The merger between Atlanta-based SunTrust and Winston-Salem, N.C.-based BB&T has been completed, creating the nation's sixth-largest bank, serving about 10 million consumer households, officials of the combined company announced Monday.
The merged bank, now named Truist, is based in Charlotte, although Atlanta retains the corporate and investment banking division and the community bank headquarters will remain in Winston-Salem.
"This is a historic moment for Truist -- a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities," said Kelly King, the merged bank's chairman and chief executive officer, in a statement released Monday morning.
SunTrust, based in its namesake tower on Peachtree Street, had been Georgia's largest bank.
In metro Atlanta, SunTrust was first in both deposits and the number of branches. But BB&T also had a sizeable presence, ranking fourth in total deposits and retail locations. SunTrust has said it would continue its longterm sponsorships of a number of Atlanta area organizations, including the Atlanta Falcons and the Georgia Aquarium.
When the companies announced the merger in February, bank officials said they expected to find cost reductions of $1.6 billion annually.
Because the banks' coverage overlaps, that implies branch closures and layoffs. About 740 of the banks' more than 3,000 branches are located within two miles of each other
The companies have already closed a number of branches as business shifts online.
Officials said that the transition to the Truist brand will take about two years, eventually extending to bank branches and office towers, as well as to the Atlanta Braves stadium in Cobb County. In the meantime, bank officials said customers of SunTrust and BB&T will continue to use their current branches, websites, mobile apps, checks and payment cards.
For information, bank officials directed customers to Truist.com.