $30
  • Wire Transfer Int’l. Incoming: $18
  • Wire Transfer Int’l. Outgoing: $65

SunTrust Fees

  • Maintenance Fee: $0, $7, $17, $20
  • Overdraft/NSF: $36
  • ATM Fee (Non-SunTrust, Domestic): $3
  • ATM Fee (Non-SunTrust, International): $5
  • Wire Transfer Fees: Contact bank for details

Truist Bank vs. Competitors

Although Truist stands out on many levels, other banks can exceed its offerings in certain areas.

BankBest For
TruistFewer limits on withdrawals with savings, money markets
ChaseThose who need ATMs outside of the U.S.
PNC BankThose who want to earn as much interest as possible
Bank of AmericaWealthy can qualify for numerous fee waivers

Truist vs. Chase

Chase can serve customers nationwide and offers ATM access outside of the U.S. with no fees. However, Truist serves customers well on savings accounts and money markets, as account holders can potentially benefit from unlimited withdrawals or a money market with lower fees.

Truist vs. PNC Bank

For those who can maintain a higher minimum, PNC will offer higher interest rates. But Truist requires a lower monthly balance to avoid the maintenance fee.

Truist vs. Bank of America

As a regional bank, Truist cannot match the international service Bank of America can provide to its clients. Nonetheless, Truist tends to charge lower fees to smaller clients than does Bank of America.

Final Take

Truist is a bank in transition. Admittedly, the fact that its two banks still operate as separate entities under the old names might cause confusion. It could also create some customer service issues, as the BB&T division tends to offer more favorable terms to depositors.

However, since BB&T was the purchaser as its transition to Truist began, BB&T’s terms might be more likely to prevail. Once Truist completes the integration, a more extensive customer base will benefit from the banking services that have allowed Truist to grow over time.

More Great Customer Service Banks

Bank Branches

Credit Unions

Editor’s Favorite

Amid the coming merger, Truist’s strength lies in the flexibility it brings to the average bank customer. The company offers a money market where even customers on a limited budget can have the maintenance fee waived relatively easily. Moreover, the fact that the bank can provide unlimited savings account withdrawals and an ability to make an early CD withdrawal helps Truist stand apart.

FAQ

  • What Does Truist mean?
    • According to Dontá Wilson, the chief digital and client experience officer at Truist, the name signifies "true" to the company's legacy, "trust" as in honesty and transparency and "stand for better" regarding both technology and customer experience.
  • Where can I find a Truist bank branch?
    • Nowhere yet. It continues to operate banks as BB&T and SunTrust during the transition. Both parts of the company will rebrand as Truist.
  • Can I open a new account with Truist?
    • Yes. However, customers will have to open these accounts at either a BB&T or SunTrust branch or website. These new accounts will eventually become Truist accounts.
  • Can BB&T and SunTrust customers bank at either bank?
    • Yes. BB&T and SunTrust customers can also make deposits and withdrawals from either bank's ATMs and be considered in-network.
  • Where is Truist located?
    • The Charlotte-based bank operates branches in 17 states in the Mid-Atlantic, Midwest, Southeast and Texas.
  • Does Truist offer free money for signing up for an account?
    • Customers can earn a $200 bonus for opening a BB&T Bright Banking or SunTrust Essential checking account. They must complete two qualifying direct deposit of at least $500 within 75 days for the BB&T account or within three months for the SunTrust account. The BB&T offer expires on Dec. 31, 2020. The SunTrust offer expires on Jan. 4, 2021.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 2, 2020.
This content is not provided by Truist Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Truist Bank

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About the Author

Will Healy is a freelance business and financial writer based in the Dallas area. He has covered a variety of finance and news-based topics, including the stock market, real estate, insurance, personal finance, macroeconomics, and politics. Will holds a Bachelor of Science in Journalism from Texas A&M University, a Master of Science in Geography from the University of North Texas, and a Master of Business Administration from the University of Texas at Dallas.

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Источник: https://www.gobankingrates.com/reviews/truist-bank/

BB&T announced in February its pending merger with SunTrust Banks in a $66 billion deal that marked the largest big bank merger since the financial crisis.

And last month, news hit that some of SunTrust’s Richmond, Virginia-based executives would be relocated as the two companies merged into one.

Now, that appears to be official, as the companies revealed Wednesday the location of their new headquarters – a 550,000-square-foot office located in a tower in Charlotte, North Carolina.

The banks said that over the next several years, they will transition their employees – including the combined company’s executive team – to the new headquarters.

The new office space will eventually house 2,000 employees, including the company’s corporate communications, finance, human resources, insurance, legal, technology and risk management teams.

"This is a signature tower in the Uptown area of Charlotte, and the perfect spot for the new company's headquarters," said BB&T Chairman and CEO Kelly King. "This prime location will put our new company in the heart of the vibrant financial district and is the right backdrop for the bold, transformational financial institution we're creating with this merger of equals."

The merger, which is expected to close in the fourth quarter of 2019, gives BB&T a much larger stake in the mortgage industry.

"We looked for a location that would attract and inspire our teams as they come together to create industry-leading client experiences," added SunTrust Chairman and CEO William Rogers, Jr. "This new headquarters environment will help foster collaboration and innovation."

In 2017, SunTrust ranked as top 25 lender with $10.6 billion in volume, according to data provided to HousingWire by iEmergent. By way of comparison, BB&T is ranked No. 34, with total mortgage lending volume of $6.7 billion.

Together, the two companies will have about $442 billion in assets, according to a release from BB&T, combining BB&T’s $225.7 billion in assets as of the end of 2018 with SunTrust’s $216 billion.

 

Источник: https://www.housingwire.com/articles/49320-bbt-suntrust-announce-new-charlotte-headquarters/

Wachtell, Sullivan & Cromwell Lead On BB&T, SunTrust Deal

Wachtell, Lipton, Rosen & Katz advised BB&T Corp in its $28.2 billion purchase of SunTrust Banks Inc, which was represented by Sullivan & Cromwell in the transaction.

The deal will create the sixth largest U.S. bank holding company and has been widely described as the largest bank merger since the 2008 financial crisis.

Shareholders of BB&T will own 57 percent of the combined company which will have a new name and a new headquarters in Charlotte, N.C.

The merger announcement said that the boards of both companies unanimously approved the all-stock deal.

Wachtell’s team was led by corporate partners Edward D. Herlihy and Matthew M. Guest. Herlihy is one of the country’s best-known banking lawyers and serves as co-chair of the firm’s executive committee.

In a memo to clients last December, he noted that the U.S. Federal Reserve had undergone a “sea change” in the way it approaches objections from community groups to bank merger and expansion plans.

A more relaxed regulatory environment makes it harder for community groups to block mergers on grounds that banks have not met federal requirements to serve communities.

SunTrust’s banking practices were investigated several years ago, and it paid $968 million in 2014 after the Justice Department looked into allegations of improper mortgage originations and mortgage servicing and foreclosure abuses.

Sullivan & Cromwell’s team representing SunTrust included the firm’s senior chairman and banking and M&A giant H. Rodgin Cohen, as well as partners Mitchell Eitel, Marc Treviño, Ronald E. Creamer Jr. and Joseph J. Matelis. The group also included one special counsel and five associates.

The attorneys work in Sullivan & Cromwell’s corporate, financial services, tax, executive compensation and competition practices.

The BB&T deal comes amid predictions that relaxed regulations and the accumulation of cash since the U.S. tax system was overhauled last year will spur financial institutions to merge.

The deal appears to be the industry’s biggest since Bank of America’s $40.5 billion takeover of Merrill Lynch & Co. in January 2009.

Источник: https://news.bloomberglaw.com/banking-law/wachtell-sullivan-cromwell-lead-on-bb-t-suntrust-deal?context=article-related

Truist online banking down

Truist online banking down


truist online banking down I just moved to reconciling weekly instead of randomly. Since this merger I cannot connect my bank accounts to the quickbooks app. Maximum APR for a LightStream loan is %. Truist’s website lists in a Whether you settled down in the place you took your first steps or landed somewhere new, you’ll enjoy loyal, friendly service from people who really care. On alternating sides of the tower, over 47 stories May 18, 2020 · The bank moved its headquarters to uptown Charlotte. bank. "Truist Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; Truist Investment Services, Inc. The tower, at 214 N. You can reference this pdf link for more information about the change Truist Wealth is a marketing name used by Truist Financial Corporation. Plus all the benefits of Premier too. 60 billion during the quarter, compared to the consensus estimate of $5. said many of its customers were having trouble accessing accounts starting Wednesday morning, saying online and mobile banking Sep 17, 2018 · Our online and mobile banking systems are unavailable. If you do not already have the appropriate plan with your wireless carrier, normal text or data rates will apply. customers banking through BB&T accounts will have limited access over the Columbus Day weekend as part of a scheduled computer system update. Because at Truist Bank, you’re not a customer — you’re family. Whether you settled down in the place you took your first steps or landed somewhere new, you’ll enjoy loyal, friendly service from people who really care. We're building a better future together. When do you expect it to be back up? Jump to. Facebook Oct 26, 2021 · The best ways to contact Truist Bank Login for help when you have a problem with your account. Oct 26, 2021 · Truist Financial Corp. Sep 22, 2021 · SunTrust and BB&T, which merged in 2019, is now known as Truist. 6 following BB&T Corp. Its goal is 800 total closures by the first quarter of 2022. SunTrust Online Banking Apr 15, 2020 · Banks bb&t and suntrust merger charlotte Atlantic Union Bank and Truist Financial Corp. Truist Financial Corp. Get 2% back in Rewards on eligible household bills paid by Direct Debit. Jul 19, 2021 · The news: Truist is bringing its digital platform out into the wild through its first phased deployment to customers, the bank disclosed in its Q2 2021 earnings call. Truist also subtracted 3 million square feet of office space in the first quarter, which does not include branches, with a goal of getting to a reduction of nearly 5 million square feet. 60%, down nine basis points from first quarter 2021 Truist Bank, Member FDIC. This chart shows a view of problem reports submitted in the past 24 hours compared to the typical volume of reports by time of day. mobile number or email address. It is common for some problems to be reported throughout the day. Approved! Truist Enjoy Beyond. Member FDIC. said many of its customers were having trouble accessing accounts starting Wednesday morning, saying online and mobile banking Truist Wealth is a marketing name used by Truist Financial Corporation. The latest complaint Truist Online Banking was resolved on Sep 09, 2021. That’s up 11. Oct 26, 2021 · SunTrust Bank offers financial services to individuals and businesses in the southeast. in downtown Winston-Salem. Introductory 0% † APR for your first 12 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. The bank says the Truist name reflects the heritage of both companies. Sign in to your account Welcome back! Sign in to view status or complete next steps on your loan. Got the email approval, with $6500 limit. The Company operates through its commercial bank subsidiary, Truist Bank (the Bank), and other nonbank subsidiaries.a registered broker-dealer, which is a member of FINRA and SIPC, and a bb&t and suntrust merger charlotte insurance agency Truist Online Oct 19, 2021 · @craighenley7 So bb&t and suntrust merger charlotte, I have been REALLY disappointed with the migration from BBT to Truist. Oct 18, 2021 · This summer, Truist began moving customers over to new online and mobile banking platforms. The latest review Customer Service (Business) was posted on Oct 19, 2021. 53 billion. Facebook *SunTrust does not charge a fee for the use of SunTrust Mobile Banking. To apply, you must be 18+. * Schedule an appointment. Oct 26, 2021 · The best ways to contact Truist Bank Login for help when you have a problem with your account. SunTrust and BB&T have joined to become Truist. com. * Upload receipts and attach to transactions. 5 million. Got the "we'll email you within 2 days" reply. 3% market share in the MSA in 2019-20 and from 76. It provides a range of banking service. Aug 10, 2021 · Shares of online retail stocks were taking a beating in Friday trading, with Shopify (NYSE: SHOP) stock falling by 5. 6% ish. Apr 15, 2021 · More than half of Truist's branch consolidation process is left. 232,542 likes · 195 talking about this · 247 were here. @craighenley7 So far, I have been REALLY disappointed with the migration from BBT to Truist. Many banks’ online platforms have gone down on April 15 as millions of Americans check their accounts to see if they’ve received a COVID-19 stimulus check Apr 15, 2021 · Truist has also cut nearly 6% of its workforce, or about 3,300 full-time employees, over the past year. View balances, transfer funds, pay bills and more—all with 24/7 convenience. At BB&T, all we see is you. Learn Apr 19, 2021 · The US bank, created by the combination of SunTrust and BB&T, has reported its Q1 2021 earnings, revealing that it enjoyed a net income of $1. If you ignore me, I will go away Oct 08, 2021 · The Charlotte, North Carolina-based bank, now known as Truist after its merger with SunTrust, is shutting down its online banking system and branch computers over part of Columbus Day weekend to SunTrust Bank outages reported in the last 24 hours. SunTrust Online Banking Apr 15, 2020 · But of course online banking is down,” another chimed in. Downdetector only reports an incident when the number of problem reports is significantly "Truist Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: Truist Bank, our commercial bank, which provides banking, trust and asset management services; Truist Investment Services, Inc. Similar to other big banks, Truist dialed back on reserves for credit losses, reserving $48 million in Q1 compared with $177 million in Q4. rlw6534 Member. 6 billion, the same as in Q4 2020. SunTrust Bank now Truist Bank is an Equal Housing Lender. BB&T had to contend with thousands of irate customers in 2018 after an equipment malfunction hobbled ATMs and online and mobile banking. The accounts update marks a major milestone for Truist, which was formed through the merger of BB&T and SunTrust. You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p. www. Jan 30, 2020 · Still, it makes sense that Truist would want to take its time testing it systems, given BB&T’s recent experience with a now-infamous glitch. The bank has so far closed 374 branches total, more than 220 of which SunTrust Online Banking May 05, 2021 · A glimpse inside Truist and its bank tech strategy. The bank shut down the lobby of its SunTrust branch on Park Road last month in response to a COVID exposure, although the Jul 13, 2021 · Soft lending scenario and lower rates are likely to have hurt Truist Financial's (TFC) Q2 earnings. . Payment issue. Services are offered by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. The firm offers a variety of loans You can try that first, then let YNAB know. com #truist Sign in to your account Welcome back! Sign in to view status or complete next steps on your loan. 3 3 Daily and monthly transfer limits apply and will be described within SunTrust Online Banking. 2% through 2:37 p. ©2020 SunTrust Bank now Truist Bank. 0. The bank has so far closed 374 branches total, more than 220 of which May 05, 2021 · A glimpse inside Truist and its bank tech strategy. If you do not already have the appropriate plan with your wireless carrier, normal text and/or data rates will apply. Website down. 13%. Online banking issue. 7 billion in total assets. The bottom line jumped 46. 88%, down 13 basis points from first quarter 2021 ; Core net interest margin was 2. Oct 15, 2021 · Truist Financial’s TFC third-quarter 2021 adjusted earnings of $1. “Truist will reflect what we stand for — a shared belief in building a better future for our clients and communities,” says King in a statement. Truist’s community/retail banking hub is in Winston-Salem, while SunTrust does not charge a fee for the use of SunTrust Business Online mobile banking. Transaction Fees: Credits posted $0. 00. Oct 15, 2021 · Truist plans to remain at 120 E. Customers can send payments directly to your eligible Truist bank accounts. To earn Rewards you need to log into Online or Mobile Banking at least once every three months and pay in $1,500 to an eligible Truist Bank account every month. ’s $33. Truist Financial Corporation, the bank holding company formed following the merger of BB&T and SunTrust, issued a statement saying If you haven't signed into Truist Online Banking before, you'll need to first sign in through your original bank through the link below. SunTrust clients – Call 800-SUNTRUST (800-786-8787) or visit the TRUIST online banking is down. bbt. Additional features * Add quick links for frequently used tasks. When you disconnect an online bank account in QBSE, the system no longer downloads Feb 22, 2021 · SunTrust Bank merged with Branch Banking and Trust Company, a North Carolina banking corporation ("BB&T") and the combined bank is now known as Truist Bank ("Truist"). Sign in to BB&T SunTrust Online Banking With Online Banking, get secure access to your new account anytime you want, anywhere you are, with any connected device. Equal Housing Lender 2 SunTrust does not charge a fee for the use of SunTrust Mobile Banking. 4% from the prior-year quarter Jun 15, 2020 · Truist is one of the largest PPP lenders, and we are writing to seek documents and information about the bank’s practices relating to the issuance of PPP loans and the guidance you received from the Department of the Treasury (Treasury) and Small Business Administration (SBA). Sep 27, 2021 · For mobile and online banking, Case’s team did not choose either predecessor's original solutions but built applications from scratch. I'll take care of your query about online banking in QuickBooks Self-Employed (QBSE). Since I spend on a credit card, I don't mind it. Credit card issue. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process. in Download, Add/Update Accounts (Mac) I was able to update my accounts this morning from Truist. 7% from a year ago. INQ in 12 mo = EQ 8, TU 9, EX 9 (most are mortgage within two combining periods) Cards =. Let customers know you accept payments with Zelle ® —they can send payments to you by entering your enrolled email or U. If you receive a suspicious message, please report the incident to [email protected] After the intro APR offer ends At Truist Bank, we are united by a shared goal: to improve people's financial lives by connecting them to the resources they need to succeed. Truist Bank (formerly BB&T Bank) has an average consumer rating of 3 stars from 319 reviews. Baltimore St. BBT. Services offered by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Downdetector only reports an incident when the number of problem reports is significantly Apr 15, 2020 · Stimulus Payments Slow Down Online Banking Big and small banks acknowledged issues, but said they have been largely resolved U. Everything is down. Press alt + / to open this menu. SunTrust Online Banking Oct 13, 2021 · 10-13-2021 08:57 AM. If you ignore me, I will go away Apr 15, 2020 · Swarmed with customers checking for $1,200 in stimulus money from the federal government, many online banking services at SunTrust and BB&T went down Wednesday. Access to premium online banking, BB&T CashManager OnLine and cash management solutions. Bancorp, PNC Financial Services Group and Truist Financial Apr 15, 2020 · But of course online banking is down,” another chimed in. truist online banking down

Источник: http://tudoaocubo.com/v7fig/truist-online-banking-down.html

Truist Bank Review: Will The Newly-Merged Bank Improve the Customer Experience?

Reviews / Banking

GOBankingRates Score

Our Take: The new Truist will expand the footprint of both BB&T and SunTrust and potentially offer better terms and service to SunTrust customers.

  • Rates
  • Customer Service
  • Fees
  • Services & Accessibility

How did we calculate this?

Pros

  • A wide array of account choices
  • Low fees for BB&T customers
  • Potential for improved terms for SunTrust depositors
  • Allows for early withdrawals on some certificates of deposit

Cons

  • The continued existence of BB&T and SunTrust could confuse prospective customers.
  • Bank interest rates may not make interest-bearing accounts worthwhile.

About Truist Bank

Truist is the new bank formed after BB&T acquired the assets of SunTrust bank. The two banks completed the merger on Dec. 6, 2019. During the merger announcement, Truist said that the transition to what the company calls the “full Truist experience” would take place over the next two years.

For now, separate BB&T and SunTrust branches remain in operation. As of this writing, one must visit either the BB&T or SunTrust branches or websites to open or manage accounts. However, Truist depositors can now use BB&T or SunTrust ATMs without incurring out-of-network fees.

This union has turned the Charlotte-based bank into the 6th largest bank in the U.S., holding about $473 billion in assets. The bank serves about 10 million households in 17 states as well as numerous business customers. In addition, GOBankingRates named Truist Bank the Best Regional Bank of 2021 in its annual Best Banks rankings.

Truist Bank Products

PRoductKey details
Checking AccountOptions for lower-income families, seniors and students.
Savings AccountBB&T provides no maintenance fees or monthly minimum balances.
Money MarketBB&T offers unlimited withdrawals.
CDsHigher interest than regular savings account with SunTrust’s short-term CDs.

Truist Bank Checking Account

Both the BB&T and SunTrust sides of the company have a wide array of checking account options. Additionally, the company waives ATM fees when using either a BB&T or SunTrust ATM. GOBankingRates also ranked Truist Bank’s checking account offerings as one of the Best Checking Accounts of 2021.

BB&T Checking Account Features

  • Monthly Maintenance Fees: $0, $5, $10, $12, $30
  • Minimum Balance: $0, $1,000, $1,500, $25,000
  • Loyalty Rewards: No
  • Interest-Bearing Checking Available: Yes

SunTrust Checking Account Features

  • Monthly Maintenance Fees: $0, $7, $20
  • Minimum Balance: $$0, $500, $10,000
  • Loyalty Rewards: Yes
  • Interest-Bearing Checking Available: Yes

Pros

  • BB&T has options bb&t and suntrust merger charlotte lower-income families and seniors.
  • BB&T Elite Gold checking available to those with a BB&T home loan of at least $150,000.
  • SunTrust Essential checking available to students.

Cons

  • SunTrust offers no options for seniors or low-income families.
  • SunTrust offers limited free out-of-network ATM transactions.

Truist Bank Savings Account

BB&T offers savings accounts for specific purposes. However, its most popular savings account is its eSavings account. The SunTrust part of the company has an Essential Savings account that offers similar benefits.

Features

  • No minimum balance
  • No monthly maintenance fee
  • Ability to use savings for checking overdraft protection
  • No-fee online statements

The only difference is BB&T savings account holders can make unlimited withdrawals from the branch or a BB&T ATM. Those with a SunTrust Essential account have a limit of six withdrawals per month.

Pros

  • No maintenance fees
  • No monthly minimum balance
  • Unlimited withdrawals at BB&T branches

Cons

  • The Merger in progress can cause confusion.
  • SunTrust limits the number of withdrawals.

Truist Bank Money Market Account

Money market accounts are savings and checking hybrid accounts. Depositors can earn bb&t and suntrust merger charlotte comparable to a savings account while having the flexibility to spend that comes with a checking account.

The BB&T and SunTrust branches both offer money market accounts with the following features:

BB&T Money Market Account Features

  • Opening Deposit: $100
  • Tiered Interest Rates: Yes
  • Withdrawals: Unlimited at branches
  • Monthly Maintenance Fee: $12
  • Minimum Deposit to Avoid Fee: $1,000

SunTrust Money Market Account Features

  • Opening Deposit: $100
  • Tiered Interest Rates: Yes
  • Withdrawals: Limited to six per month
  • Monthly Maintenance Fee: $17
  • Minimum Deposit to Avoid Fee: $10,000

Pros

  • BB&T offers unlimited deposits, transfers, withdrawals.
  • BB&T has a lower monthly maintenance fee.
  • SunTrust waives maintenance fees with at least $100 per month in automatic transfers.

Cons

  • BB&T does not waive the maintenance fee with automatic transfers.
  • SunTrust limits withdrawals of any type to six per month.

Truist Bank CD Account

Both of Truist’s banks allow depositors to take out certificates of deposit. These products offer higher interest rates in exchange for locking up one’s money for a specified period. Here’s a review of the options available at each financial institution.

BB&T CD Account Features

  • Minimum Opening Deposit: $1,000
  • CD Terms (lock-up periods): 7 days-60 months
  • Interest Rates (APY): 0.01% – 0.05%

SunTrust CD Account Features

  • Minimum Opening Deposit: $2,000
  • CD Terms (lock-up periods): 7 days-10 years
  • Interest Rates (APY): 0.05% – 2.30%

Pros

  • BB&T offers limited early withdrawals without a penalty.
  • SunTrust pays more in interest and includes options for longer terms.
  • Higher interest than regular savings account with SunTrust’s short-term CDs.

Cons

  • Funds are locked up during the CD term.
  • Low rates may not make the lock-up period worthwhile.

Banking Experience

As mentioned before, Truist continues to operate as BB&T and SunTrust. This means customers will not yet find a Truist bank branch or a mobile app of that name. Hence, to open and use an account, one must either visit BB&T or SunTrust.

Customers can call either bank between 8 a.m. and 8 p.m. EST Monday-Friday or 8 a.m. to 5 p.m. EST on Saturday.

Mobile Apps

Like the banks themselves, depositors at both banks will eventually use a Truist banking app. For now, they may also access their accounts via the BB&T or SunTrust mobile apps.

BB&T’s app has earned a 4.7 rating on Google Play and a 4.8 rating bb&t and suntrust merger charlotte the Apple app store, SunTrust’s rating stands at 4.1 on Google Play, with a 4.1 rating on the Apple app store.

How To Open a Truist Bank Account

Customers who want to open a Truist account have two options. They can visit a BB&T or SunTrust branch. Or they may also visit the BBT.com or SunTrust.com websites.

BB&T & SunTrust Key Information

  1. Customer Service Numbers
    • BB&T: 800-226-5228
    • SunTrust: 800-786-8787
  2. Routing Numbers
  3. Promotions
  4. Bank Hours
  5. Logins

Truist Bank Fees

Banks will levy fees on many services, and Truist is no exception. Customers who bank under either the BB&T or SunTrust name could encounter these levies:

BB&T Fees

  • Maintenance Fee: $0, $5, $10, $12, $30
  • Overdraft/NSF: $36
  • ATM Fee (Non-BB&T, Domestic): $3
  • ATM Fee (Non-BB&T, International): $5
  • Wire Transfer Domestic Incoming: $15
  • Wire Transfer Domestic Outgoing: $30
  • Wire Transfer Int’l. Incoming: $18
  • Wire Transfer Int’l. Outgoing: $65

SunTrust Fees

  • Maintenance Fee: $0, $7, $17, $20
  • Overdraft/NSF: $36
  • ATM Fee (Non-SunTrust, Domestic): $3
  • ATM Fee (Non-SunTrust, International): $5
  • Wire Transfer Fees: Contact bank for details

Truist Bank vs. Competitors

Although Truist stands out on many levels, other banks can exceed its offerings in certain areas.

BankBest For
TruistFewer limits on withdrawals with savings, money markets
ChaseThose who need ATMs outside of the U.S.
PNC BankThose who want to earn as much interest as possible
Bank of AmericaWealthy can qualify for numerous fee waivers

Truist vs. Chase

Chase can serve customers nationwide and offers ATM access outside of the U.S. with no fees. However, Truist serves customers well on savings accounts and money markets, as account holders can potentially benefit from unlimited withdrawals or a money market with lower fees.

Truist vs. PNC Bank

For those who can maintain a higher minimum, PNC will offer higher interest rates. But Truist requires a lower monthly balance to avoid the maintenance fee.

Truist vs. Bank of America

As a regional bank, Truist cannot match the international service Bank of America can provide to its clients. Nonetheless, Truist tends to charge lower fees to smaller clients than does Bank of America.

Final Take

Truist is a bank in transition. Admittedly, the fact that its two banks still operate as separate entities under the old names might cause confusion. It could also create some customer service issues, as the BB&T division tends to offer more favorable terms to depositors.

However, since BB&T was the purchaser as its transition to Truist began, BB&T’s terms might be more likely to prevail. Once Truist completes the integration, a more extensive customer base will benefit from the banking services that have allowed Truist to grow over time.

More Great Customer Service Banks

Bank Branches

Credit Unions

Editor’s Favorite

Amid the coming merger, Truist’s strength lies in the flexibility it brings to the average bank customer. The company offers a money market bb&t and suntrust merger charlotte even customers on a limited budget can have the maintenance fee waived relatively easily. Moreover, the fact that the bank can provide unlimited savings account withdrawals and an ability to make an early CD withdrawal helps Truist stand apart.

FAQ

  • What Does Truist mean?
    • According to Dontá Wilson, the chief digital and client experience officer at Truist, the name signifies "true" to the company's legacy, "trust" as in honesty and transparency and "stand for better" regarding both technology and customer experience.
  • Where can I find a Truist bank branch?
    • Nowhere yet. It continues to operate banks as BB&T and SunTrust during the transition. Both parts of the company will rebrand as Truist.
  • Can I open a new account with Truist?
    • Yes. However, customers will have to open these accounts at either a BB&T or SunTrust branch or website. These new accounts will eventually become Truist accounts.
  • Can BB&T and SunTrust customers bank at either bank?
    • Yes. BB&T and SunTrust customers can also make deposits and withdrawals from either bank's ATMs and be considered in-network.
  • Where is Truist located?
    • The Charlotte-based bank operates branches in 17 states in the Mid-Atlantic, Midwest, Southeast and Texas.
  • Does Truist offer free money for signing up for an account?
    • Customers can earn a $200 bonus for opening a BB&T Bright Banking or SunTrust Essential checking account. They must complete two qualifying direct deposit of at least $500 within 75 days for the BB&T account or within three months for the SunTrust account. The BB&T offer expires on Dec. 31, 2020. The SunTrust offer expires on Jan. 4, 2021.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 2, 2020.
This content is not provided by Truist Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Truist Bank

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About the Author

Will Healy is a freelance business and financial writer based in the Dallas area. He has covered a variety of finance and news-based topics, including the stock market, real estate, insurance, personal finance, macroeconomics, and politics. Will holds a Bachelor of Science in Journalism from Texas A&M University, a Master of Science in Geography from the University of North Texas, and a Master of Business Administration from the University of Texas at Dallas.

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Источник: https://www.gobankingrates.com/reviews/truist-bank/

BizWorthy: Truist Almost Finalized -- What Comes Next?

The $66 billion merger between Winston-Salem’s BB&T and Atlanta’s SunTrust is set to be finalized this week.  The new bank, to be called Truist, will be headquartered in the Hearst Tower in uptown Charlotte. 

For more on what happens next with the merger and other business news "Morning Edition" host Marshall Terry is joined by Tony Mecia of the Charlotte Ledger business newsletter for our segment BizWorthy. 

Marshall Terry: So, Tony, with the merger about to be done, how long before we see the name Truist start to appear around town?

Tony Mecia: Well, I think it's gonna be a number of months. You know, in these bank mergers, there are a number of things that the banks have to do. There's some that are customer facing, some that are, you know, putting new signs on the branches. Things like: Do you need to get new checks? Do you need to get a new account number? They've got to work through those issues.

There are also issues that happen behind the scenes. Bb&t and suntrust merger charlotte like merging their technology, merging their accounting practices, figuring out personnel. It's kind of like a marriage going into it. That metaphor is used a lot of times in mergers. And, except instead of two people combining, you have thousands and thousands of people. And so each side's going to have to change a little bit to make it work. And so, there are a lot of moving pieces.

Terry: And speaking of all the branches -- what's going to happen with the SunTrust and BB&T branches? Are they going to become Truist all of a sudden?

Mecia: As part of some of the anti-trust concerns, the Justice Department required them to divest some branches -- none in the Charlotte area, mostly in Raleigh and Greensboro -- but the rest of them eventually will take the Truist name. The thinking is that the whole process is going to take a couple of years and that the banks in the Carolinas and in Georgia are probably going to go last. So that might be a couple of years before we see that.

Terry: Now, is there anything at this point that could prevent this merger from happening?

Mecia: Doesn't look like it, really at this point. All signs are go. They've gotten all the regulatory approvals that they need. It's kind of like closing on a house. You have a closing date and you sort of work toward that date. And it certainly looks like everything is is headed that direction.

Terry: Now, in other financial news, Charles Schwab is moving its headquarters from San Francisco to a suburb of Dallas. You report this move actually has implications for Charlotte. How so?

Mecia: Well, financial people in Charlotte are always sort of looking at San Francisco, hoping we might be able to pick up some companies that are moving o

ut of California because it's known as sort of a high-tax, high-cost area. Maybe a great place to live, maybe not a great place to do business. And so Charlotte has always wanted to pick up some of those companies -- especially Wells Fargo, which is headquartered in San Francisco. And the thinking is, "Well, gosh, we bb&t and suntrust merger charlotte a new CEO. Maybe Wells Fargo would want to move its headquarters here?" We don't really know the answer to that.

But the other piece of it that's interesting, Marshall, is that for a number of years, Charlotte and San Francisco have been going kind of back and forth in which city has the most deposits, which is the bigger banking center. For a long time, Charlotte was No. 2 and San Francisco was No. 3. Now, in 2017, San Francisco overtook Charlotte, largely on the growth of Charles Schwab. And then Charlotte battled back, became the No. 2 center again in 2018.

Now Schwab is moving to Texas at the same time that Charlotte is picking up Truist. So that means that if you look at the deposits, Charlotte is now in pretty good shape for maintaining that spot as the No. 2 banking center.

Terry: Let's move now to the Whitewater Center, which you report recently got into some trouble with Alcohol Law Enforcement over a trail race?

Mecia: Right. I report in the Charlotte Ledger this week that Alcohol Law Enforcement agents last year got a tip that the Whitewater Center and NoDa Brewing were co-sponsoring a 6K trail race at the Whitewater Center called the Brew Dash 6K. Now, that sounds pretty normal to most people, but the alcohol laws that we have in North Carolina, like a lot of other states, state bank of cross plains retailers and alcohol producers from collaborating. These are laws that date to right after Prohibition.

And so the ALE investigated this case of joint advertising for this trail race, sent some agents to NoDa Brewing, to the Whitewater Center, to investigate it. And the Whitewater Center last month settled the case paid $3,000 to avoid having its alcohol license suspended.

Terry: And didn't you write that there was a bit of a kerfuffle between the CEO of the Whitewater Center and ALE?

Yeah. So the ALE agent went to NoDa Brewing to ask NoDa Brewing for the sponsorship agreement and NoDa Brewing and handed it over. Then the ALE agent, according to the report filed with the ABC Commission, went to the Whitewater Center, asked the Whitewater Center CEO Jeff Wise for the sponsorship agreement. And Wise said, "Well, I'm going to call my lawyer. You're going to need a subpoena." The ALE agent said, "No, no. I want it now. And if you don't turn it over, you're gonna go to jail." And so Wise turned it over.

And so, Marshall, if you talk to alcohol producers in town, next time you're at a bar and you strike up a conversation with a bartender, they have a lot of choice opinions about how aggressively alcohol laws are enforced. And they think that maybe some of the agents are a little bit too diligent in enforcing North Carolina's alcohol laws.

Terry: And that's where we're going to have to leave it this week. Thanks, Tony.

Mecia: Thanks, Marshall.

Terry: That's Tony Mecia of the Charlotte Ledger Business Newsletter. 

Источник: https://www.wfae.org/business/2019-12-05/bizworthy-truist-almost-finalized-what-comes-next

Massive Bank Merger Results In New Entity Named After The Sound A Redneck Makes When Asking For Your Car Keys

The biggest bank merger since the crisis is pretty much a done deal, so it's time to start talking about what kind of plans SunTrust and BB&T are making for their future together. For instance, who's taking who's name?.

BB&T Corp. and SunTrust Banks Inc. said Wednesday they will adopt the name Truist Financial Corp. when they close their merger, the biggest bank deal since the financial crisis.

Umm, what?

The companies announced in February they would combine in a deal that has been valued at $28.2 billion. At the time, they said they would adopt a new name and leave both of their headquarters cities for Charlotte, N.C. They worked with global brand consulting firm Interbrand to decide on their branding, they said.

The bank will be called Truist Bank. It will be the sixth-largest retail bank in the U.S.

Well, Interbrand sounds like a hilarious group of trolls. It truly sounds as if these NYC branding hipsters were forced to spend weeks going back and forth between Charlotte and Atlanta, listening to southern bank execs muse about what they want to communicate with their new corporate name, and then ended up pitching the word "Trust" but spelled like it sounds when coming out of the mouth of a parking valet at the Charlotte Omni Hotel.

We can only assume that "Truist" won out over "Ashurred," "Grits" and "Wachovia."

But what does "Truist" mean to the banks themselves?

Robert Passikoff, founder and president of New York-based Brand Keys Inc., said Truist is “what we in branding call a mostly harmless name.”

“It means kind of whatever you want to make it mean,” Mr. Passikoff said.

Exactly.

Truist Financial Is New Name for Combined BB&T, SunTrust [WSJ]

Источник: https://dealbreaker.com

Southeast financial institutions BB&T and SunTrust will operate as Truist Bank once they combine operations under their proposed $28 billion merger plan.

The lenders announced the new name Wednesday, to mixed reviews. 

BB&T CEO Kelly King said the brand, an apparent variation of altruism, "will reflect what we stand for – a shared belief in building a better future for our clients and communities.”

Truist Finanical Corp. will be based in Charlotte. It will keep a community banking center in BB&T's hometown of Winston-Salem. It also will maintain a wholesale operation in Atlanta, where SunTrust is headquartered.

BB&T shareholders will own more than half of the combined company, which is projected to be the sixth-largest U.S. bank owner based on its projected $442 billion in assets and $324 billion in deposits if the deal is approved by regulators and shareholders.

The banks hired the consulting firm Interbrand to help craft their new name and identity based on input from employees and customers, but the change hasn't been well-received based on the immediate reaction on social media. The new corporate logo will be revealed later.

Announced in February, the merger will ripple across South Carolina, where BB&T has about 100 branches and $8.4 billion in deposits. SunTrust has opened about 40 offices and amassed $3 billion in deposits since expanding into the Palmetto State in 2004.

Their merger is the largest buyout for the banking industry since the last bb&t and suntrust merger charlotte more than a decade ago. 

King said recently that the combined company would create a formidable regional counterweight to what he sees as an emerging and unhealthy “oligopoly” among bigger, deeper-pocketed rivals, namely JPMorgan Chase, Citibank, Bank of America and Wells Fargo & Co.

The planned tie-up would give the merged bank the financial firepower to invest more in the technology that customers are demanding and on the marketing that will be required to spread the word, King said.

“We’ll have the scale to be able to be a player,” he told shareholders at BB&T's annual meeting on April 30 in downtown Charleston.

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Источник: https://www.postandcourier.com/content/tncms/live/

Regional banks BB&T, SunTrust join to create $66B operator


ATLANTA — Southern regional banks BB&T and SunTrust are combining in an all-stock deal to create a new bank valued at about $66 billion.

The banks said Thursday that the combined company will be the sixth-largest U.S. bank based on assets and deposits. It will have approximately $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million households.

Regional banks can be a bellwether for local economies and the willingness to pursue a deal of this size can be taken as a signal of optimism. The U.S. economy was sizzling in last year. The Commerce Department estimated last month that the economy, as measured by the gross domestic product, grew at a brisk 3.4 percent annual percent rate in the July-September quarter

"It's an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services," BB&T Chairman and CEO Kelly King said in a prepared statement.

The combined company will be based in Charlotte, North Carolina, its board and management evenly split between BB&T Corp. and SunTrust Banks Inc. A new name will be chosen before the deal closes in the fourth quarter.

The combined company will keep a community banking center in Winston-Salem, North Carolina, where BB&T is based. It will keep a wholesale banking center in Atlanta, where SunTrust has its headquarters.

SunTrust shareholders will receive 1.295 shares of BB&T for each share they own. BB&T shareholders will own about 57 percent and SunTrust shareholders will own the rest. SunTrust shareholders will receive a 5 percent increase in their dividend once the deal is complete.

Shares of SunTrust jumped 9.8 percent before the market open, while BB&T's stock rose 5.5 percent.

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Источник: https://www.greenvilleonline.com/story/money/business/2019/02/07/bb-t-suntrust-new-bank-merger-effect-greenville-economy/2799355002/
bb&t and suntrust merger charlotte

2 Replies to “Bb&t and suntrust merger charlotte”

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