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WEBVTT SUNTRUST BANKS. BB&T IS MERGING WITH SUNTRUST BANK. THAT DEAL IS WORTH MORE THAN $66 BILLION. TALITHA: WHAT DOES THAT MEAN FOR THE HEADQUARTERS HERE IN WINSTON-SALEM, FINANCIAL JOBS, AND SEVERAL BUIDLINGS NAMED AFTER THE BANK? OUR TEAM HAS ANSWERS FOR YOU TONIGHT. WE BEGIN WITH KENNY BECK, WHO JOINS US LIVE DOWNTOWN. KENNY: GOOD AFTERNOON TO BOTH OF YOU. WHEN AND IF THIS IS APPROVED, THE STILL-TO-BE-RENAMED FINANCIAL INSTITUTION WILL BECOME THE 6TH BIGGEST IN THE UNITED STATES. WHILE WE HAVE THE ANSWERS TO SOME QUESTIONS, MANY REMAIN UNCLEAR, INCLUDING POSSIBLY THE MOST FUNDAMENTAL QUESTION OF THEM ALL. IS THIS A GOOD THING FOR WINSTON-SALEM, OR A NOT SO GOOD THING? THAT IS TH BB&T BUILDING. THAT IS WHERE BILL O’NEIL IS WITH THE NUTS AND BOLT GOOD AFTERNOON. BILL: GOOD AFTERNOON. IF APPROVED BY SHAREHOLDERS, THIS WOULD BE THE FIRST MAJOR MERGE SENSE THE FINANCIAL CRISIS BACK IN 2008. WINSTON-SALEM MAYOR ALLEN JOINES SAYS HE FIRST LEARNED ABOUT IT AT THIS MORNING. >> TODAY’S NEWS IS NOT THE BEST NEWS WE WANTED TO HEAR THIS MORNING. BILL: NOT THE BEST NEWS FOR WINSTON-SALEM, BUT THE MAYOR QUICKLY POINTS OUT IT’S BETTER THAN THE CITY LOSING BB&T ENTIRELY. >> WE BELIEVE IN THE LONG RUN THERE WILL BE MORE JOBS IN WINSTON-SALEM AFTER THE MERGER AND AFTER THE DUST SETTLES THERE. BILL: THE NEWLY MERGED BANK WILL REPORTEDLY KEEP ITS COMMUNITY BANKING DIVISION IN WINSTON-SALEM. THE MAYOR SAYS BANK OFFICIALS ASSURE HIM COMMUNITY INVESTMENT, SUCH AS CHARITABLE DONATIONS WILL INCREASE UNDER THE DEAL. THE BANK’S NEW HEADQUARTERS WILL BE IN CHARLOTTE. ANALYSTS SAY MERGERS NORMALLY FAVOR SHAREHOLDERS AND EXECUTIVES WHILE CUTTING JOBS. >> WE SIMPLY DON’T KNOW THE IMMEDIATE IMPACT. WE ARE TOLD THAT EVERY BB&T EMPLOYEE THAT HAS WHAT THEY CALL A CLIENT-FACING JOB WILL HAVE A JOB. BILL: THE MAYOR SAYS THAT THIS ANNOUNCEMENT VALIDATES THE CITY’S NEED FOR STRONG ECONOMIC DEVELOPMENT MOVING FORWARD. THE MERGER IS EXPECTED TO BE COMPLETED BY THE END OF THE YEAR. IN WINSTON-SALEM, BILL O’NEIL, WXII 12 NEWS. KENN WE HEARD THE MAYOR SAY THIS WAS NOT THE NEWS HE WANTED AT 6:30 IN THE MORNING. WHAT DOES THIS MEAN FOR ENTITIES LIKE WINSTON-SALEM, BB&T CUSTOMERS, SUNTRUST CUSTOMERS, AND EMPLOYEES OF THOSE INSTITUTIONS? WE CAUGHT UP WITH THE WAKE FOREST FINANCE INSTRUCTOR FOR HIS TAKE ON WHAT THIS MEANS. >> ONE CAN PUT A POSITIVE SPIN ON …read more

Source:: Daily Times

      

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BB&T, SunTrust announce that the two banks will merge to become Truist

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