About 10 months after announcing their $66 billion merger, SunTrust Banks and BB&T Corporation have completed the deal, creating Truist, the sixth-largest bank in the U.S. with 10 million customers.
It also creates one of the biggest banks by deposits in the D.C. area. Before the merger, SunTrust and BB&T were ranked the fifth- and sixth-largest banks in the region; Truist now has $33.1 billion in D.C.-area deposits, ranking it behind only Bank of America.
Signage, branch rebranding and systems integrations will take two years to complete, but ATM networks are now fee-free for customers of either bank. During the integration process, most customers won’t see their account numbers or account routing numbers change.
Truist now trades on the New York Stock Exchange under the ticker symbol “TFC.”
“We have much work ahead of us, but we are well-positioned to create meaningful change for the clients we serve and the communities where we live and work,” said Bill Rogers, Truist’s chief operating officer, in a statement.
The merged bank has pledged $60 billion in lending or investment in low- and moderate-income communities between 2020 and 2022.
The merger was announced in February and received final regulatory approval in November.
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