Truist will be the sixth-largest U.S. bank holding company, serving more than 10 million households in the U.S.
“Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,” said SunTrust CEO Bill Rogers, who will be president and COO of the combined company until he succeeds Kelly S. King as CEO in September 2021. “As part of our relentless pursuit to create a better experience, we’re making a commitment to always look forward, pursue what’s next and strive to do more to further financial well-being for everyone.”
“With the merger of equals, our goal is to create a bold, transformative organization that delivers a smarter and easier client experience through technology and human connection,” added BB&T Chairman and CEO King, who will serve as the Chairman and CEO of the combined company. “True to the heritage of both companies, Truist will reflect what we stand for — a shared belief in building a better future for our clients and communities.”
The companies worked with Interbrand on the development of the new name and brand identity. Additional brand elements, such as the logo, typography and visual identity, are set to be revealed at a later date.
The combined holding company will be named Truist Financial Corporation, while the combined bank will be named Truist Bank. The new names will be effective upon completion of the merger, but clients will continue to be served post-closing under the BB&T and SunTrust brands for the near future. After the closing, both the BB&T and SunTrust brands will be transitioned to the full Truist client experience, products and services.
The merger is expected to close in the third or fourth quarter of 2019.