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COVER STORY


The Big Bank theory


BB&T-SunTrust merger fallout may benefit Virginia independent banks


by Carol Hazard T


As Virginia’s largest regional bank, Atlantic Union Bank stands to benefi t most from BB&T- SunTrust merger divestitures, branch closings and layoffs, says CEO John Asbury and President Maria P. Tedesco.


he $66 billion merger of BB&T Corp. and SunTrust Banks Inc. is expected to dramatically change Virginia’s banking


landscape — and the repercussions may prove surprisingly beneficial for the commonwealth’s community banks. Combining regional powerhouses


BB&T and SunTrust under a new name, Truist Financial, makes sense in terms of efficiency and cost savings, banking experts say. But the all-stock deal — creating the sixth-largest U.S. bank, with assets of $442 billion — will affect Virginia banking for a long time, they predict. “Virginia is ground zero for


overlays,” says John Asbury, presi- dent and CEO of Richmond-based Atlantic Union Bankshares Corp., referring to overlapping operations of BB&T and SunTrust. “The merger has sweeping implica- tions for Virginia — causing a multiyear disruption — and it’s perfect timing for us.”


Photo credit www.VirginiaBusiness.com VIRGINIA BUSINESS | 23


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