BB&T and SunTrust Banks announced Wednesday that their merged institution will be named Truist.
“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,” said Kelly King, BB&T chairman and CEO, in a prepared statement.
He will hold those posts in the combined company too.
While the new name will be effective upon completion of the merger, clients will continue to be served post-closing under the BB&T and SunTrust brands for the near future.
Over time following the closing, both the BB&T and SunTrust brands will be “seamlessly transitioned” to Truist, the two banking companies said.
The merger, announced in April, is expected to close in the third or fourth quarter of 2019. BB&T and SunTrust remain separate and independent companies until the transaction closes.
BB&T, based in Winston-Salem, North Carolina, has $227.7 billion in assets. It came to Lancaster County by acquiring Lititz-based Susquehanna Bancshares in 2015. BB&T is the county's second-biggest bank.
SunTrust, based in Atlanta, has assets of $220.0 billion.