TRUIST FINANCIAL CORP acquired SunTrust Banks, Inc. for approximately $66 billion (all-stock merger of equals), a transaction completed in December 2019, structured as all stock. The deal was a Merger of equals.
SunTrust Banks, Inc. operates in Commercial & retail banking - Southeast/Mid-Atlantic, is based in Atlanta, GA (headquarters); Southeast U.S. franchise. All-stock merger of equals between BB&T Corporation and SunTrust Banks, Inc. creating Truist Financial Corporation, the sixth-largest U.S. bank by assets and deposits, with roughly $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million households. The combined company adopted a new name and brand and established a new corporate headquarters in Charlotte, NC.
Combine two iconic franchises into the premier financial institution of the future, using enhanced scale and financial strength to accelerate investment in transformative technology and a more distinctive client experience.
Enhanced scale, an expanded fee-income base, and overlap in high-growth Southeast markets; double-digit EPS accretion expected by 2021. Estimated net cost synergies of at least $1.6 billion by 2022. Combined company rebranded as Truist; clients served through BB&T and SunTrust brands until systems conversion. Truist Q4 2019 earnings call (Jan. 30, 2020): management described a careful and cautious approach to systems integration to minimize client disruption, reiterating confidence in the net $1.6 billion savings target with run-rate milestones across 2020-2022.
This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future.Kelly S. King, Chairman and CEO, BB&T Corporation
This is a historic moment for Truist - a financial services organization built to make a difference.Truist Financial Corporation (Dec. 9, 2019 completion press release)
Advisory firms were not disclosed for this transaction.