BB&T, SunTrust Pledge $60 Billion in Community Funding for Merger

BB&T Corp. and SunTrust Banks Inc. agreed to a $60 billion community benefits program as the two banks try to get regulatory approval for a merger that would create the country’s eighth-largest bank.

The two banks, which will be called Truist once they combine, crafted a plan that is aimed to highlight its investments in low- and moderate-income communities throughout the Southeast, along the Eastern Seaboard and a few other states. The merger approval process by the Federal Reserve and Federal Deposit Insurance Corp. includes a review of a new bank’s compliance with the Community Reinvestment Act, a law requiring ...