Fed, FDIC set joint, public meetings on BB&T-SunTrust merger for April, May; comment period extended

The proposed merger of BB&T Corporation (Winston-Salem, N.C.) with SunTrust Banks, Inc. (Atlanta, Ga.) will be discussed publicly April 25 and May 3 during meetings held jointly by the Federal Deposit Insurance Corp. (FDIC) and Federal Reserve Board, the agencies announced Thursday.

As part of the proposal, BB&T would merge SunTrust Bank with and into its subsidiary state non-member bank, Branch Banking and Trust Company, Winston-Salem, North Carolina.

The first public meeting will be held Thursday, April 25 at 8:30 a.m. ET, at the Charlotte Branch of the Federal Reserve Bank of Richmond (530 East Trade Street, Charlotte, North Carolina); the second is scheduled for Friday, May 3, at 8:30 a.m. ET, at the Federal Reserve Bank of Atlanta (1000 Peachtree Street N.E., Atlanta).

The meetings are being held 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 (CRA). 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.

In addition to the meetings, the Fed and FDIC are providing more time – until close of business Friday, May 3 – to submit comments on the proposed merger.

Those wishing to testify at the public meeting in Charlotte should submit a written request no later than 5 p.m. ET on Monday, April 15. Request to testify at the Atlanta meeting should be submitted in writing by than 5 p.m. ET on Tuesday, April 23.

Agencies announce two public meetings on merger of BB&T and SunTrust; public comment period extended