(WBTV) - BB&T and SunTrust have announced Truist as the name for the combined company to be created through their merger of equals.
Bank officials say Truist will be the sixth-largest U.S. bank holding company serving more than 10 million households in the U.S., with a leading presence in many high-growth markets in the country.
“Building on 275 years of combined history and culture, Truist’s additional size and scale will redefine the client experience through innovative technology and create meaningful change in its communities,” a press release read.
The two companies partnered with Interbrand, a global brand consultancy, to lead in the development of the new name and brand identity.
The brand development process prioritized input from BB&T associates, SunTrust teammates and clients.
“Through focus groups and analytical research, these stakeholders shared their expectations and aspirations for the new brand, which led to the name revealed today,” the press release read.
Additional brand elements, such as the logo, typography and visual identity will be revealed at a later date.
The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank.
While the new names will be effective upon completion of the merger, clients will continue to be served post-closing under the BB&T and SunTrust brands for the near future.
Over time after the closing, both the BB&T and SunTrust brands will be transitioned to the full Truist client experience, products and services.
“As Truist, we will have the opportunity to combine two iconic, purpose-driven brands to do even more for our clients and communities in our new home of Charlotte. We are more committed than ever to Charlotte – in fact, in April, SunTrust and SunTrust Foundation announced $15 million of support for affordable housing in Mecklenburg County,” SunTrust Charlotte Market President John Reid said. Our proposed merger is designed to create the bank of the future, balancing intuitive technology with genuine personal connection, and our new name will be a powerful symbol of what the future looks like.”
“Together, as Truist, we will focus on our clients as our number one priority as we work to create a bold transformational financial institution. The proposed merger of equals will mean better experiences, better partnerships, better technology and doing more for better communities and a better future for Virginia and throughout our footprint," BB&T Virginia Regional President Calvin Barker said. "One recent example of our ongoing commitment to Charlotte came in April with BB&T’s announcement of $15 million of support for affordable housing in Mecklenburg County.”
“With the merger of equals, our goal is to create a bold, transformative organization that delivers a smarter and easier client experience through technology and human connection,” said BB&T Chairman and Chief Executive Officer Kelly S. King, who will serve as the Chairman and CEO of the combined company. “True to the heritage of both companies, Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities.”
“Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,” said SunTrust Chief Executive Officer Bill Rogers, who will be President and Chief Operating Officer of the combined company until he succeeds King as Chief Executive Officer in September 2021. “As part of our relentless pursuit to create a better experience, we’re making a commitment to always look forward, pursue what’s next and strive to do more to further financial well-being for everyone.”
In the coming months, shareholders of both BB&T and SunTrust will vote on the proposed merger of equals. Shareholders of BB&T will also vote on the new holding company name.
The merger is expected to close in the third or fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company.
BB&T and SunTrust remain separate and independent companies until the transaction closes.