The nation's sixth-largest bank will soon be known as Truist.
When BB&T announced its pending “merger of equals” with SunTrust Banks in February, the companies said they would emerge together under a new name.
On Wednesday, that name was revealed, as the two banks said they would be operating together as Truist – a moniker they said reflects their separate heritages and “shared belief in building a better future.”
The news hit just hours after the companies announced the opening of a new headquarters in Charlotte, North Carolina, where they will house 2,000 of the combined company’s executive team members, who will be relocated over the next several years.
The result of the $66 billion deal – which marked the largest big bank merger since the financial crisis – Truist will become the sixth-largest U.S. bank holding company and serve 10 million households.
The companies said they partnered with a brand consultancy to come up with the new name, and that it also weighed input from associates at both banks 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 companies said in a joint statement.
The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank, the companies said. The new names will not be official and the companies will remain separate entities until the merger is complete, a milestone the banks said they expect to hit in the third or fourth quarter of 2019.
BB&T Chairman and CEO Kelly King will serve as the chairman and CEO of Truist, the companies announced. SunTrust CEO Bill Rogers will be president and COO of Truist, and then succeed King as CEO in September 2021.
"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 King. "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," added Rogers. "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."
