BBT BB and T Corporation

   By Allison Prang 
 

The Federal Reserve Board approved the merger of regional lenders BB&T Corp. (BBT) and SunTrust Banks Inc. (STI), the largest bank deal since the financial crisis.

BB&T and SunTrust--based in Winston-Salem, N.C., and Atlanta respectively--announced plans earlier this year to combine. The deal has been valued at over $28 billion and would combine two the country's biggest regional banking firms. The combined bank will be named Truist.

While the Fed approved the deal, it also issued a consent order against SunTrust and said the company "made misleading or inaccurate statements" to business customers regarding add-on products. The regulator said SunTrust did this from 2013 through 2017, and that the company has ended these practices and paid customers about $8.8 million in fees.

The Fed said "as a condition of the merger, BB&T has committed that the resulting bank will comply with the enforcement action."

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

November 19, 2019 16:16 ET (21:16 GMT)

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