New York (CNN Business)Meet Truist, the banking world's answer to Tronc.
SunTrust (STI) and BB&T (BBT), two of America's biggest banks, unveiled Truist on Wednesday as the new brand name for their soon-to-be merged company. The banks said that the combined holding company will be named Truist Financial Corporation and the combined bank will be called Truist Bank. The new logo has not yet been released.
The name, according to SunTrust's CEO, represents the coming together of two companies "to serve our clients as a true financial partner."
The banks said they came up with Truist after a "rigorous, data-driven" process run by consulting firm Interbrand that prioritized input from employees and clients.
The BB&T and SunTrust brands, which have a combined 275 years of history, will be "seamlessly transitioned" over time to Truist, the companies said.
Not surprisingly, the new name was quickly mocked by people on Twitter — with some comparing it to Tribune Publishing's (TPCO) infamous, and short-lived, rebrand to Tronc.
"It's trying too hard to be unique before you have earned it," Andy Gilman, president and CEO of CommCore Consulting, said in an email. "You should earn my Truist, not presume I Truist you."
The name change reflects an environment following the 2008 financial crisis and high-profile scandals in which consumers often view big banks with skepticism.
Wells Fargo (WFC), for example, has yet to recover from a two-and-a-half year scandal that has tarnished the storied bank's reputation.
Gilman said that although the Truist brand may eventually gain acceptance, it could backfire should the bank face a controversy of its own.
"I don't envy their crisis team when they have their first reputation stumble," Gilman said. "They will be mocked — if not now — for the aggressive name selection."
In February, BB&T and SunTrust announced a merger that was valued at $66 billion. The deal, which is expected to close later this year, subject to regulatory and shareholder approval, will create America's sixth biggest bank, with more than 10 million households as customers.
"True to the heritage of both companies," BB&T CEO Kelly King said in a statement, "Truist will reflect what we stand for — a shared belief in building a better future for our clients and communities."
The rebrand is not a done deal just yet.
In addition to voting on the proposed merger, BB&T shareholders will also have an opportunity to vote on the new holding company name.
Some Atlanta Braves fans are already losing sleep over the name change because the MLB team plays at SunTrust Park.
In a joint statement, SunTrust and the Atlanta Braves said they will "work together" on a new name for the stadium. The ballpark's name will remain unchanged for this season.
