SunTrust, BB&T To Sell 30 Branches In DOJ Deal

Law360 (November 8, 2019, 2:00 PM EST) -- SunTrust and BB&T plan to divest 30 bank branches in North Carolina, Virginia and Georgia in order to secure a green light from the U.S. Department of Justice for their anticipated $28 billion merger of equals, according to a Friday announcement. 

The divestiture will see SunTrust Banks Inc. part ways with 30 branches — two more than required by the DOJ — in a sale to First Horizon Bank in order to gain clearance for the planned merger with BB&T. While the financial terms of the deal were not released, the package of branches collectively hold $2.4 billion in deposits and $410 million...

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