Two banks with significant market presence in Wilmington have officially completed their merger, officials announced Monday. What BB&T Corp. and SunTrust Banks Inc. term a “merger of equals” to create Truist Financial Corp. was finalized Friday.
Truist is the sixth-largest U.S. commercial bank and serves about 10 million consumer households and a full range of business clients, according to the news release, which added that the new financial institution has “leading market share in many of the most attractive, high-growth markets in the country.”
The new bank has about $442 billion in assets, $301 billion in loans and $324 billion in deposits, according to estimates.
"This is a historic moment as SunTrust and BB&T have officially joined to form Truist,” Charlie Mattox said Monday in an email. Mattox, formerly Wilmington market president for BB&T has now assumed the same role for Truist. “The completion of this merger of equals is a tremendous achievement, and it is a testament to all of our teammates who have worked diligently to serve our clients through this transition.
“Truist is born from two great companies with rich histories, shared values and deep commitments to building a better future for our clients and communities. We are excited about the future and believe our best days are ahead."
Under Truist, Sandy Spiers, who had served as city president of SunTrust Bank, is now senior vice president, middle market banker for the area.
For now, customers of the two banks will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers, the release stated, adding that customers also can now use BB&T and SunTrust ATMs to make withdrawals without incurring out-of-network fees.
“Although we will continue to serve clients through the BB&T and SunTrust brands until we transition to the full Truist experience over the next two years, we are energized about the immediate opportunity to be even more engaged with our clients and communities,” Phil Marion, Truist’s regional president for Eastern North Carolina, said in an email Monday.
There will be no merger-related changes to account numbers or routing numbers for checking, savings and money market accounts for the vast majority of clients, the release stated. That means most clients won't need to order new checks or make changes to direct deposits, automatic drafts or wire instructions related to these accounts.
Merger plans between the two banks were announced last February. Winston-Salem-based BB&T said it would buy Atlanta-based SunTrust in an all-stock, $66 million deal. The resulting entity’s new name, Truist, was announced in July.
In the Wilmington market, BB&T is the second-largest bank in terms of local deposits. SunTrust is the ninth-largest locally.
“We believe Truist is a different kind of financial services organization—created from two companies with shared values and a deep commitment to building a better future,” Marion said in his email. “We are connected by a purpose, mission and values that will be the foundation for every decision we make. Our people are at the heart of great client experiences, and we understand investing in them is the first step toward creating real change. And together, we now have the combined resources to invest in our clients and communities on a whole new scale. From client-centric innovation to transformative community partnerships, we’re ready to spark meaningful change in the lives of our clients and the communities where we live and work.”