Premier Financial Institution
A message from BB&T Chief Executive Officer Kelly King and SunTrust Chief Executive Officer Bill Rogers:
About our team
“Together with Bill’s leadership and our new SunTrust teammates, we’re going to bring the best of both companies forward to serve our clients and communities more than ever before.”
– Kelly King
Kelly King: Hello, everybody, I'm Kelly King.
Bill Rogers: And I'm Bill Rogers. Last time Kelly and I sat together to speak with you, we shared the exciting news about our pending merger of our two companies. And since then, we've made great progress in our planning, and we just wanted to share a few important updates.
Kelly King: Yeah, and as you can imagine, it’s been a really busy few months. And the new executive team, Bill, as you know, has been working hard to begin building the foundations of our new company. We've been meeting weekly since announcement day. We've been working through a lot of important decisions. Even team building—we had our first team building session last week to strengthen the great relationships we already have. We feel really good about the chemistry in the room and the team is really coming together. And while we still have a lot of work to do, it’s amazing the amount of progress we've already made.
Bill Rogers: I couldn’t agree more, Kelly, and you know, we're just very much into the integration planning, ensuring we're choosing the best of our business systems and processes. And this is why it’s a win for everyone. It’s a win for our associates, our teammates, our clients, and our communities, and obviously, our shareholders. We're also making great progress on naming the next level of leaders for the new company, and we plan to share those names internally in the coming weeks. We appreciate everyone’s patience as we work to be both thoughtful and strategic about these decisions. We also know there are other questions on the minds of teammates and associates, and we're working hard to provide the answers as quickly as we can as we build out the new organization.
Kelly King: And there’s still a lot of good work happening behind the scenes, also, moving us forward towards closing the transaction later this year.
Bill Rogers: Yeah.
Kelly King: We've officially filed all of the necessary regulatory documents to gain approval of the deal. We're meeting with the community groups across our markets to listen to their feedback. We wanna know what they have to say. And we're looking forward to sharing our story in late April and early May at public meetings that Bill and I will be at in Charlotte and Atlanta.
Bill Rogers: That’s right. And throughout this integration and beyond, investing in our communities across our market remains a top priority. Because we fundamentally believe when we build our communities, we build our banks. We're committed to increasing our community investment in Atlanta and Winston-Salem, and we're working on plans now, and recently announced a significant investment right here in Charlotte.
Kelly King: And, while we're excited about all that we've accomplished, we still have more important decisions to make, more milestones to achieve, like revealing the name of our new company.
Bill Rogers: Oh, yeah—that one. [Laughter]
Kelly King: Yeah, yeah. I should be revealing—we actually don’t have it yet, is the thing.
Bill Rogers: Exactly. [Laughter]
Kelly King: So, we're not hiding it, we just don’t have it yet, but we're working on it, and we're talking to our clients to better understand what they are looking for in a financial partner, and we want to thank all of our teammates and associates for all of the work that you've done so far to help us in developing the characteristics of the brand through the More than a Name game.
Bill Rogers: That’s right.
Kelly King: You guys really get that brand is much more than a name, and we've been sharing all of this feedback with our partner, Interbrand, which is one of the leading brand agencies in the world.
Bill Rogers: Yeah. Kelly, you know, what was really fun to see is how much our teammates and associates were already aligned—and you and I sorta knew this. While we had two separate games as part of this process, both SunTrust and BB&T picked the same four characteristics, which was really amazing. I think that says something pretty special about how we're gonna come together as a team. It’s a really good sign, and the shared purpose that’s already in the shared mission that’s already infused in our respective DNAs. Going forward, there will even be more opportunities for our people to engage us and help shape our new identity. The culture work underway is the perfect example. In the coming weeks, we'll ask our teammates and associates for their input again on what they love most about their current company’s environment to make sure we combine the best of both in our new company.
Kelly King: Yeah, I thought it was amazing when we had over 20,000 teammates and associates—
Bill Rogers: That’s right.
Kelly King: - came up with exactly the same four. That was incredible. But as good as the progress is that we're making, make no mistake—a merger of equals is really difficult to pull off. We've said that day one, and it’s still true. But the key for us is to continue to put our clients’ needs first.
Bill Rogers: Absolutely.
Kelly King: Their financial lives and businesses remain our number one focus. And so, if you are a client, it’s business as usual. Nothing’s changing and nothing really will change for you until way on down the road after the closing and we get towards conversion. When we do get closer to the actual transition of your services, we'll be providing you with lots of information and notices about what’s gonna be happening. We'll keep it as simple and seamless as possible.
Bill Rogers: Total commitment from both of us on that part. We wanna thank all our teammates and associates for continuing to provide our clients with the best possible experience, and their unwavering commitment to delivering on our mission and purpose as we build the foundation for the future. As we go forward, we know there’ll be questions and challenges, but we're united in overcoming those and in delivering on our promise to our clients. We are learning and growing, and when we unite as one company, we're gonna be even stronger as the result.
Kelly King: Absolutely. So, remember that we are on a journey together to create the premier financial institution of the future. We look forward to what’s coming up, and we want to thank you for all of your commitment, all of your support. Thanks for watching today, and we hope you have a great day.
Bill Rogers: Right. Thanks, Kelly.
Kelly King: Thank you. [Laughter]
Two purpose-driven institutions
“Kelly and I know each other well, and we believe that by bringing together these two purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients and drive our shared mission further forward than either of us could do alone.”
– Bill Rogers
Bill Rogers: Hi, I'm Bill Rogers, Chairman and CEO of SunTrust.
Kelly King: And I'm Kelly King, Chairman and CEO of BB&T. We are really excited to share with you some outstanding information about our two companies, BB&T and SunTrust - are coming together in a merger of equals, creating the sixth-largest U.S. bank and what we believe will be the premier financial institution in the country.
Bill Rogers: We're thrilled to bring together our SunTrust and BB&T teammates and associates to create something really special - two iconic franchises with a combined 275 years of history and a values-driven culture that’s dedicated to passionately serving our clients and communities. Kelly and I absolutely believe this merger of equals creates value for everyone involved and is a big win for our stakeholders.
Kelly King: This is an extraordinarily attractive and compelling combination. The new company will have about $442 billion in assets, $301 billion in loans, and $324 billion in deposits, and importantly, we will serve more than 10 million households in some of the very best markets in the country. By bringing the best of both companies together, we're creating a company that will generate high returns and industry-leading financial performance.
Bill Rogers: Our focus is very simple, it’s going to be about our clients. We'll be able to leverage our community bank model to provide the personal touch our clients have come to expect. But we'll also have the capacity we need to invest in better technology for our clients in this fast-moving world. In addition, our teammates and associates will benefit from a collective set of training, leadership and development programs that will provide more career opportunities.
Kelly King: Bill and I have known each other for a long time. We have a tremendous amount of respect for one another and for what our respective institutions have achieved. Between our two companies, we have a proven track record of successfully integrating more than 100 bank acquisitions in the last 35 years.
Bill Rogers: We know that individually, SunTrust and BB&T are incredibly strong institutions...and we will be even better together.
Kelly King: So, a few more details about the new combined company… This is a true merger of equals. Our respective leadership teams are already making decisions together and we feel really good about how we'll transition to the new company. From a leadership perspective, I will serve as Chairman and CEO of the combined company for the first two years…
Bill Rogers: ...at which point I will take over for Kelly as the CEO of the combined company. Until then, I will serve as President and COO. And both the board of directors and management team will be evenly split. We’re really going to be one team. We're really excited to choose a new name and brand for a new company, which we'll work on together later this year. Our corporate headquarters will be in Charlotte, North Carolina, and will include a new Innovation and Technology Center to drive our ongoing digital transformation.
Kelly King: As you can see we will all be working together. Bill and I, the management team, the boards, it really is an even combination. The great thing about it is that two plus two becomes five. So it’s really exciting. And even though we are establishing a new headquarters, we're still very much committed to our home markets in Atlanta and Winston-Salem, North Carolina. We plan to maintain a strong presence in both towns and that includes increasing our financial commitment. Bill and I feel very strongly that we will remain committed to those communities. Building a stronger company isn't just about us...it's about the opportunity to give back even more to all of those communities that have supported us for more than a hundred years.
Bill Rogers: Again, it really comes back to our cultures and how similar they are. We're driven by our mission to make the world a better place and our purpose of Lighting the Way to Financial Well-Being. With our community banking model and client-first mentality, we can make a tremendous difference.
Kelly King: Thank you so much for watching. As you can tell, we're both extremely excited about what this means for the future of BB&T and SunTrust. We look forward to working with each other and all of you to ensure this merger is a success for our associates and teammates, for our clients, and for our communities. Have a great day.
Bill Rogers: Let’s do it.
Our New, Combined Company by the Numbers
Largest U.S. Bank by Assets + Deposits
Households in the U.S.
Based on the separate financial statements of BB&T and SunTrust as of December 31, 2018.