Truist - New HQ (BB&T-SunTrust Merger)

[tozmervo]

3 minutes ago, KJHburg said:

From Business NC twitter feed

Fast Fact: BB&T had $10B and was based in Wilson when it did merger of equals with Lumberton's Southern National Bank in 1994 and moved to WinstonSalem. Pending approval, it will have $442B and be based in Charlotte. A lot of great stuff comes out of leaves eastern #NorthCarolina

ftfy

[CLT704]

Quote

It remains undecided where the headquarters for the new bank will be in Charlotte, but uptown is high on the list, King said. Also undecided is whether the space will be leased or built new, he said.

“We want to be in the heart of the business district,” he said.

Read more here: https://www.charlotteobserver.com/news/business/banking/article225910815.html#storylink=cpy

This bodes well for Uptown!

[Dale]

14 minutes ago, CLT704 said:

This bodes well for Uptown!

That sounds almost definitively like Uptown.

[tozmervo]

"No state or local incentives are being used to lure the headquarters to Charlotte, [BB&T CEO Kelly] King said."

Read more here: https://www.charlotteobserver.com/news/business/banking/article225910815.html#storylink=cpy

[King of the Queen City]

So it seems this bank will have both BB&T Ballpark in Charlotte and SunTrust Park in Atlanta named after it...

[KJHburg]

From Business Journal article about their real estate footprint in Charlotte:

""The 22-story BB&T Center serves as the primary office for BB&T in the Queen City. The bank inked a 10-year renewal there for 120,000 square feet in 2016, so it still has a significant amount of term left on its lease. Last year, BB&T also purchased two office buildings, LakePointe Corporate Center One and Two, off Tyvola Road for about $52.8 million. The regional headquarters for SunTrust is at the Sharon Square office building near Sharon and Fairview roads. Therefore, the two banks today have significant office space in uptown, the suburbs and SouthPark.

It's unknown where the bank will land its headquarters or even how many employees are expected to come to Charlotte. But it seems likely, based on other bank moves in Charlotte, that the company's preference would be to anchor an office tower in uptown, potentially with naming and signage rights, much like the existing BB&T Center. With current and recently completed construction, the Charlotte skyline will be dotted with logos of multiple banks and financial services firms, including Bank of America, Barings, Ally Financial, Regions Bank and FNB Corp.""

subscriber article https://www.bizjournals.com/charlotte/news/2019/02/07/could-another-bank-tower-join-charlottes-skyline.html?ana=e_du_prem&s=article_du&ed=2019-02-07&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549572493&j=86535411

[tozmervo]

5 minutes ago, King of the Queen City said:

So it seems this bank will have both BB&T Ballpark in Charlotte and SunTrust Park in Atlanta named after it...

and BB&T park in Winston, and BB&T Arena at Northern Kentucky University, and BB&T Center in Sunrise, FL where the NHL Florida Panthers play

[videtur quam contuor]

 

Plus more naming rights:

 

https://www.greensboro.com/blogs/the_syllabus/the-syllabus-local-colleges-naming-rights-and-today-s-bb/article_4bb3754d-cdb5-5821-8e75-2ad0dc6b02d2.html

[KJHburg]

Story from WFAE and people are stunned especially in Atlanta as this the biggest bank based in Georgia and the Trust Company of Georgia was founded in 1891 and financed much of the growth of Coca Cola in the early years. 

https://www.wfae.org/post/deeper-look-bbt-and-suntrust-merger#stream/0

another article I read said Winston and Atlanta had no chance for the HQ as a neutral site had to be chosen.  However no one said but I think NC lower corporate income tax could have come into play as well of course the huge banking employee pool here.    

 

[Dale]

Texcitement, on SSP, says he’s quite familiar with this deal, that a permanent headquarters will likely be announced, in 2 to 3 years, and that Charlotte will likely have to fight for it.

[KJHburg]

Little more details with branch overlap in the Winston Salem Journal article

https://www.journalnow.com/business/bb-t-buys-suntrust-in-billion-deal-combined-bank-to/article_62268e46-a880-5d79-a8b3-3bd7531d0784.html

[KJHburg]

One more thing about this merger their footprint is one of the best in the country top 3 market share in most states in the southeast the fastest growing region in the country.  

Look at this map of just their DC area branches.  My mom worked for United VA Bank long bought out by SunTrust 

https://www.bizjournals.com/washington/news/2019/02/07/suntrust-and-bb-t-bank-are-merging-here-are-all.html?ana=e_ae_set1&s=article_du&ed=2019-02-07&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549584708&j=86535711

and a huge number of wealthy counties surround DC of course. 

From one of the many articles about the merger in the Business Journal today is this:

8th Fortune 500 HQ for the Charlotte region

""The addition of the BB&T-SunTrust bank to the Charlotte region's list of Fortune 500 corporations with headquarters here would bring the total to eight. Already based in the region are Bank of America Corp. (NYSE: BAC), Lowe’s Cos. Inc. (NYSE: LOW), Duke Energy Corp. (NYSE: DUK), Nucor Corp. (NYSE: NUE), Sonic Automotive Inc. (NYSE: SAH) and Sealed Air Corp. (NYSE: SEE). Honeywell International Inc. (NYSE: HON), which announced about three months ago that it would bring its headquarters to Charlotte in the near future, will be No. 7. And the soon-to-be-merged bank would be No. 8.""

https://www.bizjournals.com/charlotte/news/2019/02/07/why-transformational-bb-t-suntrust-deal-is-a-big.html?iana=hpmvp_clt_news_headline

Edited February 8, 2019 by KJHburg

[Old Carolinian]

Bank mergers:   Consolidation eliminates duplicate branches and functions, thousands of employees are terminated to achieve expense reductions, senior management receives stock options and cash bonuses, and customers of the combined banking organization are charged increased fees for services.

[NYCLT]

1 hour ago, KJHburg said:

One more thing about this merger their footprint is one of the best in the country top 3 market share in most states in the southeast the fastest growing region in the country.  

Look at this map of just their DC area branches.  My mom worked for United VA Bank long bought out by SunTrust 

https://www.bizjournals.com/washington/news/2019/02/07/suntrust-and-bb-t-bank-are-merging-here-are-all.html?ana=e_ae_set1&s=article_du&ed=2019-02-07&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549584708&j=86535711

and a huge number of wealthy counties surround DC of course. 

From one of the many articles about the merger in the Business Journal today is this:

8th Fortune 500 HQ for the Charlotte region

""The addition of the BB&T-SunTrust bank to the Charlotte region's list of Fortune 500 corporations with headquarters here would bring the total to eight. Already based in the region are Bank of America Corp. (NYSE: BAC), Lowe’s Cos. Inc. (NYSE: LOW), Duke Energy Corp. (NYSE: DUK), Nucor Corp. (NYSE: NUE), Sonic Automotive Inc. (NYSE: SAH) and Sealed Air Corp. (NYSE: SEE). Honeywell International Inc. (NYSE: HON), which announced about three months ago that it would bring its headquarters to Charlotte in the near future, will be No. 7. And the soon-to-be-merged bank would be No. 8.""

https://www.bizjournals.com/charlotte/news/2019/02/07/why-transformational-bb-t-suntrust-deal-is-a-big.html?iana=hpmvp_clt_news_headline

When is Brighthouse being added to that list?

[KJHburg]

Just now, NYCLT said:

When is Brighthouse being added to that list?

Good question.  someone mentioned on here it should be on the list this year I think.  That could be #9. 

[QCxpat]

1 hour ago, KJHburg said:

One more thing about this merger their footprint is one of the best in the country top 3 market share in most states in the southeast the fastest growing region in the country.  

Look at this map of just their DC area branches.  My mom worked for United VA Bank long bought out by SunTrust 

https://www.bizjournals.com/washington/news/2019/02/07/suntrust-and-bb-t-bank-are-merging-here-are-all.html?ana=e_ae_set1&s=article_du&ed=2019-02-07&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549584708&j=86535711

and a huge number of wealthy counties surround DC of course. 

From one of the many articles about the merger in the Business Journal today is this:

8th Fortune 500 HQ for the Charlotte region

""The addition of the BB&T-SunTrust bank to the Charlotte region's list of Fortune 500 corporations with headquarters here would bring the total to eight. Already based in the region are Bank of America Corp. (NYSE: BAC), Lowe’s Cos. Inc. (NYSE: LOW), Duke Energy Corp. (NYSE: DUK), Nucor Corp. (NYSE: NUE), Sonic Automotive Inc. (NYSE: SAH) and Sealed Air Corp. (NYSE: SEE). Honeywell International Inc. (NYSE: HON), which announced about three months ago that it would bring its headquarters to Charlotte in the near future, will be No. 7. And the soon-to-be-merged bank would be No. 8.""

https://www.bizjournals.com/charlotte/news/2019/02/07/why-transformational-bb-t-suntrust-deal-is-a-big.html?iana=hpmvp_clt_news_headline

Based on a post in City-Data.com, if the Charlotte MSA had 9 Fortune 500 HQs with the addition of the BB&T / SunTrust corp. HQ and Brighthouse Financial HQ, its rank would move up from 23rd to 17th MSA with the most Fortune 500 HQs.

Link:    http://www.city-data.com/forum/city-vs-city/2923130-2018-fortune-500-msa-city.html

Edited February 8, 2019 by QCxpat

[DH17]

Excited about the Digital Transformation/Tech group they want here in Charlotte. If they are serious about investment in this, that's easily 500+ workers right there.

[KJHburg]

They really seem upset in Atlanta if you look at this headline it is as if we stole Coca Cola from them.  

https://www.ajc.com/news/local-govt--politics/suntrust-merger-with-means-another-bank-leaving-for-charlotte/YN1k8G53eaX3Kl08MT4FEI/

[kermit]

3 hours ago, Dale said:

Texcitement, on SSP, says he’s quite familiar with this deal, that a permanent headquarters will likely be announced, in 2 to 3 years, and that Charlotte will likely have to fight for it.

Honest question. Why would any talent-dependent corporation want to have three different HQ sites in three years? What is there to gain from that?

[CLT704]

^ It just seems really illogical to say we'll have our HQ here and then to move it 2-3 years later. What is the point? I really hope that's not what's going to happen

[spenser1058]

9 hours ago, KJHburg said:

They really seem upset in Atlanta if you look at this headline it is as if we stole Coca Cola from them.  

https://www.ajc.com/news/local-govt--politics/suntrust-merger-with-means-another-bank-leaving-for-charlotte/YN1k8G53eaX3Kl08MT4FEI/

Perhaps more than any bank that's ever been in Atlanta, Trust Company was part of the civic fabric so I feel their pain. It's very much like when Sun Banks got spirited away to Atlanta from Orlando...

[Trickbot]

10 hours ago, KJHburg said:

They really seem upset in Atlanta if you look at this headline it is as if we stole Coca Cola from them.  

https://www.ajc.com/news/local-govt--politics/suntrust-merger-with-means-another-bank-leaving-for-charlotte/YN1k8G53eaX3Kl08MT4FEI/

Is stealing  Coca Cola an option? I'd gladly take that from the ATL too

[KJHburg]

Just let you know how much space Sun Trust and BB&T have in Atlanta (hint they are one of the biggest office tenants in town)  Not saying they would need this much space in Charlotte by any stretch as much of this space in the ATL will be retained but some consolidation  will occur.  

""SunTrust will maintain a large presence in Atlanta, but it's possible the bank will consolidate much of its office space across the city.

There's a lot of it, according to market data.

About 675,000 square feet at the 303 Peachtree Street headquarters.
About 400,000 square feet in the tower's Garden Offices.
Almost 200,000 square feet for SunTrust Robinson Humphrey's offices in Buckhead's Atlanta Financial Center.
Just under 100,000 in Midtown's Campanile building.
Another 50,000 at Peachtree Center.
By comparison, BB&T's Atlanta office footprint is a fraction of that size. It has multiple floors at its regional office in Midtown's 271 17th tower overlooking Atlantic Station. Overall across metro Atlanta, BB&T occupies just over 100,000 square feet.""

source Atlanta Business Chronicle https://www.bizjournals.com/atlanta/news/2019/02/08/suntrust-is-one-of-atlantas-largest-office-tenants.html?ana=e_mc_prem&s=newsletter&ed=2019-02-08&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549634012&j=86548031

Edited February 8, 2019 by KJHburg

[15895]

I’m,  for a second, am going to be a yuge Charlotte fanboy for a second. 

If SunTrust did build a nice 900+ ft. Tower, Duke builds their tower and after the Legacy projects and Crescents projects, Charlotte will hit the next level. I know they’re just office towers - but high paying office towers will draw roofs and retail and more entertainment venues. That, and our skyline will definitely be amongst the best of any city of any size in the US. Not the biggest, but definitely one of the prettiest. 

I also think it would be pretty impressive given how Charlotte has already hit the “next level” twice - imo - since 2005. 

The first being the pre-recession when we got light rail, Vue, Epicenter, NASCAR HoF, Wachovia (Aka Duke Tower) and the 2nd time which has seen Romare Park, BBT stadium, 3rd Ward in general, Light rail extension, Streetcar, Stonewall Corridor. 

Edited February 8, 2019 by AirNostrumMAD

[navigator319]

4 minutes ago, AirNostrumMAD said:

I’m,  for a second, am going to be a yuge Charlotte fanboy for a second. 

If SunTrust did build a nice 900+ ft. Tower, Duke builds their tower and after the Legacy projects and Crescents projects, Charlotte will hit the next level. I know they’re just office towers - but high paying office towers will draw roofs and retail and more entertainment venues. That, and our skyline will definitely be amongst the best of any city of any size in the US. Not the biggest, but definitely one of the prettiest. 

I also think it would be pretty impressive given how Charlotte has already hit the “next level” twice - imo - since 2005. 

The first being the pre-recession when we got light rail, Vue, Epicenter, NASCAR HoF, Wachovia (Aka Duke Tower) and the 2nd time which has seen Romare Park, BBT stadium, 3rd Ward in general, Light rail extension, Streetcar, Stonewall Corridor. 

I agree completely.  I can definitely say that when I was deciding to move out of Boston in 2011/2012 and visiting CLT, Atlanta, Austin trying to decide where to go that if CLT did not have what you listed for pre-recession developments finished  that I definitely would have ended up in ATL.   

Not because I would use all those developments, still have never been to NASCAR HOF, but that wasn't the point to me.  To me it came down to how did the city feel, the vibe, the concentration, the growth.  I wanted something that felt like a city.