Clark Howard: “No immediate customer impact” following news of SunTrust, BB&T merger

Jacksonville, FL — Southern regional banks BB&T and SunTrust have announced plans to merge, creating the sixth-largest bank in the country.  The merger is worth about $66 billion in stocks.

Consumer Warrior Clark Howard says this merger is more about allowing SunTrust and BB&T to be able to compete with the big four banks: Chase, Citibank, Wells Fargo, and Bank of America.

"The four combined now control half of all banking in the United States and big regional banks like BB&T and SunTrust really were not in a position to be competitive with the big four."

Clark is not predicting any immediate major changes for customers at either bank. Clark did point out that BB&T will be the superior player in this because the company is the buyer.

"They operate differently than SunTrust. So long time SunTrust customers over time will subtly feel differences in how the branches operate and how it feels just walking into one."

The change will not impact customers’ wallets. Clark says there will be no change of any note or significance with these two companies. Going back to the point he made on this merger being about competition, Clark says this change is not about saving customers money at all.

When it comes to employees working at SunTrust- Clark again repeats BB&T will be running this even though it’s referred to a merger of equals; Clark says BB&T will run the operation.