BB&T, SunTrust Divest 28 Branches to Proceed With Merger

By Patrick Thomas

Regional lenders BB&T Corp. (BBT) and SunTrust Banks Inc. (STI) have agreed to divest 28 branches in order to continue with their roughly $28 billion merger.

The Justice Department said Friday that the banks have agreed to divest certain branches across North Carolina, Virginia and Georgia with about $2.3 billion in deposits to resolve antitrust concerns.

The divested assets will include all deposits and loans associated with the branches, the U.S. Department of Justice said.

"Today's settlement ensures that banking customers across Virginia, North Carolina and Georgia will continue to have access to competitively priced banking products, including loans to small businesses, while preserving the investments in innovation and technology this merger is expected to generate," assistant attorney general Makan Delrahim said in a statement.

BB&T and SunTrust first announced the deal in February. The combined company will be based in Charlotte, N.C., and will adopt the name Truist Financial Corp. when they close their merger.

Write to Patrick Thomas at [e-mail]

(END) Dow Jones Newswires

November 08, 2019 11:47 ET (16:47 GMT)

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