The largest bank merger for a decade between regional power plants BB & T and SunTrust Banks will not result in job cuts for customers dealing with customers. CEOs promised Thursday at CNBC.
The new headquarters of the merged company, which was not yet named, with about $ 442 billion in assets, $ 301 billion in loans and $ 324 billion in deposits – will be in Charlotte, North Carolina.
King, sitting next to Rogers for the interview, cited as a reason for the deal, the "huge" amount of money to spend on technology to keep up with fast industry changes to mobile banking. "We needed a digital scale."
For his part, Rogers said the merger should be seen as "building for the future" and "doubling organic" growth.
Following the transaction, King will serve as President and CEO of the new bank until September 12, 2021 and then as President until March 12, 2022. Rogers, who will initially chair and COO of the merged entity , the CEO takes over on September 12, 2021 and then add the president's title on March 12, 2022. After the executive transition, King will continue to serve on the table until the end of 2023.
WATCH: Here is the full interview with BB & T CEO Kelly King and Suntrust CEO Bill Rogers