Regulators Approve BB&T-SunTrust Merger, With Branch Sales (1)

Nov. 19, 2019, 9:00 PMUpdated: Nov. 19, 2019, 10:19 PM

Regulators approved the biggest bank merger in more than a decade as BB&T Corp. received clearance to combine with SunTrust Banks Inc.

The Federal Reserve and the Federal Deposit Insurance Corp. signed off on the deal, according to separate statements Tuesday. They said that BB&T must divest 30 branches and more than $2.4 billion in deposits to mitigate the competitive impact of the deal. The two lenders, to be known as Truist Financial Corp., plan to complete the merger on Dec. 6 and trade on the New York Stock Exchange under the ticker TFC, they said in a statement. ...

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