In local context: With an rebranding campaign labeled “Are you ready?,” SunTrust and BB&T announced Wednesday the merging giants’ new name: Truist Bank.
Both are players in the Northwest Georgia banking community. SunTrust held the no. 3 spot in deposits in Floyd County as of June 30, 2018, with deposits of $202.6 million and two offices. BB&T had no holdings in Floyd. In Bartow County, BB&T posted deposits of $119 million for the now. 4 spot with SunTrust at no. 9 with $95.5 million. SunTrust has two offices Bartow; BB& T has one. Source: FDIC reports.
Here’s a summary of the banks’ release on the merger and Truist name suggested by a hired consulting firm:
BB&T Corp. and SunTrust Banks Inc. announce Truist as the name for the combined company to be created through their merger of equals. 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 of the most attractive, 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.
The two companies partnered with Interbrand, a global brand consultancy, to lead in the development of the new name and brand identity. The rigorous, data-driven 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.
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 Corp. 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 following the closing, both the BB&T and SunTrust brands will be seamlessly transitioned to the full Truist client experience, products and services.
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.