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“These are both very clean banks. So ultimately, (it) should get done,” said Stephen Scouten, analyst at brokerage Sandler O’Neill. The combined company will remain comfortably under the asset threshold that would make it a systematically important financial institution, sparing it increased regulatory scrutiny. Shares of Atlanta-based SunTrust jumped 8.3 percent to $63.62, above the acquisition price, while BB&T rose 2.4 percent to $49.71. McEvoy said he expects the market’s positive reaction to the deal to drive similar transactions throughout the year. Regional bank stocks, including KeyCorp, Comerica Inc and Regions Financial rallied on Thursday cufflink shirt with blazer.
Super-regional banks, which typically have between $50 billion and $500 billion in assets, have been grappling with how to grow with fewer resources than the four largest U.S. banks like JPMorgan Chase & Co and Bank of America. The talks between the two banks began in 2018, according to advisers. Even though BB&T shareholders will end up with a majority of shares, a key point for SunTrust was that the deal would treat the banks as equals cufflink shirt with blazer. The two banks have hundreds of branches within two miles of each other, but they serve different segments of the market. SunTrust has more of a commercial focus and larger clients, while BB&T has a substantial insurance business..
Deal activity in the banking sector languished after the financial crisis as stricter rules were imposed on lenders with more than $50 billion in assets and regulators barred banks with compliance issues from expanding. Changes in U.S cufflink shirt with blazer. tax laws have lowered corporate taxes, freeing up capital, and Wall Street has long been expecting a wave of dealmaking in banking. On Dec. 7, the Federal Reserve Board quickly approved two of the largest bank mergers of the year, Cadence Bancorp’s merger with State Bank Financial Corporation and Synovus Financial Corp’s merger with FCB Financial Holdings..
A Wachtell Lipton memo said the speed of the approvals was evidence of an “increasingly favorable regulatory environment for bank M&A.” cufflink shirt with blazer. As part of the deal, SunTrust shareholders will receive 1.295 shares of BB&T for each share they own. The per share deal value of $62.85 is at a 7 percent premium to SunTrust’s closing price on Wednesday, according to a Reuters calculation. BB&T shareholders will own 57 percent of the combined company and SunTrust will own the rest. Kelly King, BB&T’s chief executive officer, will be CEO until Sept. 12, 2021, after which SunTrust CEO Rogers will take over..
NEW YORK (Reuters) – Wall Street stocks sank on Thursday as worries that the United States and China would not be able to reach a trade deal increased concerns about slowing global economic growth. U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before the March 1 deadline set by the two countries for reaching an agreement cufflink shirt with blazer. U.S. stocks had already been under pressure after the European Commission slashed its euro zone growth forecasts for 2019 and 2020 due to an expected slowdown in the largest countries of the bloc, partly due to trade tensions..