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Report: FDIC, NC banking commission to regulate combined BB&T/SunTrust bank

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Report: FDIC, NC banking commission to regulate combined BB&T/SunTrust bank

The resulting bank from the merger of BB&T Corp. and SunTrust Banks Inc. would be chartered in North Carolina and be a state nonmember bank, American Banker reported March 12, citing North Carolina Banking Commissioner Ray Grace.

Grace's statement would mean that the North Carolina Office of the Commissioner of Banks and the Federal Deposit Insurance Corp. would share regulatory authority over the combined bank, the publication reported, noting, however, that the holding company would be supervised by the Federal Reserve.

A BB&T spokesman told American Banker that discussions are ongoing regarding the matter and an FDIC spokesman said the agency does not comment on pending matters.

Currently, Atlanta-based SunTrust is a Georgia state member bank and is regulated by the Fed and Georgia banking regulators. Winston Salem, N.C.-based BB&T, on the other hand, is a North Carolina state nonmember bank and is the biggest bank regulated by both the FDIC and the North Carolina banking regulator.

Following the merger, SunTrust's charter would merge into the charter of BB&T, the publication added. A new corporate headquarters for the combined bank will be established in Charlotte, N.C.