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Legislators question bank merger, Fed’s approval process

Joe Mont | February 12, 2019

On Feb. 7, SunTrust Banks and BB&T Corp. announced their intent to merge. Both companies’ boards of directors have unanimously approved a definitive agreement to combine in an all-stock merger of equals valued at approximately $66 billion. The combined company will be the sixth-largest U.S. bank based on assets and deposits.

The combined company will operate under a new name and brand, which will be determined prior to closing. The combined company’s board of directors and executive management team will be evenly split between the two institutions. The merger is expected to close in the fourth quarter of 2019–subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.

The merger is drawing the scrutiny of Congressional Democrats, less for the details of the merger than the regulatory atmosphere that encouraged...

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