Fed Approves BB&T, SunTrust Banks Merger
19 Novembre 2019 - 10:31PM
Dow Jones News
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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