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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| BB and T Corporation | NYSE:BBT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 54.24 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
By Allison Prang
The Federal Reserve Board approved the merger of regional lenders BB&T Corp. (BBT) and SunTrust Banks Inc. (STI), the largest bank deal since the financial crisis.
BB&T and SunTrust--based in Winston-Salem, N.C., and Atlanta respectively--announced plans earlier this year to combine. The deal has been valued at over $28 billion and would combine two the country's biggest regional banking firms. The combined bank will be named Truist.
While the Fed approved the deal, it also issued a consent order against SunTrust and said the company "made misleading or inaccurate statements" to business customers regarding add-on products. The regulator said SunTrust did this from 2013 through 2017, and that the company has ended these practices and paid customers about $8.8 million in fees.
The Fed said "as a condition of the merger, BB&T has committed that the resulting bank will comply with the enforcement action."
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
November 19, 2019 16:16 ET (21:16 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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