Daily News: March 15, 2019

Federal Reserve to Host Public Meetings on BB&T/SunTrust Merger


The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) will jointly hold two public meetings on the proposed merger of BB&T and SunTrust Banks. As part of the proposal, BB&T would merge SunTrust Bank with and into its subsidiary state non-member bank.

The purpose of the meetings is to collect information relating to the convenience and needs of the communities to be served, including a review of the insured depository institutions’ performance under the Community Reinvestment Act. The agencies also will consider and collect information on other factors relevant to making a decision on the application, including the effects of the proposal on the stability of the U.S. banking or financial system, the financial and managerial resources and future prospects of the companies, and competition in the relevant markets.

The first public meeting will be held on Thursday, April 25 at the Charlotte Branch of the Federal Reserve Bank of Richmond in Charlotte, NC.

The second public meeting will be held Friday, May 3, at the Federal Reserve Bank of Atlanta in Atlanta.

All persons wishing to testify at the public meeting in Charlotte should submit a written request no later than Monday, April 15, 2019, while anyone wishing to testify in Atlanta should submit a written request no later than Tuesday, April 23, 2019.

The request to testify should include the following information:

  1. A brief statement of the nature of the expected testimony, including whether the testimony will support or oppose the proposed transactions or provide other comment on the proposal
  2. The address and telephone number, and e-mail address and fax number, if available, of the individual testifying
  3. The identification of any special needs, such as translation services, physical disabilities requiring assistance, or presentations requiring visual aids. Translators will be provided to the extent available if a need for such services is noted in the request to testify.

Interested parties also are invited to submit written comments on the applications to the Federal Reserve Bank of Richmond and to the FDIC’s Atlanta Regional Office.