ATLANTA - Atlanta-based SunTrust and Winston-Salem, North Carolina-based BB&T are one step closer to merging.
The Federal Deposit Insurance Corporation Board of Directors unanimously approved the merger application.
The FDIC said the approval is conditional for the bank to divest 30 branches and $2.4 billion in deposits. The new bank, which will be called Truist Bank, has six months to comply.
The Georgia Department of Banking and Finance and the North Carolina Commissioner of Banks, as well as the U.S. Department of Justice, have already given the banks the green light.
"We are pleased to have received regulatory approval to merge two strong companies with complementary business models and a high level of cultural alignment. We'll be even better together for our clients, teammates, communities and shareholders," BB&T Chairman and CEO Kelly King, who will serve as chairman and CEO of Truist was quoted as saying in a statement to FOX 5 News.
"We will build upon our mission- and purpose-driven cultures and work to ensure a positive experience for our clients," said SunTrust Chairman and CEO Bill Rogers, who will be president and chief operating officer of Truist prior to succeeding King as CEO in September 2021. "Following months of thoughtful collaborative planning, we are prepared to begin a successful integration."
Truist said the merger should be completed by Dec. 6. It will become the sixth-largest bank serving about 10 million households and will be headquartered in Charlotte, North Carolina.