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July 17, 2019 VIA EAPPS Mr. Adam M. Drimer Assistant Vice President

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July 17, 2019 VIA EAPPS Mr. Adam M. Drimer Assistant Vice President WACHTELL, LIPTON, ROSEN & KATZ MARTIN LIPTON RACHELLE SILVERBERG 5151 WEST 52ND STREET ADAM J. SHAPIRO MARK F.F. VEBLEN HERBERTHERBERT M.M. WACHTELL STESTEVENVEN A. COHEN NELSON O.0. FITTS VICTOR GOLDFELDGOLDFIELD THEODORE N.N. MIRVIS DEBORAH L. PAULPAUL NEW YORK, N.Y. 1001910019-6150- 6 1 5 0 JOSHUA M.M. HOLMES EDWARD J. LEELEE EDWARDEDWARD D. HERLIHYHERLIHY DAVID C. KARPKARP DAVID E. SHAPIRO BRANDON C. PRICEPRICE DANIELDANIEL A. NEFF RICHARD K. KIMKIM TELEPHONE: (212) 403 -1000-1000 DAMIAN G. DIDDEN KEVIN S. SCHWARTZ ANDREW R.R. BROWNSTEINBROWNSTEIN JOSHUA R.R. CAMMAKER IANIAN BOCZKO MICHAEL S. BENN MARC WOLINSKY MARK GORDON FACSIMILE: (212) 403 -2000-2000 MATTHEW M. GUEST SABASTIAN V. NILES STEVEN A. ROSENBLUM JOSEPH D.D. LARSONLARSON DAVID E. KAHAN ALISON ZIESKE PREISS JOHN F.F. SAVARESE JEANNEMARIE O’BRIENO'BRIEN GEORGE A. KATZ (1965(1965-1989)-1989) DAVID K. LAM TIJANA J. DVORNIC SCOTT K. CHARLES WAYNE M. CARLIN JAMES H. FOGELSON (1967-1991)(1967 -1991) BENJAMIN M. ROTH JENNA E. LEVINE JODI J. SCHWARTZ STEPHEN R. DiPRIMAD,PRIMA LEONARD M. ROSEN (1965-2014)(1965 -2014) JOSHUA A. FELTMAN RYAN A. McLEOD ADAM O.0. EMMERICHEMMERICH NICHOLAS G.0. DEMMO ______ELAINE ELAINE P. GOLIN ANITHA REDDY RALPHRALPH M.M. LEVENE IGOR KIRMAN OF COUNSEL EMIL A. KLEINHAUS JOHN L. ROBINSON RICHARDRICHARD G. MASONMASON JONATHAN M.M. MOSES KARESSA L. CAIN JOHN R. SOBOLEWSKI WILLIAM T. ALLEN HAROLD S. NOVIKOFF DAVIDDAVID M. SILK T. EIKOEIKO STANGE WILLIAM T. ALLEN HAROLD S. NOVIKOFF RONALD C. CHEN STEVEN WINTER MARTIN J.E. ARMS LAWRENCE B. PEDOWITZ ROBINROBIN PANOVKA JOHN F. LYNCH MARTIN J.E. ARMS LAWRENCE B. PEDOWITZ GORDON S. MOODIEMOODIE EMILY D. JOHNSON MICHAEL H. BYOWITZ ERIC S. ROBINSON DAVIDDAVID A. KATZKATZ WILLIAM SAVITT MICHAEL H. BYOWITZ ERIC S. ROBINSON DONGJU SONG JACOB A. KLING GEORGE T. CONWAY III PATRICIA A. ROBINSON* ILENEILENE KNABLE GOTTS ERIC M. ROSOF GEORGE T. CONWAY III PATRICIA A. ROBINSON* BRADLEY R. WILSON RAAJ S. NARAYAN KENNETH B. FORREST ERIC M. ROTH JEFFREY M. WINTNER GREGORY E. OSTLING KENNETH B. FORREST ERIC M. ROTH GRAHAM W. MELI VIKTOR SAPEZHNIKOV SELWYN B. GOLDBERG PAUL K. ROWE TREVOR S. NORWITZ DAVID B. ANDERS SELWYN B. GOLDBERG PAUL K. ROWE GREGORY E. PESSIN MICHAEL J. SCHOBEL PETER C. HEIN DAVID A. SCHWARTZ BENBEN M. GERMANA ANDREA K.K. WAHLQUISTWAHLOUIST PETER C. HEIN DAVID A. SCHWARTZ CARRIE M. REIREILLYLLY ELINA TETELBAUM MEYER G. KOPLOW MICHAEL J. SEGAL ANDREW J. NUSSBAUM MEYER G. KOPLOW LAWRENCE S. MAKOW ELLIOTT V. STEIN DOUGLAS K. MAYER WARREN R.R. STERN MARSHALL L. MILLER PAUL VIZCARRONDO,VIZCARRONDO. JR. PHILIP MINDLIN PATRICIA A. VLAHAKIS ROBERT M. MORGENTHAU AMY R. WOLF DAVID S. NEILL * ADMITTED ININ THE DISTRICT OF COLUMBIA COUNSEL DAVID M. ADLERSTEIN NANCY B. GREENBAUM AMANDA K. ALLEXON MARK A. KOENIG LOUIS J. BARASH LAUREN M.M. KOFKE FRANCO CASTELLI J. AUSTIN LYONSLYONS DIANNA CHEN ALICIA C. McCARTHY ANDREW J.H. CHEUNG PAULA N. RAMOSRAMOS PAMELA EHRENKRANZ NEIL M.M. SNYDER KATHRYN GETTLESGETTLES-ATWA-ATWA S. CHRISTOPHERCHRISTOPHER SZCZERBAN ADAM M.M. GOGOLAK JEFFREY A. WATIKER DirectDIRECT Dial:DIAL: (212) 403403-1127-1127 DirectDIRECT Fax:FAx: (212) 403403-2127-2127 EE-MAIL:-Mail: [email protected]@WLRK.COM July 1717,, 2019 VIA EAPPS Mr. Adam M. Drimer Assistant Vice President Federal Reserve Bank of Richmond 701 East Byrd Street Richmond, VA 23219 Re: Response to Additional Information Requests on the Application of BB&T Corporation to Acquire by Merger SunTrustSunTrust Banks, Inc., SunTrust Bank Holding Company and SunTrust Bank Dear Mr. Drimer: This relates to the application (the “"Application")Application”) that BB&T Corporation (“("BB&T")BB&T”) submitted to the BoardBoard of Governors of the Federal Reserve System (the “"Board")Board”) and the Federal Reserve Bank of Richmond (the “"ReserveReserve BankBank,",” and together with the Board, the “"FederalFederal Reserve"),Reserve”), for prior approval to acquire by merger SunTrust Banks, Inc. (“("SunTrust")SunTrust”) and its subsidiary bank, SunTrust Bank, pursuant to sections 3(a)(3) and (5) of the Bank Holding W/3489406W13489406 WACHTELL, LIPTON, ROSEN & KATZ AdAdamam M. Drimer July 1717,, 2019 Page 2 Company Act, as amended (the “"ProposedProposed TransactionTransaction").”). In particular, this submission (i) provides information on the Community Benefits Plan for the combined companycompany and combined bank, to be named Truist Financial Corporation and Truist Bank, respectively, on consummation of the Proposed Transaction, which BB&T and SunTrust announced on July 1616,, 2019, (ii)(ii) responds to the requests for additional information that stastaffff of the Board emailed to me on July 2, 2019 (the “"AlAI RequestRequest"),”), and (iii) provides certain additional updated information. Under the Community Benefits Plan, Truist Financial will lend or invest $60 billion to lowlow-- and moderate-incomemoderate-income ("LMI")(“LMI”) borrowers and in LMI communities across Truist Bank’sBank's footprint over a threethree-year-year period from 2020 to 2022. The terms of the Community Benefits Plan include: * $31$31 billion for home purchase mortgage loans to LMI borrowers, LMI geographies, minority borrowers and/or majoritymajority-minority-minority geographies; * $7.8 billion for lendinglending to businesses with revenues less than or equal to $1$1 million;million; and * $17.2 billion in community development lending for affordable housing development, small business growth and lending to nonprofits that support the LMI community; and * $3.6 billion in Community Reinvestment Act (“("CRA")CRA”) qualified investments and philanthropy,philanthropy, of which $120 million will be designated for CRACRA-qualified-qualified philanthropic giving. In addition, the Community Benefits Plan furfurthersthers the legacy institutions’institutions' commitment to LMI and minority neighborhoods by seeking to open at least 1515 new branches in those communities across Truist Bank’sBank's footprint during the 2020 to 2022 period. The Community Benefits Plan also reaffirms the legalegacycy institutions’institutions' support for smaller communities by providing that Truist Bank will not close any branches in communities with less than 2,500 people, during the same three-yearthree-year period. The Community Benefits Plan demonstrates BB&T’sBB&T's and SunTrust’sSunTrust's dedicdedicationation to continuing to support all the communities they serve. Execution of the Community Benefits Plan by Truist Financial will provide benefits throughout communities in states where Truist Bank will operate. This plan resulted from the input received in multiple listening sessions that BB&T and SunTrustSunTrust hosted in metropolitan and rural communities around the combined institution’sinstitution's footprint and in the public meetings in Atlanta, Georgia, and Charlotte, North Carolina, that the Federal Reserve and the FFDICDIC hosted. More detailed information on the Community Benefits Plan is provided is Exhibit 11 and Confidential Exhibit A.A. WACHTELL, LIPTON, ROSEN & KATZ Adam M. Drimer July 1717,, 2019 Page 3 The items in the AIAl Request are repeated in the Appendix in bold type with BB&T'sBB&T’s and SunTrust’sSunTrust's response following each item. AccompanyingAccompanying this letter and the Appendix are: the Public Exhibits Volume and the Confidential Exhibits Volume.Volume. Confidential Treatment Request.Request. Confidential treatment isis respectfully requested under the federal Freedom of Information Act, 5 U.S.C. § 552 (“("FOIA"),FOIA”), and the Board'sBoard’s implementing regulations for the information contained in the Confidential Exhibits Volumes (the “"ConfidentialConfidential MaterialsMaterials").”). The Confidential Materials include, for example, nonpublic information regarding the business strategies anandd plans, and certain personnel decisions of (i) BB&T and its subsidiary bank, Branch Banking and Trust Company (“("BranchBranch BankBank"),”), and (ii) SunTrust and SunTrust Bank, and other information regarding additional matters of a similar nature, the public disclosudisclosurere of which would result in substantial competitive harm to these companies and banks. BB&T and SunTrust both customarily and actually treat as private the information in the Confidential Materials and do not customarily disclose to the public the informainformationtion therein or make it publicly available inin any way, and this information isis being provided to the Board under an assurance and expectation of privacyprivacy.. Other exemptions from disclosure may also apply. In addition, potential investors could be influenceinfluencedd or misled by such information, which is not reported inin any documents filed or to be filed in accordance with the disclosure requirements of applicable securities laws, as a result of which BB&T or SunTrust could be exposed to potential inadvertent violationsviolations of law or exposure to legal claims. Accordingly, confidential treatment is respectfully requested with respect to the Confidential Materials under 5 U.S.C. §§ 552(b) and the Board’sBoard's implementing regulations. Please contact me or Richard K. Kim at (212) 403-1354403-1354 before any public release of any of this information pursuant to a request under FOIA or a request or demand for disclosure by any governmental agency, congressional office or committee, court or grand jury. Such prior notice is necessary ssoo that BB&T, Branch Bank, SunTrust and SunTrust Bank may take appropriate steps to protect such information from disclosure. * * * * * * * * * If you
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