Southern regional banking giants BB&T and SunTrust announced they will adopt the name Truist Bank for their merged institution.
The two banks announced the merger in February, creating the nation's sixth-largest bank by assets at $440 billion. The merged banks are poised to geographically dominate the South, where they are based.
The banks also announced Truist will be headquartered in Charlotte, North Carolina, a city already home to Bank of America. San Francisco-based Wells Fargo also has a large presence in the city.
In a statement, Kelly S. King, chairman and CEO of BB&T Corp., and William H. Rogers, Jr., chairman and CEO of SunTrust Banks Inc., said the two banks are coming together as "a merger of equals, combining two mission- and purpose-driven companies to redefine the client experience and create meaningful change in our communities."
They added, "Truist will be true to our legacy as BB&T and SunTrust – building on the trust and transparency you’ve come to expect. ... While we hope you’re as excited about Truist as we are, we also want you to know there won’t be any immediate changes."
The merger is expected to be completed later this year.