We welcome the opportunity to serve your financial needs. While SunTrust and BB&T have merged to become Truist, both institutions will continue to offer. In the merger, holders of SunTrust common stock will receive shares (the “exchange ratio” and such shares, the “merger consideration”) of BB&T common. As you are aware, Branch Banking and Trust Company (“BB&T”) merged with SunTrust Bank (“SunTrust”) and the combined bank is now known as Truist Bank.
Bb&t and suntrust to merge -
The combined entity should ideally be able to achieve the same level of efficiency with lower costs. They will attempt to serve the same number of customers with the same efficiency from fewer branches using online banking as a supplementary tool. Cost Savings: The main driving factor behind any merger is economies of scale. Now: Existing accounts may be grandfathered but unavailable to new customers. In mergers of the past, the acquiring banks usually end up shutting down these grandfathered accounts within a few years of the merger -- forcing these accounts to be converted to the current offerings. It is rumoured that the new combined entity will be based out of Charlotte North Carolina which has a well-developed banking infrastructure since it already houses Bank of America.