This morning, BB&T and Suntrust Bank announced a Merger of Equals affecting the presence of BB&T’s headquarters in Winston-Salem. The merger will create the sixth-largest U.S. bank with combined assets of $66 billion. When BB&T, based in Winston-Salem, and Suntrust, based in Atlanta, combine, the new company will be headquartered in Charlotte, NC. The companies have jointly announced that they will maintain current levels of community investments in both cities. BB&T’s Community Banking Center will remain in Winston-Salem.
Mark Owens, President and CEO of the Winston Salem Chamber, comments on today’s news:
“While this news isn’t what we wanted to hear, we are confident that our relationships will continue to grow and the new institution will remain committed to Winston-Salem. Knowing that Community Banking, the heartbeat of BB&T, will remain here reaffirms that commitment.
Winston-Salem has a well-balanced economy with a growing workforce that’s poised to adapt well to disruption and maximize the potential benefits when it occurs, such as it has with the announcement today. We understand BB&T’s decision to pursue this merger to thrive, and will work with the new institution’s leadership to show the value in retaining and even growing their current workforce here.
Our mission is to bring this community together to make Winston-Salem the best place for businesses large and small to succeed. That is what we will continue to do, while we support and cultivate even more homegrown businesses to create the thriving economy of the future.”
Mark Owens and other community and economic leaders will continue to collaborate together, and with BB&T representatives, throughout the upcoming transition.