Saturday, 20 April, 2019


BB&T, SunTrust merger affects thousands in Central Florida

BB&T Sun Trust Deal Could Be First in a Wave of Big Bank Mergers BB&T, SunTrust merger affects thousands in Central Florida
Conrad Doyle | 09 February, 2019, 12:12

Even with the added size, the company will represent only about a third of the lending and deposit portfolios of the largest USA banks such as JPMorgan Chase and Bank of America.

The two banks have always been considered natural partners and advisers said they do not expect another bank to make a bid.

"This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future", King said.

BB&T was created in a merger of equals with Southern National in 1995 and the acquisition of Whiteville-based United Carolina Bank in 1997. Wells Fargo merged with Wachovia, JPMorgan acquired Bear Stearns and Washington Mutual and Bank of America purchased Merrill Lynch.

Most bank mergers stopped after the financial crisis of a decade ago because the banks had to clean up their balance sheets, and the regulatory environment under the Obama administration made mergers more hard.

BB&T is merging with SunTrust, in a deal worth some $66 billion.

SunTrust was already the region's largest bank before the merger announcement, with about 21 percent of the area's deposits. It is America's 11th largest lender by assets and is valued at $38 billion. "The BB&T/SunTrust merger will open more eyes on the potential for more sizable bank M&A to occur". Further, Congress passed a law past year to ease some of the rules put into place under the Dodd-Frank Act after the financial crisis.

"The regulatory environment is much easier for something of this size to happen", said Brian Klock, an analyst with KBW.

The merger is expected to close in the fourth quarter of 2019, the banks say, subject to approval from regulators and their shareholders.

On Thursday morning, BB&T (ticker: BBT) and SunTrust Banks (STI) said that they were merging. BB&T shareholders will own approximately 57% and SunTrust shareholders will own approximately 43% of the combined company. The combined company will operate under a new name and have its headquarters in Charlotte, North Carolina.

RBC and Wachtell, Lipton, Rosen & Katz advised BB&T while Goldman Sachs along with the investment banking unit of SunTrust and Sullivan & Cromwell advised SunTrust.

SunTrust shares climbed 8.7 percent to $63.84 at 10:10 a.m.in NY, their biggest increase in intraday trading since 2011.

The company changed its name in 1913 to Branch Banking and Trust Company, or BB&T.

SunTrust has 15 branches in Polk County, according to its website.

Several other mid-sized banks also gained, including KeyCorp, Huntington Bancshares and M&T Bank. BB&T has eight branches in Polk County and one in Plant City.

Rogers will become CEO on September 12, 2021 when King is set to become Executive Chairman. After that, he'll serve a further six months as executive chairman.

The combined company's board of directors and executive management team will be evenly split between the two institutions.

Recommended

loading...
...

'Hazard Is The Best In Europe' 'Hazard Is The Best In Europe' And Blues boss Sarri has revealed he will not stop the 28-year-old from completing his dream move should he push for it. Sometimes he needs a message from the coach in the press conference.

Suns Trade For Guard Tyler Johnson Suns Trade For Guard Tyler Johnson Phoenix will also receive guard Wayne Ellington , according to The Athletic's Shams Charania. Anderson, 30, was averaging 3.7 points and 3.0 rebounds in his first season with the Suns.

Female genital mutilation: United Nations calls for more commitment by 2030 Female genital mutilation: United Nations  calls for more commitment by 2030 In cultures that condone FGM, it is usually performed by a traditional practitioner with crude instruments and without anesthetic. Girls who are subjected to genital mutilation suffer the consequences for life, agree the specialists.

Tata Motors share drops 14% after weak Q3 result Tata Motors share drops 14% after weak Q3 result Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR. The cost of the voluntary scheme will be recognized in the quarter ending March 31, the company said.

NASA’s first deep space mini spacecraft go silent NASA’s first deep space mini spacecraft go silent The satellites have not communicated with the government space agency for more than a month, NASA said on Tuesday. So how is InSight doing? The seismometer records the waves traveling through the interior structure of a planet.

Measles Outbreak In NCR Declared By DOH Measles Outbreak In NCR Declared By DOH Measles can be very unsafe for small children and babies. "To the parents, let's not take the health of our children for granted". But she reminded parents yesterday that immunity from diseases is "the best inheritance" they could leave their children.

Jay-Z Hires Lawyer, Demands Immediate Release Of 21 Savage Jay-Z Hires Lawyer, Demands Immediate Release Of 21 Savage The police report says a fully-loaded Glock with an extended magazine was found in the glove box of the vehicle . Police also found a loaded M4 rifle with a muzzle in the vehicle Kalil Smith was driving.

Here's our first look at the Canary Yellow Galaxy S10e Here's our first look at the Canary Yellow Galaxy S10e In addition to this, we might see a couple of color options, one of them being the new Pearl White one. Below you'll see the real-deal approximate prices of the Samsung Galaxy S9 and Galaxy S9+ at launch.

Some Popular iPhone Apps Are Secretly Recording Your Screen Some Popular iPhone Apps Are Secretly Recording Your Screen The Cupertino giant has responded to this report by demanding that developers disclose the use of this technology in their apps. However, the fact that users aren't made aware that their screens are being recorded feels like a massive invasion of privacy.

30 years of the Mazda MX-5 Miata 30 years of the Mazda MX-5 Miata After 30 years and more than 1 million units sold, Mazda feels that the MX-5 has grown into more than simply Mazda's creation. The only options are whether you get a retractable top or soft top model and if you choose manual or automatic transmission.

Future Samsung smartphones may go camera-less, here's how Future Samsung smartphones may go camera-less, here's how According to the concept, a camera lens will be located at the rear end of the pen, where a push button is now located. Another possibility is that the stylus camera could be used for productivity tasks, such as optical text recognition.

Huawei offers to build cyber security centre in Poland Huawei offers to build cyber security centre in Poland The company has suffered a number of setbacks in recent months because of apparent concerns over its security. However, the Chinese company warned the process could take up to five years to see "tangible results".

Jurgen Klopp and Sadio Mane pen autographs for fans at Liverpool hotel Jurgen Klopp and Sadio Mane pen autographs for fans at Liverpool hotel Sources have told ESPN FC that the squad are set to use the break by heading to Spain for warm-weather training. Joe Gomez is recovering from an operation after suffering a setback in his return from a broken leg.

Girl who encouraged boyfriend to kill himself jailed Girl who encouraged boyfriend to kill himself jailed Instead of urging him to stop the act, Carter texted the victim to get inside the auto and complete the suicide process! Carter's lawyers said in an email they are disappointed in the ruling and will consider appealing to the U.S.

England suffer Itoje blow as lock is diagnosed with medial ligament tear England suffer Itoje blow as lock is diagnosed with medial ligament tear England ran in four tries at the Aviva Stadium in their 32-20 Guinness Six Nations victory that kicked off the 2019 Championship in style.