Author Topic: SunTrust, BB&T announce $66 billion merger  (Read 817 times)

thelakelander

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SunTrust, BB&T announce $66 billion merger
« on: February 07, 2019, 09:39:25 AM »
More money headed to Charlotte!

Quote
Two Southeastern banks with large operations in Jacksonville, SunTrust Banks Inc. and BB&T Corp., announced a $66 billion merger Thursday morning.

The companies described the deal as a merger of equals and said they will come up with a new name for the merged bank, which will be headquartered in Charlotte.

SunTrust is headquartered in Atlanta and BB&T is headquartered in Winston-Salem, North Carolina.

Full article: https://www.jaxdailyrecord.com/article/suntrust-bbandt-announce-dollar66-billion-merger
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FlaBoy

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #1 on: February 07, 2019, 10:22:11 AM »
I guess that solidifies Charlotte as the banking capital of the South. I guess Birmingham is still hanging on with BBVA and Regions.

Steve

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #2 on: February 07, 2019, 10:46:54 AM »
Big win for Charlotte, considering it's not the HQ of either bank today (I realize Winston-Salem is 90 minutes to Charlotte but still)  Not exactly "equals" when they're staying in the state of BB&T, the BB&T CEO becomes the CEO of the merged company, and the stock split is 57/43 in favor of BB&T's shareholders.
« Last Edit: February 07, 2019, 10:49:16 AM by Steve »

marcuscnelson

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #3 on: February 07, 2019, 12:05:35 PM »
Well, damn.

Big win for Charlotte, considering it's not the HQ of either bank today (I realize Winston-Salem is 90 minutes to Charlotte but still)  Not exactly "equals" when they're staying in the state of BB&T, the BB&T CEO becomes the CEO of the merged company, and the stock split is 57/43 in favor of BB&T's shareholders.

Was BB&T larger than Suntrust before this merger?

Also, I imagine anyone who drives a DaimlerChrysler vehicle remembers the last time a "merger of equals" happened.

Steve

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #4 on: February 07, 2019, 12:33:58 PM »
Well, damn.

Big win for Charlotte, considering it's not the HQ of either bank today (I realize Winston-Salem is 90 minutes to Charlotte but still)  Not exactly "equals" when they're staying in the state of BB&T, the BB&T CEO becomes the CEO of the merged company, and the stock split is 57/43 in favor of BB&T's shareholders.

Was BB&T larger than Suntrust before this merger?

Also, I imagine anyone who drives a DaimlerChrysler vehicle remembers the last time a "merger of equals" happened.

I thought it was the other way, but if so then it wouldn’t be a 57-43 stock split.

bl8jaxnative

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #5 on: February 09, 2019, 12:35:58 PM »
I guess that solidifies Charlotte as the banking capital of the South. I guess Birmingham is still hanging on with BBVA and Regions.

Not just the south, the US

http://carolinahistory.web.unc.edu/charlotte-soars-to-become-the-nations-second-largest-financial-center/

jaxnyc79

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #6 on: February 09, 2019, 01:06:06 PM »
Go Charlotte!
By the way, On a separate note, I’m just blown away at the extent of infill directly attributed to light rail.  I needn’t see any further evidence of the stimulative effects of light rail.  Charlotte’s metro is a bit more populous than Jacksonville’s, but light rail doesn’t have to be just a big city concern.

thelakelander

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #7 on: February 09, 2019, 02:09:41 PM »
^Good old fashioned TOD spurred by making a fixed transit investment and surrounding it with supportive land use policies. We've been preaching it here since day one. The challenge for Jax is JTA's direction of viewing fixed transit as out-dated and emerging technologies as the way to go. So as far as TOD goes, it may be best to leverage things around the little fixed transit we do have. If all it adds up to is a 2.5 mile Skyway.....make that Skyway the best 2.5 mile system it can be.
« Last Edit: February 09, 2019, 10:48:18 PM by thelakelander »
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jaxnyc79

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Re: SunTrust, BB&T announce $66 billion merger
« Reply #8 on: February 09, 2019, 09:44:34 PM »
Just a sample of recent news from Charlotte.  Frankly, I'd love to see light rail from Downtown Jax, up main street and on to the Airport, with land use/zoning incentives that result in creatively-dense in-fill every step of the way.  This sort of strategy and planning in Jax would be a transformational spur.  Corridors to the beach, while heavily traveled, aren't really in need of such an economic spur, and frankly, are not enough of a blank canvas in the way that decaying areas of the Northside appear to be.  Would the city of Jax ever be that bold, however?  Hard to say; even harder to imagine.  Jax is a city in the shadows, all the while sitting at the doorstep of the sunshine state.

"A Chicago private equity real estate firm is deepening its investment in Charlotte with its participation in a mixed-use development along the northern leg of the Lynx Blue Line.

Origin Investments is under contract to purchase two contiguous parcels of land near the Lynx Blue Line Sugar Creek Station, where, in phases, a little more than 1,000 market-rate multifamily units will be developed, said Michael Episcope, principal at Origin. The firm launched a qualified opportunity zone fund on Nov. 14 and, in 17 hours, raised $105 million in commitments from 425 investors. Part of that fund will be used for the planned multifamily project in Charlotte, which is on land deemed an opportunity zone and part of a larger mixed-use development headed up by Charlotte-based Flywheel Group on the transit line.

"This was kind of a natural extension of our strategy with the fund," Episcope said, adding that many identified opportunity zones are in infill neighborhoods in the path of growth, where Origin typically invests. With the 9.3-mile extension of the Blue Line opening earlier this year, areas around the transit line have become more attractive to investors.

Origin is partnering with Flywheel Group on its project at the transit stop.

Opportunity zones have become a big topic of discussion in the commercial real estate world after the U.S. Treasury Department and the Internal Revenue Service issued proposed regulations and guidance in October for the federal tax incentive, part of last year's massive tax overhaul. Opportunity zones — defined as economically distressed areas that are identified by state governments and approved by the federal government — allow investors to defer tax on capital gains made in a qualified opportunity fund and pay reduced capital gains taxes after five- and seven-year holding periods. No capital gains tax is paid on the appreciation of capital gains invested in the fund if it's held for at least 10 years."

« Last Edit: February 10, 2019, 12:51:28 AM by jaxnyc79 »