Both of Chattanooga's biggest banks will soon take on a new identity.
SunTrust Bank, which has agreed to merge with BB&T, announced today the combined bank will be known as Truist Bank.
The new name for SunTrust, which is the second biggest bank in Chattanooga, was announced a day after Chattanooga's biggest bank, First Tennessee, said it will change its name to First Horizon this fall following its merger with Capital Bank, also headquartered in Charlotte, North Carolina.
BB&T Chairman and Chief Executive Officer Kelly S. King said the merger with SunTrust will create the sixth largest U.S. bank holding company serving 10 million customers so the new Truist name is designed "to create a bold, transformative organization."
"True to the heritage of both companies, Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities."
The two companies partnered with Interbrand, a global brand consultancy, to lead in the development of the new name and brand identity. Additional brand elements, such as the logo, typography and visual identity will be revealed at a later date.
"Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,"SunTrust Chief Executive Officer Bill Rogers said in a statement today. "As part of our relentless pursuit to create a better experience, we're making a commitment to always look forward, pursue what's next and strive to do more to further financial well-being for everyone."
The combined holding company will be named Truist Financial Corp. and the combined bank will be named Truist Bank, which is the name that will eventually appear on the 21 SunTrust branches in metro Chattanooga.
The banks also announced Truist will be headquartered in Charlotte, North Carolina, a city already home Bank of America.
Shareholders of both BB&T and SunTrust must still vote on the proposed merger of equals.