It just got harder for banks in Georgia to enforce noncompete agreements in employee contracts. For employees of two merging banks, BB&T and SunTrust, the timing couldn’t be better.
Even as consumer and CRE lending slowed in the first quarter, business lending — particularly to middle-market companies — surged. But some banks are already warning that the growth could taper off as competition from nonbanks heats up.
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The two banks’ CEOs used a public hearing to argue their merger will be a boon for underserved markets. But other speakers warned that bank consolidation hurts communities.
In separate letters to President Trump and the head of the FDIC, the Senate Democrat said the merger cannot be approved until all five seats of the agency's board of directors are filled.
Asked whether the BB&T-SunTrust deal had sparked a desire to pursue deals, Andy Cecere emphasized a focus on digital upgrades and opening branches in new markets.
Allison Dukes says she will not be joining the combined company because she wants to remain in Atlanta, where she is involved with a number of civic and philanthropic organizations. The merged company will be headquartered in Charlotte, N.C.
