Two of the largest banks are finally one. BB&T, SunTrust deal receives final approval from regulators for the $66 billion merger.
The $66 billion merger between BB&T and SunTrust banks received the last pieces of regulatory approvals Tuesday, allowing the largest bank merger since the financial crisis to move forward.
The Federal Reserve Board and Federal Deposit Insurance Corporation announced they were allowing the merger to move forward. The Federal Reserve said its approval is contingent on BB&T divesting 30 branches and more than $2.4 billion in deposits to “mitigate the competitive effects of the merger.”
In a statement, the banks said they expect to complete the merger Dec. 6, pending satisfaction of customary closing conditions.
The banks previously announced their intent to combine and create a new bank, to be called Truist, that would be based in Charlotte. The merger will create the sixth-largest bank in the U.S. by assets and deposits.
The new bank is expected to have approximately $442 billion in assets and $324 billion in deposits.
‘BETTER TOGETHER’
“We are pleased to have received regulatory approval to merge two strong companies with complementary business models and a high level of cultural alignment,” BB&T chairman and CEO Kelly King said in the statement.
