Subscribe

Truist Bank? SunTrust, BB&T propose new name post-combination

By Updated: June 12, 2019 3:12 PM CT | Published: June 12, 2019 2:47 PM CT

Another Memphis bank could be getting a new name, as SunTrust Banks and BB&T Corp. propose to become Truist Bank and Truist Financial Corp. after a pending consolidation.

The announcement came a day after Memphis-based First Horizon National Corp. said its First Tennessee Bank and Capital Bank units would become First Horizon Bank this fall.

BB&T’s acquisition of Atlanta-based SunTrust, billed as a merger of equals, is expected to close in the third or fourth quarter of 2019, hinging on shareholder approval. The banks said the new name is subject to approval by BB&T shareholders.

The new names would be effective upon completion of the merger, but clients would continue to be served under BB&T and SunTrust brands for the near future, a press release said.

SunTrust entered the Memphis market with the 2004 acquisition of National Bank of Commerce and is the market’s No. 3 bank in deposits.


Wayne Risher: First Tennessee Bank changing to First Horizon this fall


Johnny Moore, Memphis market president for SunTrust, said the merger will create “the bank of the future” to better serve the market.

“As Truist, we will have the opportunity to combine two iconic, purpose-driven brands to do even more for our clients and communities in the city of Memphis,” Moore said in a news release.

“Our proposed merger is designed to create the bank of the future, as we strive to always look forward, pursue what’s next, do more – to do better. That means better experiences, better partnerships, better technology and doing more for better communities and a better future. Our new name will be a powerful symbol of what the future looks like,” Moore said.

Topics

Truist Bank SunTrust Bank BB&T banking and finance

Comment On This Story

Section Emails

Sign up to get the latest articles from the Business section.