U.S. Fed approves merger between BB&T, SunTrust Banks
- S&P 500 and Nasdaq notch highest closes since early 2022
- U.S. economy adds 199,000 jobs in November
- Fed should 'lowball' rate cuts expectations next week says analyst after strong jobs data
- Bernstein's best idea for 2024? Short Tesla stock
- Analysts defend Broadcom as annual guidance falls short after FQ4 earnings beat
FILE PHOTO: A BB&T bank is pictured in Alexandria, Virginia July 22, 2010. BB&T Corp. shares were lower after the bank came in with higher profit but fell short of earnings forecasts. REUTERS/Molly Riley
WASHINGTON (Reuters) - The U.S. Federal Reserve said on Tuesday it approved a merger between BB&T Corp and SunTrust Banks Inc, sealing the biggest tie-up of banks since the 2007-2009 global financial crisis.
Analysts have said such a tie-up has been made possible by regulatory easing under the administration of President Donald Trump, which has encouraged banking regulators to take a more relaxed approach to approving mergers, bank applications and enforcement of post-crisis rules.
The Fed said its approval was conditioned on several actions, including that BB&T must divest 30 branches and more than $2.4 billion in deposits to mitigate the competitive effects of the merger.
SunTrust must also satisfy the terms of a newly-issued consent order after the Fed found it had misled certain business customers regarding the operation and billing for some products.
In a statement, the companies said they were pleased to have received regulatory approval.
(Reporting by Katanga Johnson; Editing by Chris Reese and Tom Brown)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Honeywell (HON) agrees to acquire Carrier's (CARR) Global Access Solutions business for $4.95 billion
- Equity Bancshares (EQBK) to acquire Rockhold Bancorp
- Humana (HUM) changes by-laws, disbanding Executive Committee amid merger talks
Create E-mail Alert Related CategoriesGeneral News, Reuters
Related EntitiesDonald J. Trump, BB&T Capital Markets, Second Curve Capital, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!