BB&T, SunTrust set dates for shareholder votes on merger, 'Truist' name
Shareholders of BB&T in Winston-Salem, N.C., and SunTrust Banks in Atlanta will vote July 30 on the companies’ planned $28 billion merger.
BB&T shareholders, who are set to meet in Greensboro, N.C., are also being asked to support the plan to name the merging banks Truist Financial, according to an amended registration statement filed Wednesday. SunTrust investors will meet at the company’s corporate offices in Atlanta.
The companies are still waiting to receive regulatory approval for the merger, which they hope to complete by the end of the year.
BB&T and SunTrust unveiled their new name last week. It was far from an immediate hit on social media, with many ridiculing it as looking like a typo. Since then, Truliant Federal Credit Union in Winston-Salem has filed a lawsuit seeking to bar the companies from using the name because of potential confusion with its own brand.
BB&T and SunTrust have continued to champion the decision to go with Truist.
“The name Truist signals a transformation,” the companies said in the registration statement.
“It evokes the rich legacy of BB&T and SunTrust while also setting a bold vision for the future,” the filing added. “While conveying our deep commitment to working with our clients with trust, transparency and honesty, it also connects to our shared ambition — building a better future for our clients, associates, teammates and communities.”
The combined company, with about $440 billion in assets, would be the nation’s sixth-biggest bank; it will be based in Charlotte, N.C.