Atlanta’s SunTrust to merge with BB&T, shift HQ to Charlotte (Norcross: to move, land)

[aries4118]

Originally Posted by Born 2 Roll

This article talks about how picking a new name for a merged company like the new BB&T/SunTrust bank can be tricky.

Name game: Rebranding BB&T-SunTrust fraught with risk (American Banker)

SunTrust is a good name.

[Born 2 Roll]

Originally Posted by aries4118

SunTrust is a good name.

Just sticking with the SunTrust name would be the easiest and least confusing course of action to take.

I've noticed in the past that the SunTrust name seems to be more identified with the Sun Belt part of the Southeast, while the BB&T name (even though it originates out of North Carolina) seems to be more identified with the more mid-Atlantic upper part of the Southeast.

Though, I am not sure that BB&T executives want to give up the opportunity to have that bank's name reflected in part of the name of the larger bank after the merger is complete.

With as many sporting facilities as they have put their name on in recent years, BB&T is a company that appears to take much pride in their name.

SunTrust has its name on one sporting facility (SunTrust Park in Atlanta), but BB&T has its name on eight different sporting facilities in four states.

SunTrust, BB&T have their names on sports (Atlanta Journal-Constitution)

BB&T has lent its names to these sports facilities (Winston-Salem Journal)

[aries4118]

SunTrust sounds and looks way better than BB&T. Like, omg.

[Mutiny77]

Well at least it's not a situation like when First Union acquired Wachovia. First Union's name and reputation had been taking a beating and that's why the Wachovia name was chosen for the merged bank. Both SunTrust and BB&T have solid reputations so you can't go wrong with either.

[Born 2 Roll]

Originally Posted by aries4118

SunTrust sounds and looks way better than BB&T. Like, omg.

I agree.

But SunTrust does not seem to be obsessed with putting its name on things like BB&T does.

Obviously, I very well could be and may be wrong, but with the way that BB&T likes to put its name on everything, I suspect that BB&T potentially could be the name that the combined bank takes after the merger with SunTrust is completed.

BB&T is the majority stakeholder in the merger and seems to have a stronger sense of self-identity than SunTrust, which is the bank that technically is being acquired by BB&T.

BB&T also already has the word 'Trust' in its name (which is officially "Branch Banking and Trust"), seems to the much more ambitious party in the merger, and seems to aspire to make the step from being a large regional bank to being a large super-regional bank with the acquisition of SunTrust and the relocation of its headquarters from Winston-Salem to Charlotte.

[citidata18]

The timeline of the BB&T/SunTrust deal: It all started back in August 2018


https://www.bizjournals.com/atlanta/..._news_headline

The events leading up to the giant merger aimed at combining SunTrust Banks Inc. and BB&T Corp. to create the sixth-largest U.S. bank began to unfold in August 2018.

On Monday, BB&T (NYSE: BBT) for the first time revealed the timeline of the blockbuster "merger of equals" valued at about $66 billion.

"As part of SunTrust’s annual strategic planning activities, in meetings held in March, April and June 2018, SunTrust management discussed with the SunTrust Executive Committee and the SunTrust Board potential implications to the industry and SunTrust emerging from technology, bank and non-bank competition, and possible effects of scale," BB&T reported in a background of the merger. "These discussions included an evaluation of how these developments could impact the overall strategic landscape in the banking industry and potential merger partners of SunTrust, including BB&T. During the course of these meetings, [SunTrust CEO William H. Rogers Jr.] told the SunTrust Board that, in various group industry settings, he from time to time discussed with other bank chief executives, including [BB&T Chairman and CEO Kelly S.] King, their general views with respect to industry trends, the role of technology, and scale."

Two months passed, and then on Aug. 10, 2018, King and Rogers had a discussion "about general industry matters, including technology, shifts in the competitive landscape in the industry and the effects of scale. They also discussed the purpose-driven cultures of both BB&T and SunTrust. This discussion supported Mr. King’s and Mr. Rogers’ beliefs that each shared many of the same views about those subjects," BB&T reported.

Talks began to heat up in November and December 2018, culminating in the Feb. 7 announcement of the merger. Check out the adjacent slideshow to see a day-by-day account of how the giant deal went down.

[AnsleyPark]

Originally Posted by Born 2 Roll

This article talks about how picking a new name for a merged company like the new BB&T/SunTrust bank can be tricky.

Name game: Rebranding BB&T-SunTrust fraught with risk (American Banker)

And, expensive. Folks would be astounded how much is spent on consultants, brand designers, marketing campaigns, etc. to select and rollout a new company name and brand.

[citidata18]

Black farmers association asks Fed to reject SunTrust/BB&T merger

https://www.bizjournals.com/atlanta/..._news_headline

An organization that represents tens of thousands of black farmers is urging the Federal Reserve Board of Governors to reject the proposed merger of SunTrust Banks Inc. and BB&T Corporation.

The National Black Farmers Association says it is against the $66 billion merger, which would create the nation’s sixth-largest bank.

“That the proposed merger is moving forward without a lending program to offer full banking services to black and other small scale farmers is unacceptable,” said John Boyd, founder and president of the National Black Farmers Association. “For decades the NBFA has raised the issue of a lack of loans to NBFA members by SunTrust and BB&T, it is time for regulators to take some action.”

The Fed will host a pair of meetings in the next few months, in Atlanta and Charlotte, N.C., to allow others to voice their opinions on the proposed merger. The Charlotte meeting will be April 25 at Charlotte branch of the Federal Reserve Bank of Richmond. The Atlanta meeting will be May 3 at the Federal Reserve Bank of Atlanta. Both meetings will be from 8:30 a.m. to 5 p.m.

The farmers association is concerned that the merger would increase concentration of market power, as measured in banking deposits, in at least 11 markets in the Southeast, including Georgia, Virginia, North Carolina and Florida, diminishing consumer choice.

The merged bank will be less responsive to the needs of the communities it serves, the organization alleges.

“In rural and economically disadvantaged areas the merger will have disproportionate effects, such as closing branch offices and reduction in staff that oversee compliance with the Community Reinvestment Act. The supposed benefits of the merger — the increased investment in banking online or on mobile devices — are dubious because they are not tied to the introduction of new or improved products or services, but are premised on furthering industry-wide trends of realizing the cost savings associated with replacing customer service and consumer choice with technology.”

Sue Malino, chief communications officer for SunTrust, said that will not be the case.

"We’re confident the BB&T/SunTrust combination will be positive for consumers and communities. This merger of equals will allow us to leverage our combined strength and resources to have an even greater positive impact across the markets we serve."

The NBFA letter is addressed to Fed Chairman Jerome Powell, Makan Delrahim, Assistant Attorney General of the U.S. Department of Justice’s Antitrust Division and Joseph J. Simons, chairman of the Federal Trade Commission.

[architect77]

Originally Posted by AnsleyPark

And, expensive. Folks would be astounded how much is spent on consultants, brand designers, marketing campaigns, etc. to select and rollout a new company name and brand.

If the NC Museum of Art in Raleigh can spend a million + for Pentagram (one of the world's best graphics/branding design firm, they designed Windows 10's clean look) to do its branding package, then many millions will be spent on this merger.

But I think something futuristic would be in order, using neither of the old names. Create a new name like they do with pharmaceuticals. "Ascendia" "
Bank of America recently updated its logo with the same flag (not my favorite) and B A N K O F A M E R I C A in all caps with the A's missing the center horizontal.

It's ok, very conservative change for a not-very-creative logo that was a quick update of the Nation'sBank logo which was originally NCNB.

North Carolina National Bank acquired West Coast Bank of America which had a nice dark blue color scheme.

It's a shame that the name Wachovia had to die, it was catchy and unique.

There is a small bank here in Georgia with a few branches called First Citizens, the same name as a well known larger NC-based bank. The branches of the NC bank are hideous white Styrofoam that try to look like the White House in style or Roman or whatever. Awful!

[LynnHarris1]

SunTrust, BB&T tap brand consultancy to develop new name

https://www.bizjournals.com/atlanta/..._news_headline

SOURCE: Atlanta Business Chronicle