SunTrust Banks, Inc. and BB&T Corporation have announced the new name of the bank born from the two companies’ merger announced earlier this year — Truist.
Atlanta Braves fans have eagerly awaited the announcement, as the status of their home team’s SunTrust Park has been called into question with news of the merger in February.
While long-term plans are not yet known, SunTrust Park will retain its name for now, according to Beth Marshall, a spokeswoman for the Braves.
“The Atlanta Braves and SunTrust have a great partnership, and we will work together on the new name for SunTrust Park. Nothing will change for this season, and SunTrust’s naming rights commitment will continue for years to come,” Marshall said.
BB&T Chairman and CEO Kelly King, who will also serve as the new bank’s chairman and CEO, said the combined organization’s goal is to create a “bold, transformative organization that delivers a smarter and easier client experience through technology and human connection.”
“Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,” he said. “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.”
SunTrust Chief Executive Officer Bill Rogers will serve as Truist’s president and chief operating officer, until he succeeds King as CEO in September 2021, according to SunTrust’s press release.
Truist will be the sixth-largest U.S. bank holding company, serving more than 10 million households in the U.S., according to a SunTrust press release.
The company said 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.
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, according to the press release.
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.
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