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.

The approvals are conditioned on, among other things, BB&T divesting 30 branches and approximately $2.4 billion in deposits.

On the same day that the approvals were issued, the FRB entered into a consent order with SunTrust Banks, Inc. ("SunTrust") relating to misleading or inaccurate statements made by SunTrust between 2013 and 2017 to certain business customers about the operation of, and billing for, add-on products.