BB&T and SunTrust are joining to create new $66 billion bank
07 February, 2019, 21:52 | Author: Brooke Harris
The pro forma company will have approximately $442 billion in assets, $301 billion in loans, and $324 billion in deposits serving more than 10 million households in the United States, with leading market share in numerous most attractive, high-growth markets in the country.
"The business has been changing and will be changing", SunTrust Chief Executive William Rogers said.
BB&T and SunTrust Banks announced Thursday that they have agreed to merge in a $66 billion deal to form a new bank that will be headquartered in Charlotte.
BB&T Chairman and chief executive officer Kelly King called the deal a "true merger of equals" in prepared remarks.
SunTrust was already the region's largest bank before the merger announcement, with about 21 percent of the area's deposits.
Klock said he believes that with attention of the SunTrust-BB&T deal, as well as the easier regulatory environment, more large bank mergers may be coming.
Analysts largely expect regulators to approve the deal, although it will likely draw scrutiny from vocal bank critics like USA senators Elizabeth Warren and Bernie Sanders.
The combined company will be based in Charlotte and operate under a new name but continue to have operations in Winston-Salem and Atlanta.
The combined company will be the sixth-largest retail bank in the country, putting BB&T and SunTrust in the ranks of other megabanks like JPMorgan Chase, Bank of America and Wells Fargo.
Industry executives have long predicted a wave of bank mergers that's so far played out only in smaller or mid-sized deals. SunTrust shareholders will receive a 5% increase in their dividend upon consummation of the transaction based upon each Company's current dividend per share. BB&T shareholders will own about 57 percent of the combined company and SunTrust shareholders will own the rest - creating roughly a merger of equals. "Together with Bill's leadership and our new SunTrust teammates, we're going to bring the best of both companies forward to serve our clients and communities". GAAP and Cash EPS accretion per SunTrust share in 2021 is expected to be approximately 9% and 16%, respectively (based on Street estimates).
King will serve as chairman and CEO of the new company until September 2021, but will stay on the board through 2023. Until then, Rogers will serve as president and chief operating officer. He will then become CEO for six months, after which he'll add board chairman to his title.
Shares of SunTrust jumped 11.1 percent in early morning trading, while BB&T's stock rose 5 percent.
Today saw the Deadpool and Wolverine actors post a video on social media revealing the ads, which didn't go over so well. "I've been working 24/7 on an ad for Hugh's incredible coffee company, Laughing Man", Ryan said.
The newspaper said the inquiry also was focused on whether the inauguration misspent money it raised to stage inaugural events. ABC News first reported that the USA attorney's office was prepared to issue a subpoena to the committee.
Most tourists visit Uganda to tour national parks for diverse wildlife species such as gorillas, birds and other animals. The initiative has however stirred up a storm with the minister now facing accusations of trying to promote sex tourism.
Following a very public power play, the Swedish giant now has Gimlet Media Inc. and Anchor under its green-and-black umbrella. In Ek's blog today he stated that "This opportunity starts with the next phase of growth in audio - podcasting".
He will make just over $20 million this season and just over $21 million next season before becoming an unrestricted free agent. He is scheduled to make $19.2 million this season and another $19.2 million next season if he exercises his player option.
Cricket Australia (CA) wants to ensure that he is fully fit for the Ashes series, which starts on August 1. Warner's injury is considered less serious, with the left-hander only requiring a clean out of his elbow.
A friend from Los Angeles recalled that during a recent visit, Meghan did all the housework herself. Meghan reportedly still kept contacting her dad up to the night before the wedding, but to no avail.
The news is a massive blow to Ireland as Stander will definitely miss the games against Scotland and Italy in the coming weeks. A four-week layoff could see Stander return for the March 10 home match with France, and the final clash on March 16 in Wales.
Warren was asked if there would be more documents coming out that showed she identified as "American Indian" at that time. The Post also said the US senator from MA apologized in an interview for identifying as a Native American in the past.
This was also the last meeting of the MPC before the Election Commission announces the dates for the Lok Sabha elections. What all this means is that if inflation doesn't surprise on the upside, there will be more rate cuts going ahead.
Whoopi Goldberg is the latest celebrity to weigh in on the racism row sparked by Liam Neeson after comments he made in an interview .
Jennifer Lawrence engaged to art director Cooke Maroney
They appeared to be in a celebratory mood while dining at French restaurant Raoul's . 'The ring was very noticeable. She was also nominated for three other Oscars for her roles in " Joy ", "Winter's Bone" and " American Hustle ".
230 new emojis have been approved for release
A new "people holding hands" emoji will let users mix and match different skin tones and genders, with 171 possible combinations. Emojis are small graphics and smiley faces you can send with your keyboard and incorporate in messages and online text.
R Kelly deletes post about tour after lawmaker threatens ban
Kelly ", the "Bump N Grind" crooner has never been convicted of a crime and he has always adamantly maintained his innocence . The tour, which listed no dates, will take him to Australia, New Zealand and Sri Lanka, according to the Hollywood Reporter .
US oil prices dip on rising crude inventories, record output
Supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies since January have been supporting prices. USA distillate stocks fell by 2.3 million barrels, while inventories of other refined fuels dropped by 2.9 million barrels.
Men who have smoked weed have higher sperm concentrations
But many of these studies have only involved animals or focused on a small group of people (including the one last December). Experts believe there may be a link between moderate cannabis use and how that can benefit the male's reproductive system.
Slow over rate policy to be modified - Cameron
Speaking in the wake of the suspension of captain Jason Holder from the third test against England starting in St. Cameron did not specify exactly what modification he favored, and he is not arguing the letter of the law.