March 14, 2019

Agencies announce two public meetings on merger of BB&T and SunTrust; public comment period extended

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation

For release at 3:30 p.m. EDT

The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Thursday announced that they will jointly hold two public meetings on the proposed merger of BB&T Corporation, Winston-Salem, North Carolina, with SunTrust Banks, Inc., Atlanta, Georgia. As part of the proposal, BB&T would merge SunTrust Bank with and into its subsidiary state non-member bank, Branch Banking and Trust Company, Winston-Salem, North Carolina.

The purpose of the meetings is to collect information relating to the convenience and needs of the communities to be served, including a review of the insured depository institutions' performance under the Community Reinvestment Act. The agencies also will consider and collect information on other factors relevant to making a decision on the application, including the effects of the proposal on the stability of the U.S. banking or financial system, the financial and managerial resources and future prospects of the companies, and competition in the relevant markets.

The first public meeting will be held:

  • Thursday, April 25 at 8:30 a.m., EDT
  • Charlotte Branch of the Federal Reserve Bank of Richmond
  • 530 East Trade Street, Charlotte, North Carolina

The second public meeting will be held:

  • Friday, May 3, at 8:30 a.m., EDT
  • Federal Reserve Bank of Atlanta
  • 1000 Peachtree Street N.E., Atlanta, Georgia.

All persons wishing to testify at the public meeting in Charlotte should submit a written request no later than 5:00 p.m. EDT on Monday, April 15, 2019. A request to testify at the Charlotte public meeting may be sent by mail to: Matthew Martin, Vice President, Research Department, Microeconomics and Research Communications, Federal Reserve Bank of Richmond, 530 East Trade Street, Charlotte, North Carolina, 28202; by online form at: the Charlotte Public Meeting Request Form; by e-mail to: publicmeeting.charlotte@rich.frb.org; or by facsimile: 704-358-2300.

All persons wishing to testify at the public meeting in Atlanta should submit a written request no later than 5:00 p.m. EDT on Tuesday, April 23, 2019. A request to testify at the Atlanta public meeting may be sent by mail to: Karen Leone de Nie, Vice President Community and Economic Development, Federal Reserve Bank of Atlanta, 1000 Peachtree Street N.E., Atlanta, Georgia, 30309; by online form at: Atlanta Public Meeting Request Form; by e-mail to: atlfedcomdev@atl.frb.org; or by facsimile to: 404-498-8956.

The request to testify should include the following information:

  1. A brief statement of the nature of the expected testimony, including whether the testimony will support or oppose the proposed transactions or provide other comment on the proposal;
  2. The address and telephone number, and e-mail address and facsimile number, if available, of the individual testifying; and
  3. The identification of any special needs, such as translation services, physical disabilities requiring assistance, or presentations requiring visual aids. Translators will be provided to the extent available if a need for such services is noted in the request to testify.

A schedule of participants will be prepared, although to ensure an opportunity for all to speak, the amount of time for each speaker may be limited. Persons who do not register in advance to testify may be permitted to speak at the public meetings if time permits. Individuals interested only in attending the meetings, but not testifying, need not submit a written request. All individuals who attend either public meeting must present a valid, government-issued photo identification.

Further information on the applications, including how to testify, review comments received and the transcripts of the meetings, will be made available on the Board's website and the FDIC's website.

The Board and FDIC have also extended the public comment period for both applications until Friday, May 3, 2019.

Interested parties also are invited to submit written comments on the applications to the Federal Reserve Bank of Richmond, P.O. Box 27622, Richmond, VA 23261, and to the FDIC's Atlanta Regional Office, 10 10th Street, NW, Suite 800, Atlanta, GA 30309-3849. Comments can also be sent electronically to comments.applications@rich.frb.org and to BankMergerApplication@fdic.gov.

Media Contacts:
Federal Reserve Board
Eric Kollig
202-452-2955
FDIC
Julianne Fisher Breitbeil
202-898-6895
Last Update: March 14, 2019