Two national banking giants have completed their merger to become the largest bank in Hampton Roads by deposit market share.
SunTrust Bank and BB&T announced the merger’s completion Dec. 9. The combined entity also has a new name: Truist Financial Corp.
“It’s an exciting time to be a banker in the commonwealth of Virginia,” said Dan O’Neill, the bank’s new regional president for the eastern half of Virginia.
In his new role, O’Neill oversees Fredericksburg to the North Carolina line and over to Hampton Roads. Most of the 186 branches in that region are either in the Richmond area or Hampton Roads, he said.
The two banks announced the planned merger back in February. O’Neill said they have similar cultures and will now be able to make larger investments in new technology. The merger will also deliver around $1.6 billion in yearly cost savings, according to a news release.
For customers, the merger means access to both SunTrust and BB&T ATMs and financial experts employed by both banks. Other benefits will emerge during the transition period, O’Neill said, which will take two years.
Both SunTrust and BB&T (Branch Banking and Trust Co.) were among the top five largest banks in Hampton Roads in terms of deposit market share, according to a June 30 report from the Federal Deposit Insurance Corp. SunTrust had 15.02% of deposits as of that date, and BB&T had 12.44%. Their combined 27.46% makes Truist the largest bank in the region, ahead of Towne Bank (23.92%) and Wells Fargo (19.13%).
To receive federal approval for the merger, SunTrust is selling 30 of its branches to First Horizon Bank. Two of those branches are in Hampton Roads, in the Eastern Shore towns of Onancock and Cape Charles. O’Neill said the divestment, which will be finalized next year, will be handled thoughtfully to minimize job losses.
O’Neill has more than 33 years of experience in the banking industry, and previously served as president of SunTrust’s mid-Atlantic region.
Trevor Metcalfe, 757-222-5345, trevor.metcalfe@insidebiz.com.
