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A New Bank Rises

first_img in Daily Dose, Featured, News, Origination BB&T and SunTrust have announced that they will combine in an all-stock merger valued at $66 billion to create the sixth-largest U.S. bank based on assets and deposits.According to Reuters, this is the biggest bank deal since the 2007-2009 financial crisis with the combined company expected to operate under a new name and have around $442 billion in assets. It is expected to have $301 billion in loans and $324 billion in deposits.The new bank’s footprint would cover the East Coast with new corporate headquarters in Charlotte, North Carolina.In terms of its revenue from the mortgage business, the banks projected the combined fee income of the merged entity at $88 billion with 7 percent coming in through residential mortgage banking. Of the combined loans of $301 billion, 27 percent would be from residential mortgages, the banks said in their presentation to investors.The new entity would be combining the current reach of BB&T and SunTrust bank to reach 10 million households and would have a Top 3 market share across eight states.In a statement, the companies said that the combined company’s board of directors and executive management team would be evenly split between the two institutions. In the current home markets for both companies, the combined company would maintain the Community Banking Center in Winston-Salem, North Carolina and the Wholesale Banking Center in Atlanta, Georgia reflecting the combined company’s commitment to increase the respective banks’ current levels of community investment.”This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” said Kelly S. King, Chairman and CEO at BB&T. “It’s an extraordinarily attractive financial proposition that provides the scale needed to compete and win in the rapidly evolving world of financial services. Together with Bill’s leadership and our new SunTrust teammates, we’re going to bring the best of both companies forward to serve our clients and communities.”Looking at the strategic and financial benefits of the merger, the banks said that the combined company would preserve and maintain the strong cultures of BB&T and SunTrust to “deliver superior client service and preserve the community banking model to maintain close ties to shared local communities.” In terms of financial profile and operating metrics, the merger is expected to generate an internal rate of return of around 18 percent.The companies said that the merged entity would also take advantage of its enhanced scale to focus on selecting best of breed systems and processes and making significant investments in technology to “create a sustainable competitive advantage in an increasingly digital-first world.””By bringing together these two mission- and purpose-driven institutions, we will accelerate our capacity to invest in transformational technologies for our clients. Our shared culture embraces the disruption of technology and we will take this innovative mindset to expand our leadership in the next chapter of these historic brands,” said William H. Rogers Jr. Chairman and CEO of SunTrust. With our geographic position, enhanced scale and leading financial profile, these two companies will achieve substantially more for clients, teammates, associates, communities, and shareholders than we could alone. I have tremendous respect for Kelly, his leadership team and the BB&T associates. We will leverage our respective strengths as we focus together on the future.”The new company’s leadership team would have King serving as the company’s Chairman and CEO until September 2021 with Rogers serving as the President and COO of the combined entity. Rogers will take over as the CEO of the combined entity post-September 2021.The transaction for this merger is expected to be completed by the fourth quarter of 2019. A New Bank Rises BB&T SunTrust 2019-02-07 Radhika Ojhacenter_img February 7, 2019 4,115 Views Sharelast_img read more

Higher belly fat levels linked to greater risk of vitamin D deficiency

first_imgMay 21 2018Higher levels of belly fat are associated with lower vitamin D levels in obese individuals, according to data presented in Barcelona at the European Society of Endocrinology annual meeting, ECE 2018. The study reports that vitamin D levels are lower in individuals with higher levels of belly fat, and suggests that individuals, particularly the overweight with larger waistlines should have their vitamin D levels checked, to avoid any potentially health-damaging effects.Obesity is a global epidemic and contributes to an estimated 2.8 million deaths per year worldwide. Vitamin D deficiency is typically associated with impaired bone health but in recent years has also been linked with higher risks of acute respiratory tract infections, auto-immune diseases and cardiovascular diseases. Low vitamin D levels could therefore have wide-ranging and undetected adverse effects, although more research is required to confirm the role of vitamin D in these conditions. A link between low vitamin D levels and obesity has previously been reported but whether this effect is more associated with the type and location of fat was undetermined.Related StoriesVitamin D could extend lifespan of cancer patientsSunscreen benefits can be obtained without compromising vitamin D levelsVitamin D and estrogen can prevent heart disease, stroke, and diabetes in womenIn this study Rachida Rafiq and colleagues from the VU University Medical Center and Leiden University Medical Center in the Netherlands examined how the amount of total body fat and abdominal fat measured in participants of the Netherlands Epidemiology of Obesity study related to their vitamin D levels. After adjusting for a number of possible influencing factors, including chronic disease, alcohol intake and levels of physical activity, they found that the amounts of both total and abdominal fat were associated with lower vitamin D levels in women, although abdominal fat had a greater impact. However, in men abdominal fat and liver fat, was associated with lower vitamin D levels. In all cases the greater the amount of belly fat, the lower the levels of detected vitamin D.Rachida Rafiq comments, “Although we did not measure vitamin D deficiency in our study, the strong relationship between increasing amounts of abdominal fat and lower levels of vitamin D suggests that individuals with larger waistlines are at a greater risk of developing deficiency, and should consider having their vitamin D levels checked.”The researchers now plan to investigate what may underlie this strong association between vitamin D levels and obesity – whether a lack of vitamin D is predisposing individuals to store fat, or whether increased fat levels are decreasing vitamin D levels is not yet clear. However, this research points to a more important role for abdominal fat in the relationship, and a place to focus future studies on.As Rachida Rafiq says, “Due to the observational nature of this study, we cannot draw a conclusion on the direction or cause of the association between obesity and vitamin D levels. However, this strong association may point to a possible role for vitamin D in abdominal fat storage and function.” Source:https://www.ese-hormones.org/last_img read more