March 14, 2019 / 7:58 PM / 9 months ago

Fed announces two public hearings on proposed BB&T, SunTrust merger

FILE PHOTO: A BB&T bank is pictured in Alexandria, Virginia July 22, 2010. BB&T Corp. shares were lower after the bank came in with higher profit but fell short of earnings forecasts. REUTERS/Molly Riley

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Thursday it will hold two public hearings related to BB&T Corp’s proposal to acquire SunTrust Banks Inc.

The regulator will also extend the public comment period as it aims “to collect information relating to the convenience and needs of the communities to be served” by the lender, the Fed said in a joint statement with the Federal Deposit Insurance Corporation (FDIC).

The meetings will be held on April 25 at the Fed’s office in Charlotte, North Carolina, and on May 3 at the Fed’s office in Atlanta.

The deal is the biggest bank merger since the 2007-2009 global financial crisis and has been subject to much criticism after it was announced last month.

Reporting by Katanga Johnson; Editing by Paul Simao

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