SunTrust Banks (STI) Shareholders Approve Merger with BB&T (BBT)

July 30, 2019 12:31 PM EDT

SunTrust Banks, Inc. (NYSE: STI) shareholders today approved the agreement for the merger of equals of SunTrust and BB&T Corporation (NYSE: BBT). This completes another step in the process to form the premier financial institution, Truist, serving approximately 10 million U.S. consumer households and a full range of business clients.

At a special meeting of shareholders held today, nearly 99 percent (98.96) of the shares voted were cast in favor of the proposal to approve the merger agreement with BB&T.

"We are very pleased with the enthusiastic approval of our shareholders for the merger of SunTrust with BB&T to form Truist," said SunTrust Chairman and CEO Bill Rogers. "Our best path forward is to align with a partner that values a purpose-driven approach, sound risk management and leading technology. We found that in BB&T. Together, our combined scale will allow us to compete more effectively while enhancing our client experience and community support."

Pending regulatory approval and other customary closing conditions, the companies expect the merger to close late in the third quarter or in the fourth quarter of this year.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Mergers and Acquisitions

Related Entities

BB&T Capital Markets, Earnings, Definitive Agreement