BB&T and SunTrust Banks have completed their previously announced merger creating one of the largest lenders in the US.
The combined lender will operate as Truist Financial, serving around 10 million consumer households along with other business clients.
BB&T-SunTrust Banks merger: Background
In February this year, BB&T and SunTrust Banks agreed to merge their banking operations in a $66bn all-stock deal.
As agreed, SunTrust shareholders will receive 1.295 BB&T shares for each SunTrust share they held.
Last month, the merger secured all pending regulatory approvals.
Currently, the respective BB&T or SunTrust branches will continue to serve their clients. The customers can also continue to use respective digital channels and apps, till integration of the business is complete.
All BB&T and SunTrust ATMs will be open for free withdrawals to the customers.
The conversion of the systems and associated infrastructure to Truist brand is expected to be completed in two years.
Truist chairman and CEO Kelly S. King said: “This is a historic moment for Truist – a financial services organisation created from two companies with shared values and a deep commitment to building a better future for our clients and communities.
“The completion of this merger of equals is a tremendous achievement and a testament to the thousands of Truist teammates who have diligently worked to ensure its timely conclusion.”