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Fed, FDIC to hold public meetings on pending BB&T-SunTrust merger


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Fed, FDIC to hold public meetings on pending BB&T-SunTrust merger

Federal regulators will hold two public meetings on whether they should approve the proposed merger between BB&T Corp. and SunTrust Banks Inc.

The Federal Reserve and the Federal Deposit Insurance Corp. are also extending their public comment period on the deal until May 3, the two agencies said in a joint news release.

The first meeting will take place April 25 at the Charlotte, N.C., branch of the Federal Reserve Bank of Richmond, while the second will occur May 3 at the Federal Reserve Bank of Atlanta. Those interested in testifying at either meeting must contact the respective Fed banks.

The agencies said in the news release that they will gather and review information on the planned merger's effects on financial stability and competition, along with the two companies' Community Reinvestment Act ratings and whether the combination would meet the needs of the community.

Fed Chairman Jerome Powell fielded questions over the regulators' upcoming review of the merger during a Feb. 26 hearing in the Senate, where he said the Fed will go through its process "carefully, fairly and thoroughly and with a lot of transparency."