Summary
Truist Financial Corporation (TFC), formed by the merger of BB&T and SunTrust, filed an 8-K on November 8, 2019, to disclose a divestiture of 30 retail banking branches. These branches, located across North Carolina, Virginia, and Georgia, are being sold by SunTrust Bank to First Horizon Bank, a subsidiary of First Horizon National Corp. This action is a proactive step to satisfy regulatory requirements related to the ongoing merger of equals between SunTrust and BB&T, which will create the new entity, Truist Financial Corporation. The divestiture is contingent upon the successful closing of the broader SunTrust and BB&T merger, as well as obtaining necessary regulatory approvals and meeting other customary closing conditions. The agreement for branch divestiture will also be terminated if the merger agreement itself is terminated. Investors should note that this information is provided for disclosure purposes under Regulation FD and is not considered formally filed under Section 18 of the Securities Exchange Act of 1934.
Key Highlights
- 1SunTrust Bank to divest 30 retail branches in NC, VA, and GA to First Horizon Bank.
- 2Divestiture is a condition to satisfy regulatory requirements for the BB&T-SunTrust merger of equals.
- 3The transaction is subject to the closing of the BB&T-SunTrust merger and regulatory approvals.
- 4The Divestiture Agreement will terminate if the merger agreement is terminated.
- 5This filing is made under Regulation FD, and the information is not considered formally filed for Section 18 purposes.
- 6The attached press release (Exhibit 99.1) provides further details on the divestiture announcement.