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

[DMann]

I just had a thought that what if this isn't the end of the merger?  What if the other shoe is for another bank, lets speculate that it is Key,  then merges to make a much bigger bank.  Stranger things have happened.

[kermit]

43 minutes ago, DMann said:

I just had a thought that what if this isn't the end of the merger?  What if the other shoe is for another bank, lets speculate that it is Key,  then merges to make a much bigger bank.  Stranger things have happened.

Sure, maybe.

A couple things mitigate against that. First, Kelly King is know to be a pretty conservative guy. It seems unlikely to be he would push for radical changes that risk shareholder returns while he is sitting in the big chair. Wall Street  isn't exactly thrilled again with giant banks either.  Second, The merger is threading a political needle. The current batch of  federal regulators are clearly in an 'anything goes' mode -- that will be a very different story if the White House changes parties. So the window for another deal to be made and approved may be less than a year (BB&T-SunTrust hopes to close 4q 19, election is November 2020).

Having said all that, anything can happen. Deals like the one you describe happened monthly (its seemed like) during the Wild West era of Charlotte banking 20+ years ago.

Edited February 13, 2019 by kermit

[RiverwoodCLT]

NAI Southern has said the company doesn't plan to build the office tower without an anchor tenant, and a brand for the hotel hasn't been announced yet, so it's unclear when construction could begin on the 3.4-acre site. The developers argued that with the Gold Line streetcar nearby, the area is primed for more growth, and the city should encourage density there.

This could be a tower for Honeywell or BB&T/Sun Trust

 

 

Edited February 13, 2019 by RiverwoodCLT

[Crucial_Infra]

3 hours ago, DMann said:

I just had a thought that what if this isn't the end of the merger?  What if the other shoe is for another bank, lets speculate that it is Key,  then merges to make a much bigger bank.  Stranger things have happened.

I could easily see this happening. Merge with another smaller entity just to get their good brand name. Watch them buy Ally and then take that name which is a great one with great branding. Plus Ally’s leadership might be looking to exit Detroit and this is the way. All crazy speculation. Or watch BofA buy SunBBT before they waste a bunch of money on a rebrand making BofA number 1 bank again. Thing is, rebrands are extremely risky. If SunBBT doesn’t do it right they could hurt themselves. Might be smarter to just stall on the the new name and maybe another merger saves them the trouble. 

Edited February 13, 2019 by Crucial_Infra

[cltcane]

^ No way that’s going to happen.  Could you imagine the logistical nightmare that combining the operations of three large regional banks would be if the deals could even get approved?  Two years down the road once BB&T and SunTrust are integrated, sure.  I don’t expect the new company to be on the sidelines long; they want to play ball with the big boys. There will be plenty of opportunities to create a coast-to-coast mega bank once other large regionals start combining.  Let’s just hope the HQ remains in the QC.

[Desert Power]

36 minutes ago, cltcane said:

^ No way that’s going to happen.  Could you imagine the logistical nightmare that combining the operations of three large regional banks would be if the deals could even get approved?  Two years down the road once BB&T and SunTrust are integrated, sure.  I don’t expect the new company to be on the sidelines long; they want to play ball with the big boys. There will be plenty of opportunities to create a coast-to-coast mega bank once other large regionals start combining.  Let’s just hope the HQ remains in the QC.

I mean, it is basically the same logistical nightmare that BofA spent the last 6 years trying to clean up (and Wells never has).

[Crucial_Infra]

53 minutes ago, cltcane said:

^ No way that’s going to happen.  Could you imagine the logistical nightmare that combining the operations of three large regional banks would be if the deals could even get approved?  Two years down the road once BB&T and SunTrust are integrated, sure.  I don’t expect the new company to be on the sidelines long; they want to play ball with the big boys. There will be plenty of opportunities to create a coast-to-coast mega bank once other large regionals start combining.  Let’s just hope the HQ remains in the QC.

I’m not suggesting they merge with another bank before this one is completed. That’s obviously not going to happen. I’m suggesting a slow walk of the rebrand as the banks combine operations. They can easily trade as BBTSunTrustBancshares while operating branches as is. Look at how CCB merged with NCBC of Memphis but they didn’t do an immediate rebrand because they knew a future merger was likely which would cause them to do it again. Sure enough, within a few years, STI bought the whole thing and saved them the trouble. 

Edited February 14, 2019 by Crucial_Infra

[J-Rob]

If it were up to me and my peasant thought process, this is where I would try to put the Sun Bank & Trust HQ tower. 

1. If it is a tall tower, it would help even the lull in the skyline between BOACC and DEC.

2. It is near blue line and gold line.

3. There are many surface parking lots and underdeveloped lots near by for them to expand near the HQ tower.

4. They could transform the area into something more than it is (an area that drifts into surface lots in the transition toward government buildings).

 

[KJHburg]

^^^NC RR company owns that lot and they seem reluctant to sell but maybe they would.  

[J-Rob]

Any idea why?  They aren’t using it.  Maybe for the right price!

[Nick2]

2 minutes ago, J-Rob said:

Any idea why?  They aren’t using it.  Maybe for the right price!

Each yeah they keep it, its value is going up. If they wait, they'll get millions more for it.

[KJHburg]

5 minutes ago, J-Rob said:

Any idea why?  They aren’t using it.  Maybe for the right price!

it is a long term investment.  They could sell it and replace a lot of track with it.  

2 minutes ago, Nick2 said:

Each yeah they keep it, its value is going up. If they wait, they'll get millions more for it.

Yep.  however  they should be selling their surplus land they just seem reluctant to do it. 

[Urban Cowboy]

On 2/10/2019 at 8:54 AM, spenser1058 said:

Listing the state after the city is in the AP Style  Book (pretty sure The NY Times one as well).

There are exceptions: for example, when writing about a city in the same state as the publication. Also, iirc, you didn’t have to add the state for the top 25 or so cities in the US as they were presumed to be familiar. The only problem is that I don’t think the list of cities has been updated since God was a child (for example, did you know Charleston was one of the five largest cities in 1790 - things do change).

Just stumbled across an Atlanta Business Journal article from 2016 where Charlotte is the only city paired with the state listing.

[KJHburg]

^^^ I subscribe to the Atlanta Business Chronicle and yes every mention of Charlotte has NC behind it.  Charlotte NC based Asana buys.........   New merged bank headquarters will be in Charlotte NC   But I forget is Atlanta in Alabama???  I know it spreads over red clay for miles and miles in every direction.  I am confused when I see something like this.

http://www.bamainatlanta.org/

I guess I will start using the GA to avoid confusion in discussing Atlanta. 

[TheOneRJ]

Pretty sure that’s just Atlanta being petty. 

[Spartan]

10-15 years ago, Atlanta was commonly written as Atlanta, GA. It infuriated people on message boards (back when we were all on SSP.  Once your city becomes prominent enough nationally and culturally, the state name goes away because it's considered common knowledge. We're just not quite there yet, and people still confuse us with Charleston and Charlottesville.

 

Anyway, assuming a new HQ building - here are my thoughts:

• Banks want to be high profile, and they want to be on a signature street and/or neighborhood. Something on Tryon Street would seem to be logical, and I think Spirit Square would have a lot of potential. 
• However, BB&T already has a building uptown, and while I realize they don't own it - what if they bought it, razed it and built a new one on that site?
• Third Ward is also a pretty hot area to be. I could easily see them grabbing up one of the parking decks or lots and building there.
• Ballantyne, River District, and South Park shouldn't be ruled out. Ballantyne in particular will probably want to vie for the development, and I'm betting the future of Ballantyne is going to be significantly more urban than what is there now; especially with the Blue Line being studied for extension.
• Depending on the timing, it could land in Brooklyn Village or one of the many sites in Second Ward.

 

On 2/12/2019 at 11:16 PM, ricky_davis_fan_21 said:

Written on my cell, in an Uber, heading to dinner with clients.

I think ATLANTA is consistently bad, but NYCs lows are lower


Sent from my iPad using Tapatalk

I have had to drive in Atlanta. I've never needed to in New York. Say what you want about NYC, but driving is generally optional there. In Atlanta it generally isn't. That's what makes Atlanta worse.

[KJHburg]

The funny thing about the NC always mentioned in the Atlanta Business Chronicle is that they  also advertise their readerships and subscribers are educated, affluent business people who of all people know of Charlotte and where it is.  

anyway getting back to the merger  there is concern in Atlanta  about their office space there.  I think there will be some consolidation into the SunTrust owned tower downtown  but give up the other space as time goes on.    BB&T actually likes to owns buildings they are in like the 2 they bought in suburban Charlotte at the Lakepointe Corp. Center and they just bought the 11 story Smoketree tower in suburban Raleigh.    They only lease the space in uptown Charlotte on S College.

From the ABC:

""SunTrust occupies more than 1 million square feet in its downtown headquarters, but it also has major divisions filling up towers across the city.

The question now: what happens to all that space?  In a stunning announcement Feb. 7, BB&T Corp. (NYSE: BBT) said it will buy Atlanta-based SunTrust Bank (NYSE: STI). The all-stock deal is the largest U.S. bank merger since the financial crisis more than a decade ago.

BB&T and SunTrust picked Charlotte, N.C. as the new headquarters. 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.""

all these real estate issues will be worked out over the next few years including here in Charlotte.   I do think eventually they will consolidate into a tower here but it really depends on how big their corporate staff here will be and this tech center if they want in the same building.  

[Miesian Corners]

RE: Charlotte, N.C. 

The AP Stylebook sets the standard for news writing.  AP's rules on grammar, spelling, punctuation, capitalization, abbreviation, and word and numeral usage are followed by all legitimate media. Until AP decides to drop it, get used to seeing "N.C."

[j-man]

I feel like its going to take Charlotte to host the Superbowl or Olympics for people to drop the NC off of it lol. But I think with the population growth, banks, events, sports, and having one the the world's busiest airports that Charlotte would be there by now. Though I feel like it's a northern and western thing.  People in the South know Charlotte alone from North Carolina. 

[j-man]

New article. 

https://www.bisnow.com/atlanta/news/capital-markets/loss-of-suntrust-will-have-ripple-effects-for-atlanta-development-97605

Edited February 20, 2019 by j-man

[Guest]

9 minutes ago, j-man said:

New article. 

https://www.bisnow.com/atlanta/news/capital-markets/loss-of-suntrust-will-have-ripple-effects-for-atlanta-development-97605

I made it five lines before I found my first massive error.

[j-man]

7 minutes ago, ricky_davis_fan_21 said:

I made it five lines before I found my first massive error.

huh? lol I'm confused...what errror?

Edited February 20, 2019 by j-man

[Guest]

4 minutes ago, j-man said:

huh? lol I'm confused...what errror?

They call BB&T "Charlotte-based," they must not have even read the article they linked to. Which refers to the Queen City as "Charlotte, North Carolina," which isn't the accepted AP way to refer to it.

Edited February 20, 2019 by Guest

[j-man]

4 minutes ago, ricky_davis_fan_21 said:

They call BB&T "Charlotte-based," they must not have even read the article they linked to. Which calls refers to the Queen City as "Charlotte, North Carolina," which isn't the accepted AP way to refer to it.

Ohhhh yeah. lol I caught that! This article isn't the best. It's more on the loss of Atlanta, than the gain for Charlotte. Oh well. They have Home Depot Still. 

Edited February 20, 2019 by j-man

[Tyrone Wiggum]

FTA: “It's sad to lose a Fortune 500 corporate headquarters. I don't think there's a way to spin it as a positive. It's neutral,” Ackerman & Co. President Kris Miller said.