WINSTON-SALEM, N.C. — BB&T announced Thursday morning the company will be merging with SunTrust to form a new bank that will be headquartered in Charlotte. That means BB&T's corporate headquarters will soon be no more.
Winston-Salem Mayor Allen Joines says he got the surprise call Thursday morning.
"Today's news is not the best news that we wanted to hear this morning as we were waking up. But in saying that, we do understand BB&T need to make these moves."
Mayor Joines says the merger will ensure some longevity for the company and could create more jobs down the road; it could have been worse for the city if the bank was bought out.
Here's the good new for the Triad: BB&T isn't uprooting everything and everyone.
Although the new bank will have its corporate headquarters in Charlotte, the new company plans to keep the community banking headquarters in Winston-Salem. A BB&T Spokesperson says they're not sure how many jobs might move, but they want the impact to be minimal.
The merger with SunTrust will make the new company the 6th largest bank in the United States.
"You've got the 6th largest bank now with high corporate presence in Winston-Salem," explains Mayor Joines. "As that bank grows and prospers the jobs that go along with that growth would be a part of that."
Mayor Joines says several BB&T leaders reached out to him when the news broke to assure him they'd still invest in the community. He says if they were given the option to retain the company , they would have worked night and day to do it, but he gets this business decision.
He likened it to Sears, saying BB&T made the changes they needed to to ensure longevity. He says he was also told the new company would still have a big presence in Winston-Salem and through the Triad.
If you're a client at BB&T, a spokesperson tells us your money shouldn't be impacted by this and you should be able to keep banking as you normally would. The spokesperson says in several months, when the merger goes through, clients might have to makes some updates under the new name. That's something, he says, that BB&T will walk all their customers through when the time comes.
As for things like BB&T Ballpark, the company says they'll plan to update any sponsorships and partnerships when they come up with a new name and logo.