WINSTON-SALEM, N.C.–The combined bank being formed by the mega-merger of BB&T and SunTrust has announced its new name: Truist.
When the merger is complete, Truist will be the sixth-largest U.S. bank holding company serving more than 10 million households in the U.S.
In a statement announcing the new name, the bank said, “Building on 275 years of combined history and culture, Truist's additional size and scale will redefine the client experience through innovative technology and create meaningful change in its communities.”
Brand consulting firm Interbrand lead the development of the new name and brand identity, which it said involved a rigorous, data-driven brand development process that prioritized input from BB&T associates, SunTrust teammates and clients.
‘Expectations & Aspirations’
“Through focus groups and analytical research, these stakeholders shared their expectations and aspirations for the new brand, which led to the name,” the organization said.
According to the bank, additional brand elements, such as the logo, typography and visual identity will be revealed at a later date. The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank.
BB&T Chairman and CEO Kelly S. King, who will serve in the same roles with the combined company, said “With the merger of equals, our goal is to create a bold, transformative organization that delivers a smarter and easier client experience through technology and human connection. True to the heritage of both companies, Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities."
‘Relentless Pursuit’
Added SunTrust CEO Bill Rogers, who will be president/COO of the combined company until he succeeds King as CEO in September 2021, "Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner. As part of our relentless pursuit to create a better experience, we're making a commitment to always look forward, pursue what's next and strive to do more to further financial well-being for everyone."
In the coming months, shareholders of both BB&T and SunTrust will vote on the proposed merger of equals. Shareholders of BB&T will also vote on the new holding company name. The merger is expected to close in the third or fourth quarter of 2019.