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SunTrust Shareholders Approve Merger with BB&T to Form Truist

August 05, 2019, 08:00 AM
Related: SunTrust Banks

SunTrust Banks, Inc. shareholders  approved the agreement for the merger of equals of SunTrust and BB&T Corporation. This completes another step in the process to form the premier financial institution, Truist, serving approximately 10 million U.S. consumer households and a full range of business clients.

At a special meeting of shareholders held today, nearly 99 percent (98.96) of the shares voted were cast in favor of the proposal to approve the merger agreement with BB&T.

"We are very pleased with the enthusiastic approval of our shareholders for the merger of SunTrust with BB&T to form Truist," said SunTrust Chairman and CEO Bill Rogers. "Our best path forward is to align with a partner that values a purpose-driven approach, sound risk management and leading technology. We found that in BB&T. Together, our combined scale will allow us to compete more effectively while enhancing our client experience and community support."

Pending regulatory approval and other customary closing conditions, the companies expect the merger to close late in the third quarter or in the fourth quarter of this year.

SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services.

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