Bloomberg: BB&T and SunTrust pick a new name for post-merger bank: Truist

Bloomberg, June 12, 2019: BB&T and SunTrust pick a new name for post-merger bank: Truist

Truist. That’s the name that will join the ranks of the biggest U.S. banks. BB&T Corp. and SunTrust Banks Inc. chose Truist as their name after the two companies complete their planned $28 billion merger, according to a statement Wednesday. If the combination is approved by regulators, Truist would become the sixth-largest U.S. commercial bank, serving more than 10 million households.

“It’s the biggest day of my career,” BB&T Chief Executive Officer Kelly King, who will have the same role at Truist, said in a phone interview Wednesday. “Now I can tell my wife, so she can get it embroidered onto my pajamas.”

The merger is scheduled to close in the second half of the year, pending regulatory and shareholder approval.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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