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Old 02-07-2019, 05:45 AM
 
6,479 posts, read 7,171,669 times
Reputation: 1970

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Quote:
Atlanta-based SunTrust Banks and southeastern rival Winston-Salem, N.C.-based BB&T said Thursday they will merge in a $66 billion all-stock combination to create the sixth-largest bank in the U.S., a marriage that will cost Atlanta a Fortune 500 headquarters.
The combined company, which will merge under a new name, will be based in Charlotte, while Atlanta will be home of the new company’s wholesale banking operations.






Thursday’s stunning announcement is an echo of the bank consolidation waves of the 1980s, 1990s and 2000s, when top Atlanta banks were gobbled up by their Charlotte rivals, diminishing Atlanta’s clout as a banking town and propelling Charlotte among the nation’s financial services capitals.
https://www.ajc.com/business/atlanta...n7BYZMje0O8zI/
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Old 02-07-2019, 05:46 AM
 
1,057 posts, read 868,867 times
Reputation: 792
Default SunTrust is no more

Quote:
ATLANTA - Southern regional banks BB&T and SunTrust are combining in an all-stock deal valued at about $66 billion.

The banks said Thursday that the combined company will be the sixth-largest U.S. bank based on assets and deposits. It will have approximately $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million households.

The combined company will be based in Charlotte, North Carolina, its board and management evenly split between BB&T Corp. and SunTrust Banks Inc. A new name will be chosen before the deal closes in the fourth quarter.
https://www.wsbtv.com/amp/news/local...deal/916033270

SunTrust has such a huge impact DT. I wonder what this means for Atlanta-based employees.
 
Old 02-07-2019, 06:02 AM
 
Location: Georgia
1,512 posts, read 1,964,119 times
Reputation: 1200
Huge surprise and disappointment.
 
Old 02-07-2019, 06:06 AM
 
617 posts, read 553,059 times
Reputation: 917
Quote:
Originally Posted by alco89 View Post
Huge surprise and disappointment.
Agreed. Hopefully this won't negatively affect the Atlanta based employees, but I won't hold my breath. Gotta love Corporate America.
 
Old 02-07-2019, 06:11 AM
 
8,302 posts, read 5,715,625 times
Reputation: 7557
Well ****!

This is worse than when Comerica left Detroit. Definitely a significant blow to Atlanta's prestige to no longer be home to a Top 50 bank HQ.

A part of me is still waiting with baited breath for Turner/CNN to officially make NYC or LA their HQ.
 
Old 02-07-2019, 06:21 AM
 
4,757 posts, read 3,370,123 times
Reputation: 3715
I wonder why they didn't keep Atlanta. Could it have been because Charlotte is cheaper?
 
Old 02-07-2019, 06:27 AM
 
8,302 posts, read 5,715,625 times
Reputation: 7557
Quote:
Originally Posted by DreamerD View Post
I wonder why they didn't keep Atlanta. Could it have been because Charlotte is cheaper?
It is an all-stock buyout by BB&T, so they have the upper hand when it comes to the terms of this merger.
 
Old 02-07-2019, 06:27 AM
 
Location: Duluth, GA
1,383 posts, read 1,563,482 times
Reputation: 1451
I'm sure customer service will be better than ever...right?
 
Old 02-07-2019, 06:29 AM
 
10,396 posts, read 11,514,605 times
Reputation: 7835
[Insert desired Expletive here]

Charlotte got us again.

(Shaking my head)
 
Old 02-07-2019, 06:33 AM
 
10,396 posts, read 11,514,605 times
Reputation: 7835
Well, if it is any consolation, at least Atlanta gets to become the headquarters of the new consolidated company's wholesale banking operations.
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