CNN: BB&T and Suntrust announces $66 billion merger, creating the sixth-largest US bank

CNN, February 7th, 2019: BB&T and Suntrust announces $66 billion merger, creating the sixth-largest US bank

Two of the largest US regional banks are joining forces in a bid to compete with the nation’s biggest players.

BB&T (BBT) and SunTrust (STI) on Thursday announced a $66 billion merger, forming the sixth-largest US bank based on assets and deposits.

“It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services,” BB&T CEO Kelly King said in a statement.
The combined company will operate under a new name, though the banks have not yet decided what it will be called. Its headquarters will be in Charlotte, North Carolina, but the bank will also have significant operations in Winston-Salem, North Carolina, and Atlanta.

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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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