ATLANTA, July 30, 2019 /PRNewswire/ -- SunTrust Banks,
Inc. (NYSE: STI) shareholders today approved the agreement for the
merger of equals of SunTrust and BB&T Corporation (NYSE: BBT).
This completes another step in the process to form the premier
financial institution, Truist, serving approximately 10 million
U.S. consumer households and a full range of business clients.
At a special meeting of shareholders held today, nearly 99
percent (98.96) of the shares voted were cast in favor of the
proposal to approve the merger agreement with BB&T.
"We are very pleased with the enthusiastic approval of our
shareholders for the merger of SunTrust with BB&T to form
Truist," said SunTrust Chairman and CEO Bill Rogers. "Our best path forward is to align
with a partner that values a purpose-driven approach, sound risk
management and leading technology. We found that in BB&T.
Together, our combined scale will allow us to compete more
effectively while enhancing our client experience and community
support."
Pending regulatory approval and other customary closing
conditions, the companies expect the merger to close late in the
third quarter or in the fourth quarter of this year.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company
dedicated to Lighting the Way to Financial Well-Being for the
people, businesses, and communities it serves. SunTrust leads onUp,
a national movement inspiring Americans to build financial
confidence. Headquartered in Atlanta, the Company has two
business segments: Consumer and Wholesale. Its flagship
subsidiary, SunTrust Bank, operates an extensive branch and
ATM network throughout the high-growth Southeast and Mid-Atlantic
states, along with 24-hour digital access. Certain business lines
serve consumer, commercial, corporate, and institutional clients
nationally. As of June 30, 2019, SunTrust had total
assets of $222 billion and total deposits of $161
billion. The Company provides deposit, credit, trust, investment,
mortgage, asset management, securities brokerage, and capital
market services. Learn more at suntrust.com.
Cautionary Note Regarding Forward-Looking Statements
This communication contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding the financial condition, results of operations, business
plans and the future performance of BB&T and SunTrust. Words
such as "anticipates," "believes," "estimates," "expects,"
"forecasts," "intends," "plans," "projects," "could," "may,"
"should," "will" or other similar words and expressions are
intended to identify these forward-looking statements. These
forward-looking statements are based on BB&T's and SunTrust's
current expectations and assumptions regarding BB&T's and
SunTrust's businesses, the economy, and other future conditions.
Because forward-looking statements relate to future results and
occurrences, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict. Many
possible events or factors could affect BB&T's or SunTrust's
future financial results and performance and could cause actual
results or performance to differ materially from anticipated
results or performance. Such risks and uncertainties include, among
others: the occurrence of any event, change or other circumstances
that could give rise to the right of one or both of the parties to
terminate the definitive merger agreement between BB&T and
SunTrust, the outcome of any legal proceedings that may be
instituted against BB&T or SunTrust, delays in completing the
transaction, the failure to obtain necessary regulatory approvals
(and the risk that such approvals may result in the imposition of
conditions that could adversely affect the combined company or the
expected benefits of the transaction) or to satisfy any of the
other conditions to the transaction on a timely basis or at all,
the possibility that the anticipated benefits of the transaction
are not realized when expected or at all, including as a result of
the impact of, or problems arising from, the integration of the two
companies or as a result of the strength of the economy and
competitive factors in the areas where BB&T and SunTrust do
business, the possibility that the transaction may be more
expensive to complete than anticipated, including as a result of
unexpected factors or events, diversion of management's attention
from ongoing business operations and opportunities, potential
adverse reactions or changes to business or employee relationships,
including those resulting from the announcement or completion of
the transaction, the ability to complete the transaction and
integration of BB&T and SunTrust successfully, and the dilution
caused by BB&T's issuance of additional shares of its capital
stock in connection with the transaction. Except to the extent
required by applicable law or regulation, each of BB&T and
SunTrust disclaims any obligation to update such factors or to
publicly announce the results of any revisions to any of the
forward-looking statements included herein to reflect future events
or developments. Further information regarding BB&T, SunTrust
and factors which could affect the forward-looking statements
contained herein can be found in BB&T's Annual Report on
Form 10-K for the fiscal year ended December 31, 2018, as updated by its Quarterly
Reports on Form 10-Q, and its other filings with the Securities and
Exchange Commission ("SEC"), and in SunTrust's Annual Report on
Form 10-K for the fiscal year ended December 31, 2018, as updated by its Quarterly
Reports on Form 10-Q, and its other filings with the SEC.
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SOURCE SunTrust Banks, Inc.
