The soon-to-merge BB&T Corp. (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI) has a new name – Truist Financial Corp.
“We’re excited because we really think we can redefine the client experience and really create a meaningful change in the community,” said BB&T Chief Executive Kelly King.
King said he believes this brand is a way for the new entity to build on the heritages of BB&T and SunTrust while also positioning the new bank for the future.
BB&T and SunTrust announced in February their plans to merge in an all-stock deal valued at about $66 billion. The merger is expected to close by the end of the year. Executives touted an ability to invest more in technological innovation as a combined entity. Truist will become one of the nation’s largest banks.
Earlier this year, the banks chose New York-based Interbrand to come up with a new name for the combined entity.
“This has been a great process because it’s also been an incredible culture-building process for our two companies. It represents brand attributes that our two companies came up with, so our teammates and associates are going to have a lot of ownership in this,” said SunTrust CEO Bill Rogers.
A logo will be revealed later, the bank said.
Choosing a new brand is one way the two companies sought a “merger of equals.” Another factor is the decision to move the headquarters to Charlotte. BB&T is based in Winston-Salem, and SunTrust is headquartered in Atlanta.
Truist will lease 561,000 square feet in Hearst Tower in uptown, as announced Wednesday morning. The lease agreement includes a 15-year term at the 970,000-square-foot building, ultimately backfilling what is currently office space for Bank of America Corp. (NYSE: BAC) and law firm K&L Gates, as well as an option to buy the tower from Cousins.
The space could house up to 2,000 people in the future, the banks said.
BB&T and SunTrust will begin moving into Hearst Tower in a phased move-in that begins in August of this year and will wrap up by June 2021.
King said the combined bank has yet to decide whether it will house its planned innovation and technology center in Hearst Tower or in another nearby space.
A spokesperson declined to comment on whether Truist will gain naming or signage rights at the uptown tower.
King will stay on as chairman and CEO of the combined company until Sept. 12, 2021, and then continue as chairman until March 12, 2022. He will then serve on the board of directors through 2023. Rogers is president and chief operating officer of the combined company until Sept. 12, 2021, at which point he will take over as the CEO. He will then take over as chairman on March 12, 2022.
Bank executives met with about 1,000 employees earlier today at the Charlotte Convention Center to debut the new brand, King said, adding that plans for tomorrow include a wave of more companywide events. Branding will shift to a “BB&T and SunTrust is now Truist” type of marketing approach …read more
Source:: Daily times