BB&T/Suntrust Merger Approved By FRB And FDIC

The Federal Reserve Board ("FRB") and the FDIC (collectively, the "agencies") approved, in separate orders (see here and here), the merger of BB&T Corporation and SunTrust Banks, Inc. and their subsidiary depository institutions. The merger, which is the largest bank merger since 2008, is expected to close in December.

According to the agencies, the resulting bank, which will be named Truist Bank, will:

• be the eighth largest insured depository organization in the United States;

• have consolidated assets of approximately $453.4 billion, compromising two percent of assets of U.S. insured depository institutions; and

• control consolidated deposits of approximately $330.9 billion, compromising 2.6 percent of the total deposits of U.S. insured depository institutions.