BBT announced in February its pending merger with SunTrust Banks in a $66 billion deal that marked the largest big bank merger since the financial crisis.
And last month, news hit that some of SunTrust’s Richmond, Virginia-based executives would be relocated as the two companies merged into one.
Now, that appears to be official, as the companies revealed Wednesday the location of their new headquarters – a 550,000-square-foot office located in a tower in Charlotte, North Carolina.
The banks said that over the next several years, they will transition their employees – including the combined company’s executive team – to the new headquarters.
The new office space will eventually house 2,000 employees, including the company’s corporate communications, finance, human resources, insurance, legal, technology and risk management teams.
“This is a signature tower in the Uptown area of Charlotte, and the perfect spot for the new company’s headquarters,” said BBT Chairman and CEO Kelly King. “This prime location will put our new company in the heart of the vibrant financial district and is the right backdrop for the bold, transformational financial institution we’re creating with this merger of equals.”
The merger, which is expected to close in the fourth quarter of 2019, gives BBT a much larger stake in the mortgage industry.
“We looked for a location that would attract and inspire our teams as they come together to create industry-leading client experiences,” added SunTrust Chairman and CEO William Rogers, Jr. “This new headquarters environment will help foster collaboration and innovation.”
In 2017, SunTrust ranked as top 25 lender with $10.6 billion in volume, according to data provided to HousingWire by iEmergent. By way of comparison, BBT is ranked No. 34, with total mortgage lending volume of $6.7 billion.
Together, the two companies will have about $442 billion in assets, according to a release from BBT, combining BBT’s $225.7 billion in assets as of the end of 2018 with SunTrust’s $216 billion.