CHARLOTTE, N.C. — Winston-Salem-based BB&T Corp. and SunTrust Banks Inc., headquartered in Atlanta, are set to merge as Truist Financial Corp. in the fourth quarter. Once the deal closes, Truist will become the nation’s sixth-largest bank in terms of assets and bring its headquarters to Charlotte.
But, with more than 700 branches within 2 miles of one another, consolidation is a must. BB&T and SunTrust combined have about 120 retail branches in the Charlotte region.
“Expense reductions are not easy. It’s not fun, but obvious,” BB&T CEO Kelly King said at a Barclays Global Financial Services Conference in September. He estimated $1.6 billion in cost savings across the banks’ operations.
Executives have remained mum on how Truist will realign its branch network to eliminate overlaps. But CBJ talked to several industry observers about how that might play out.
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