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While the merger of BB&T and SunTrust is months away, officials announced on Wednesday that the combined financial institution would operate as Truist Bank.
“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,” BB&T Chairman and CEO Kelly S. King said in a press release. “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.”
The two banks announced the merger in February with the plan to centralize the combined bank headquarters in Charlotte. Officials said the merger is expected to close in the third or fourth quarter of this year following required regulatory approvals and King will serve as the combined company’s CEO through September 2021 when SunTrust CEO Bill H. Rogers Jr. will take the reins.
“Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,” Rogers said in the release. “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.”
The new name was developed by Interbrand’s consultants through input from employees and customers of both banks. Additional brand elements – such as the logo — will be unveiled in the coming months. Once the merger is complete, signs on local branches will switch to Truist.
The two banks have a combined history of 275 years, including BB&T’s roots in Wilson dating back to 1872. Truist will become the sixth-largest U.S. bank with more than 10 million customers.