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 Ojha February 7, 2019 4,115 Views Share
Broomfield, Colo. – Most skiers and snowboarders dream of an ‘epic’ season. Now, Vail Resorts, Inc. (NYSE: MTN) is making that dream a reality with the Epic Season Pass, a new unlimited, unrestricted season pass that’s valid for the entire 2008-2009 ski and snowboard season at five of the top-rated resorts in the world: Vail, Beaver Creek, Breckenridge, Keystone and Heavenly, all for an initial price of only $579.“Vail Resorts’ new Epic Season Pass is a groundbreaking initiative that will completely change how our guests experience their ski and snowboard vacations,” said Rob Katz, chief executive officer of Vail Resorts. “The word “epic” is defined in the Webster’s dictionary as “ extending beyond the usual or ordinary especially in size or scopeThe Epic Season Pass does exactly that. It offers an epic amount of skiing and riding across five world-class mountain resorts with 17,400 acres of terrain, 128 chairlifts and 722 trails, for each moment of our season from the day we open in November until we close in April, including every holiday in between. No one will be able to out-ski this pass. And at a price of $579, we have made this experience a reality for our guests.“We designed the new Epic Season Pass program to reward our most loyal guests and to bring greater excitement to the sports of skiing and snowboarding,” Katz added. “Vail Resorts’ new Epic Season Pass gives our guests the opportunity to ski or ride when they want, how they want. They can visit for a week-long vacation during the holidays and then decide later in the season to return for an extended weekend getaway or even to book a last-minute trip after hearing about one of Colorado’s or Tahoe’s epic snowfalls. They can ski all day or just for an hour. In essence, we’re taking the thought out and putting more fun into a ski vacation.”According to Katz, Vail Resorts modeled the Epic Season Pass on the very successful Colorado and Summit pass programs offered on-site in the Colorado market and the Heavenly Pass program offered on-site in the Tahoe and San Francisco markets. “These programs have been a real “win-win,” offering our guests a terrific value and our Company incredible guest loyalty,” he said. “In designing the Epic Season Pass , we removed the key limitations and restrictions and are offering it for sale online, better tailoring it for all of our guests from around the world. At Vail Resorts our mission is Extraordinary Resorts, Exceptional Experiences. The Epic Season Pass is designed to provide our guests with exceptional experiences, all season longIn addition to the incredible ski and ride benefits, purchasers of the Epic Season Pass will be part of a special group that will receive exclusive offers and promotions for lodging, dining, ski rental and ski school. When guests see the Epic Season Pass they will quickly identify its unique, one-of-a-kind design, a distinctive sign of belonging to a very special group.The Epic Season Pass is priced initially at $579 for adults and $279 for children ages 5-12. The Epic Season Pass will be valid for the 2008-2009 ski season and will only be available for purchase through Nov. 15, 2008. The Epic Season Pass will earn points in the Company’s PEAKS loyalty programs and is non-transferable and non-refundable.For more information or to purchase a $579 Epic Season Pass online, visit www.epicpass.com.About Vail Resorts Vail Resorts, Inc. is the leading mountain resort operator in the United States . The Company’s subsidiaries operate the mountain resort properties at the Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado , the Heavenly Ski Resort in the Lake Tahoe area of California and Nevada and the Grand Teton Lodge Company in Jackson Hole , Wyoming . The Company’s subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean . Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.The information contained in this message is confidential and intended only for the use of the individual or entity named above, and may be privileged. Any unauthorized review, use, disclosure, or distribution is prohibited. If you are not the intended recipient, please reply to the sender immediately, stating that you have received the message in error, then please delete this e-mail. Thank you.