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

[J-Rob]

Pics of the site next to Hall House, the first with Truist Tower in background.

Edited September 21, 2019 by J-Rob

[videtur quam contuor]

Family in town this week and they went uptown, without me, and reported many flower and plant sellers on all streets and a happy and engaged pedestrian experience. First time visit for three of them, two others were their guides and have been before but live in Raleigh. One is to be married soon and works for Duke, location of work unknown. Weather was wonderful and they enjoyed covering the town. That it was a work day helped with the busy experience. They are here for a weekend wedding in a hotel uptown.

[CLT_sc]

On 9/21/2019 at 8:37 AM, KJHburg said:

Yes the Hall House is to be returned to its original purpose a hotel.   That's the plan. 

Would be a great use of that building, hope it is a nice niche hotel.

[KJHburg]

Update from the ATL Biz Journal about the merger.  Funny according to this article Charlotte is nowhere near their top market if that is correct.  I know BB&T is pretty big here in the metro area but not SunTrust. 

https://www.bizjournals.com/atlanta/news/2019/10/17/bb-t-and-suntrust-momentum-building-for-merger-to.html

[CLT2014]

52 minutes ago, KJHburg said:

Update from the ATL Biz Journal about the merger.  Funny according to this article Charlotte is nowhere near their top market if that is correct.  I know BB&T is pretty big here in the metro area but not SunTrust. 

https://www.bizjournals.com/atlanta/news/2019/10/17/bb-t-and-suntrust-momentum-building-for-merger-to.html

Based on deposit market share in Charlotte for banks with physical branches, SunTrust ranks 5th (below First-Citizens and above South State). BB&T currently ranks third. 

[U_R_]

8 hours ago, KJHburg said:

Update from the ATL Biz Journal about the merger.  Funny according to this article Charlotte is nowhere near their top market if that is correct.  I know BB&T is pretty big here in the metro area but not SunTrust. 

https://www.bizjournals.com/atlanta/news/2019/10/17/bb-t-and-suntrust-momentum-building-for-merger-to.html

Atlanta is definitely a weird bank market right now. A ton of new banks are expanding in the area and new banks are entering the market, so it will be interresting to se how the new Truist will manage their lead. 

[TheOneRJ]

Isn’t it time for a title change 

[KJHburg]

More on the Truliant and Truist battle.

https://www.bizjournals.com/triad/news/2019/11/06/truliant-pushes-bb-t-suntrust-for-answer-in-truist.html

[Matthew.Brendan]

Maybe they'll come to realize SunTrust is a perfectly great name.

[KJHburg]

1 minute ago, Matthew.Brendan said:

Maybe they'll come to realize SunTrust is a perfectly great name.

It wont happen as BB&T is the acquirer.   However my choice would Best Bank and Trust (BB&T)

[Matthew.Brendan]

I'm not aware of any legal reason why they couldn't use the SunTrust name if they wanted? (of course, I am not a corporate lawyer) Other than BB&T execs having to swallow their pride?

Heck, just keep BB&T. Still better than Truist. Of course I'm sure they're into sunk-cost fallacy land of having paid big bucks for the marketing firm to come up with that clunker.

Edited November 6, 2019 by Matthew.Brendan
spelling

[TheOneRJ]

Not a fan of the name, but the new bank shouldn’t carry over either of the two existing names if it’s a true merger like it’s being marketed. Otherwise it just sounds like an acquisition. 

Edited November 6, 2019 by TheOneRJ

[eastsider]

2 hours ago, Matthew.Brendan said:

I'm not aware of any legal reason why they couldn't use the SunTrust name if they wanted? (of course, I am not a corporate lawyer) Other than BB&T execs having to swallow their pride?

Heck, just keep BB&T. Still better than Truist. Of course I'm sure they're into sunk-cost fallacy land of having paid big bucks for the marketing firm to come up with that clunker.

First Union acquired Wachovia but kept the Wachovia name, so it can be done.

[videtur quam contuor]

That was because the First Union name was toxic in the NorthEast areas where they bought banks and had systems merger issues. "The F U Bank"  Not so good. Thus buy Wachovia and take the name that most people do not know, good or bad.

[kickazzz2000]

13 hours ago, tarhoosier said:

That was because the First Union name was toxic in the NorthEast areas where they bought banks and had systems merger issues. "The F U Bank"  Not so good. Thus buy Wachovia and take the name that most people do not know, good or bad.

F.U...I’ll just wach all ova ya

[CLT2014]

14 hours ago, eastsider said:

First Union acquired Wachovia but kept the Wachovia name, so it can be done.

Charlotte based NationsBank acquired San Francisco based BankAmerica as well and modified the name to become Bank of America and kept the HQ in Charlotte.
Minneapolis based Norwest Corp acquired San Francisco based Wells Fargo, took their name, and moved the HQ to SF in 1998. 

Another example from a different industry: Phoenix based America West Airlines acquired US Airways which then was the acquiring company in the merger with American Airlines. During each merger, the acquiring company took the better brand of US Airways and then American. 


 

Edited November 7, 2019 by CLT2014

[KJHburg]

This is getting closer to Federal approval.   Branches sold to First Horizon Bank including quite a few in NC. 

https://www.bizjournals.com/charlotte/news/2019/11/08/bb-t-suntrust-merger-advances-with-suntrust-set-to.html

[King of the Queen City]

Still no logo?

[King of the Queen City]

It’s official...

BB&T, SunTrust deal receives final approval from regulators for $66 billion merger (Charlotte Observer)

[U_R_]

Great news for Charlotte...will be sad to see our ST go though, but it would be hypocritical of me to complain since ATL has also greatly benefitted from moves like this one.

Edited November 19, 2019 by Ric0_0

[King of the Queen City]

16 minutes ago, Ric0_0 said:

Great news for Charlotte...will be sad to see our ST go though, but it would be hypocritical of me to complain since ATL has also greatly benefitted from moves like this one.

If only the Panthers could have beaten the Falcons on Sunday in the I-85 Rivalry, or should we call it the Truist Bowl now? lol.

[U_R_]

7 minutes ago, King of the Queen City said:

If only the Panthers could have beaten the Falcons on Sunday in the I-85 Rivalry, or should we call it the Truist Bowl now? lol.

You lost me at Truist Bowl??? 

[King of the Queen City]

7 minutes ago, Ric0_0 said:

You lost me at Truist Bowl??? 

I was definitely joking (sorry I forgot the blue text), but BB&T (a North Carolina bank) merging with SunTrust (an Atlanta bank) to form Truist (to be headquartered in Charlotte while maintaining a very large presence in Atlanta) is the context for it. Obviously the Panthers play in Bank of America Stadium (though the potential MLS Expansion team that would share it would be sponsored by Ally).  The real question though is how Truist will rename all of their ballparks/stadiums. Truist Park or Truist Field in Atlanta? Truist Ballpark in Charlotte? Truist Stadium in Winston-Salem?

[KJHburg]

do you realize almost every major city in the southeast from Richmond to Miami to Nashville has both BB&T and SunTrust buildings.  (side by side in many cities including Knoxville and Richmond) 

Charlotte's low profile SunTrust building in Southpark area means no duplication here really.  Uptown is another story as Truist is the largest tenant in both Hearst Tower and BB&T Center new names a coming! 

[Matthew.Brendan]

SunTrust previously occupied (I believe, could be wrong) one of Charlotte’s remaining 1920’s buildings with the gold/(bronze?) doors with intricate inlay work a block off the square. (I’ll take a pic in the morning)