84 FR 10517 - Proposal by BB&T Corporation To Acquire SunTrust Banks, Inc. and its Subsidiary, SunTrust Bank, and To Merge SunTrust Bank With and Into Branch Banking and Trust Company

Two public meetings will be held regarding the proposal by BB&T Corporation, Winston-Salem, North Carolina, to acquire SunTrust Banks, Inc., and thereby indirectly acquire SunTrust Bank, both of Atlanta, Georgia, pursuant to the Bank Holding Company Act and related statutes. As part of the proposal, BB&T Corporation would merge SunTrust Bank with and into its subsidiary state non-member bank, Branch Banking and Trust Company, Winston-Salem, North Carolina, pursuant to the Bank Merger Act and related statutes. The purpose of the meetings is to collect information related to factors the Board and FDIC (agencies) are required to consider under the Bank Holding Company Act and the Bank Merger Act.

[Federal Register Volume 84, Number 55 (Thursday, March 21, 2019)]
[Notices]
[Pages 10517-10518]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2019-05330]


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FEDERAL RESERVE SYSTEM

FEDERAL DEPOSIT INSURANCE CORPORATION


Proposal by BB&T Corporation To Acquire SunTrust Banks, Inc. and 
its Subsidiary, SunTrust Bank, and To Merge SunTrust Bank With and Into 
Branch Banking and Trust Company

AGENCIES: Board of Governors of the Federal Reserve System (Board) and 
Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of public meetings.

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SUMMARY: Two public meetings will be held regarding the proposal by 
BB&T Corporation, Winston-Salem, North Carolina, to acquire SunTrust 
Banks, Inc., and thereby indirectly acquire SunTrust Bank, both of 
Atlanta, Georgia, pursuant to the Bank Holding Company Act and related 
statutes. As part of the proposal, BB&T Corporation would merge 
SunTrust Bank with and into its subsidiary state non-member bank, 
Branch Banking and Trust Company, Winston-Salem, North Carolina, 
pursuant to the Bank Merger Act and related statutes. The purpose of 
the meetings is to collect information related to factors the Board and 
FDIC (agencies) are required to consider under the Bank Holding Company 
Act and the Bank Merger Act.

DATES: The meeting dates are:
    (1) Thursday, April 25, 2019, from 8:30 a.m. to 5:00 p.m. EDT, 
Charlotte, North Carolina.
    (2) Friday, May 3, 2019, from 8:30 a.m. to 5:00 p.m. EDT, Atlanta, 
Georgia.

ADDRESSES: The public meeting locations are:
    (1) Charlotte, North Carolina--Charlotte Branch of the Federal 
Reserve Bank of Richmond, 530 East Trade Street, Charlotte, North 
Carolina.
    (2) Atlanta, Georgia--Federal Reserve Bank of Atlanta, 1000 
Peachtree Street NE, Atlanta, Georgia.

FOR FURTHER INFORMATION CONTACT: 
    Board: For the Charlotte meeting: Matthew Martin, Vice President, 
Research Department Microeconomics and Research Communications, Federal 
Reserve Bank of Richmond, 530 East Trade Street, Charlotte, North 
Carolina, 28202; by email to: [email protected]; or 
by facsimile: 704-358-2300.
    For the Atlanta meeting: Karen Leone de Nie, Vice President 
Community and Economic Development, Federal Reserve Bank of Atlanta, 
1000 Peachtree Street NE, Atlanta, Georgia 30309-4470; by email to: 
[email protected]; or by facsimile: 404-498-8956.
    FDIC: Michael J. Dean, Regional Director, Federal Deposit Insurance 
Corporation, 10 10th Street NW, Suite 800, Atlanta, GA 30309-3906; by 
email to [email protected]; or by facsimile: 678-916-2451.

SUPPLEMENTARY INFORMATION: 

Background and Public Meetings Notice

    On March 8, 2019, BB&T Corporation, Winston-Salem, North Carolina 
(BB&T), requested the Board's approval under the Bank Holding Company 
Act (12 U.S.C. 1841 et seq.) to acquire SunTrust Banks, Inc., and 
thereby indirectly acquire SunTrust Bank, both of Atlanta, Georgia 
(Holding Company Application). Also on March 8, 2019, Branch Banking 
and Trust Company, Winston-Salem, North Carolina (Branch Bank) applied 
to the FDIC to merge SunTrust Bank with and into Branch Bank pursuant 
to section 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(c)) (Bank Application). The agencies hereby announce that public 
meetings on the applications will be held in Atlanta, Georgia, and 
Charlotte, North Carolina.\1\
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    \1\ The public meetings are being held as informal proceedings 
by the FDIC pursuant to 12 CFR 303.10(l).
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Purpose and Procedures

    The purpose of the public meetings is to collect information 
relating to the convenience and needs of the communities to be served. 
Convenience and needs considerations include a review of the records of 
performance of the insured depository institutions involved in the 
proposal under the Community Reinvestment Act, which requires the 
appropriate federal financial supervisory agency to take into account a 
relevant depository institution's record of meeting the credit needs of 
its entire community, including low- and moderate-income neighborhoods, 
consistent with the safe and sound operation of the institution. 12 
U.S.C. 2903. The agencies also consider other factors in acting on the 
applications, including the effects of the proposal on the stability of 
the U.S. banking or financial system, the financial and managerial 
resources and future prospects of the companies and banks involved in 
the proposal, and competition in the relevant markets. The agencies 
also will be collecting information relating to these factors.
    Testimony at the public meetings will be presented to a panel 
consisting of Presiding Officers and other panel members appointed by 
the Presiding Officers. The Presiding Officers will have the authority 
and discretion to

[[Page 10518]]

ensure that the meetings proceed in a fair and orderly manner. The 
rules for taking evidence in an administrative proceeding will not 
apply to the public meetings. Panel members may question witnesses, but 
no cross-examination of witnesses will be permitted. The public 
meetings will be transcribed, and the transcripts will be posted on the 
respective public websites of the Board and the FDIC.\2\ Information 
regarding the procedures for obtaining a copy of the transcripts will 
be announced at the public meetings.
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    \2\ Materials related to the applications will be made available 
on the Board's website https://www.federalreserve.gov/foia/bbt-suntrust-application-materials.htm and the FDIC's website https://www.fdic.gov/regulations/applications/bbt-suntrust/.
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    Charlotte, North Carolina: All persons wishing to testify at the 
public meeting in Charlotte should submit a written request no later 
than 5:00 p.m. EDT on Monday, April 15, 2019. A request to testify at 
the Charlotte public meeting may be sent by mail to: Matthew Martin, 
Vice President, Research Department Microeconomics and Research 
Communications, Federal Reserve Bank of Richmond, 530 East Trade 
Street, Charlotte, North Carolina, 28202; by online form at: https://fedsurvey2.frbatlanta.org/Survey.aspx?s=7169b12f832e42278c1789f8b8ff5524; by email to: 
[email protected]; or by facsimile: 704-358-2300.
    Atlanta, Georgia: All persons wishing to testify at the public 
meeting in Atlanta should submit a written request no later than 5:00 
p.m. EDT on Tuesday, April 23, 2019. A request to testify at the 
Atlanta public meeting may be sent by mail to: Karen Leone de Nie, Vice 
President Community and Economic Development, Federal Reserve Bank of 
Atlanta, 1000 Peachtree Street NE, Atlanta, Georgia, 30309-4470; by 
online form at: https://fedsurvey2.frbatlanta.org/SunTrustBBT-Meeting-Atl.aspx; by email to: [email protected]; or by facsimile: 404-
498-8956.
    The Board will provide a copy of each request to the FDIC.
    The request to testify should include the following information: 
(i) A brief statement of the nature of the expected testimony 
(including whether the testimony will support or oppose the proposed 
transactions or provide other comment on them); (ii) the address and 
telephone number (email address and facsimile number, if available) of 
the person testifying; and (iii) the identification of any special 
needs, such as translation services, physical disabilities requiring 
assistance, or presentations requiring visual aids. Translators will be 
provided to the extent available if a need for such services is noted 
in the request to testify. Persons interested only in attending the 
meetings, but not testifying, need not submit a written request to 
attend.
    The Presiding Officers will prepare a schedule for persons wishing 
to testify and establish the order of presentation. To ensure an 
opportunity for all interested commenters to present their views, the 
Presiding Officers may limit the time for presentations and may 
establish other procedures related to the conduct of the public 
meetings as appropriate. Persons not listed on the schedule may be 
permitted to speak at the public meetings, if time permits, at the 
conclusion of the schedule of witnesses in the discretion of the 
Presiding Officers. Copies of testimony may, but need not, be filed 
with the Presiding Officers before a person's presentation.
    All individuals who wish to attend either public meeting must 
present a valid, government-issued photo identification. In addition, 
X-ray and metal detection devices will be in use and there will be 
limitations on materials that may be brought into the building (i.e., 
no objects that could raise security or safety concerns).
    The Board is extending the comment period on the Holding Company 
Application through the close of business on Friday, May 3, 2019. The 
FDIC also has determined that there is good cause to extend the comment 
period on the Bank Application through the close of business on Friday, 
May 3, 2019. The Board will make the public record of the Holding 
Company Application, including all comments received and the 
transcripts of the public meetings, available on the Board's public 
website. The FDIC will make the public record of the Bank Application, 
including all comments received and the transcripts of the public 
meetings, available on the FDIC's public website.

    By order of the Board of Governors of the Federal Reserve 
System, effective March 13, 2019.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
    Dated at Washington, DC, on March 14, 2019.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2019-05330 Filed 3-20-19; 8:45 am]
 BILLING CODE P