EX-5.2 3 d827129dex52.htm EX-5.2 EX-5.2

Exhibit 5.2

 

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MARTIN LIPTON    RACHELLE SILVERBERG    51 WEST 52ND STREET                            ADAM J. SHAPIRO    MARK F. VEBLEN
HERBERT M. WACHTELL    STEVEN A. COHEN    NEW YORK, N.Y. 10019-6150                            NELSON O. FITTS    VICTOR GOLDFELD
THEODORE N. MIRVIS    DEBORAH L. PAUL       JOSHUA M. HOLMES    EDWARD J. LEE
EDWARD D. HERLIHY    DAVID C. KARP   

TELEPHONE: (212) 403 -1000                        

   DAVID E. SHAPIRO    BRANDON C. PRICE    

DANIEL A. NEFF

  

RICHARD K. KIM

   FACSIMILE: (212) 403 -2000                           

DAMIAN G. DIDDEN

  

KEVIN S. SCHWARTZ

ANDREW R. BROWNSTEIN

  

JOSHUA R. CAMMAKER

        

IAN BOCZKO

  

MICHAEL S. BENN

MARC WOLINSKY

  

MARK GORDON

                                                                           

MATTHEW M. GUEST

  

SABASTIAN V. NILES

STEVEN A. ROSENBLUM

  

JOSEPH D. LARSON

     

DAVID E. KAHAN

  

ALISON ZIESKE PREISS

JOHN F. SAVARESE

  

JEANNEMARIE O’BRIEN

   GEORGE A. KATZ (1965-1989)                                       

DAVID K. LAM

  

TIJANA J. DVORNIC

SCOTT K. CHARLES

  

WAYNE M. CARLIN

   JAMES H. FOGELSON (1967-1991)                                       

BENJAMIN M. ROTH

  

JENNA E. LEVINE

JODI J. SCHWARTZ

  

STEPHEN R. DiPRIMA

   LEONARD M. ROSEN (1965-2014)                                       

JOSHUA A. FELTMAN

  

RYAN A. McLEOD

ADAM O. EMMERICH

  

NICHOLAS G. DEMMO

                                                                           

ELAINE P. GOLIN

  

ANITHA REDDY

RALPH M. LEVENE

  

IGOR KIRMAN

  

 

OF COUNSEL                                    

  

EMIL A. KLEINHAUS

  

JOHN L. ROBINSON

RICHARD G. MASON

  

JONATHAN M. MOSES

   WILLIAM T. ALLEN    HAROLD S. NOVIKOFF   

KARESSA L. CAIN

  

JOHN R. SOBOLEWSKI

DAVID M. SILK

  

T. EIKO STANGE

   MARTIN J.E. ARMS    LAWRENCE B. PEDOWITZ   

RONALD C. CHEN

  

STEVEN WINTER

ROBIN PANOVKA

  

JOHN F. LYNCH

   MICHAEL H. BYOWITZ                                         ERIC S. ROBINSON   

GORDON S. MOODIE

  

EMILY D. JOHNSON

DAVID A. KATZ

  

WILLIAM SAVITT

   GEORGE T. CONWAY III    PATRICIA A. ROBINSON*   

DONGJU SONG

  

JACOB A. KLING

ILENE KNABLE GOTTS

  

ERIC M. ROSOF

   KENNETH B. FORREST    ERIC M. ROTH   

BRADLEY R. WILSON

  

RAAJ S. NARAYAN

JEFFREY M. WINTNER

  

GREGORY E. OSTLING

   SELWYN B. GOLDBERG    PAUL K. ROWE   

GRAHAM W. MELI

  

VIKTOR SAPEZHNIKOV

TREVOR S. NORWITZ

  

DAVID B. ANDERS

   PETER C. HEIN    DAVID A. SCHWARTZ   

GREGORY E. PESSIN

  

MICHAEL J. SCHOBEL

BEN M. GERMANA

  

ANDREA K. WAHLQUIST

   MEYER G. KOPLOW    MICHAEL J. SEGAL   

CARRIE M. REILLY

  

ELINA TETELBAUM

ANDREW J. NUSSBAUM

      LAWRENCE S. MAKOW    ELLIOTT V. STEIN      
      DOUGLAS K. MAYER    WARREN R. STERN      
      MARSHALL L. MILLER    PAUL VIZCARRONDO, JR.      
      PHILIP MINDLIN    PATRICIA A. VLAHAKIS      
      ROBERT M. MORGENTHAU    AMY R. WOLF      
      DAVID S. NEILL         
     

* ADMITTED IN THE DISTRICT OF COLUMBIA                                    

                                                                      

 

COUNSEL                                     

     
      DAVID M. ADLERSTEIN    NANCY B. GREENBAUM      
      AMANDA K. ALLEXON    MARK A. KOENIG      
      LOUIS J. BARASH    LAUREN M. KOFKE      
      FRANCO CASTELLI    J. AUSTIN LYONS      
      DIANNA CHEN    ALICIA C. McCARTHY      
      ANDREW J.H. CHEUNG    PAULA N. RAMOS      
      PAMELA EHRENKRANZ    NEIL M. SNYDER      
      KATHRYN GETTLES-ATWA    S. CHRISTOPHER SZCZERBAN      
      ADAM M. GOGOLAK    JEFFREY A. WATIKER      

December 6, 2019

BB&T Corporation

200 West Second Street

Winston-Salem, NC 27101

Ladies and Gentlemen:

We have acted as special counsel to BB&T Corporation, a North Carolina corporation (the “Corporation”) in connection with (a) the Registration Statement on Form S-4 (File No. 333-230179) (as amended, the “Initial Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”), relating to the registration under the Securities Act of 1933, as amended (the “Securities Act”) of, among other securities, (i) shares of the Corporation’s perpetual preferred stock, series I, par value $5.00 per share (the “Series I Preferred Stock”) and (ii) depositary shares (evidenced by depositary receipts) each representing a 1/4,000th interest in a share of Series I Preferred Stock (the “Series I Depositary Shares”), and (b) the Registration Statement on Form S-4 filed pursuant to Rule 462(b) under the Securities Act (the “462(b) Registration Statement” and together with the Initial Registration Statement, the “Registration Statements”) relating to up to an additional (i) 0.1065 shares of Series I Preferred Stock (the “Additional Preferred Stock”) and (ii) 426 Series I Depositary Shares (the “Additional Depositary Shares”), in each case to be issued in connection with the merger contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), between the Corporation and SunTrust Banks, Inc., a Georgia corporation (“SunTrust”), dated as of February 7, 2019 and amended as of June 14, 2019, pursuant to which SunTrust will merge with and into the Corporation, with the Corporation surviving the merger.


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In connection with the opinion set forth herein, we have examined and relied on originals or copies, certified or otherwise, identified to our satisfaction, of such documents, corporate records, agreements, certificates, and other instruments and such matters of law, in each case, as we have deemed necessary or appropriate for the purposes of this opinion, including the Deposit Agreement, dated as of September 12, 2006, between SunTrust, U.S. Bank National Association, as depositary, and all holders from time to time of the depositary receipts described therein (the “Series I Deposit Agreement”), and the form of depositary receipt described therein (collectively, the “Transaction Documents”). We have also conducted such investigations of fact and law as we have deemed necessary or advisable for purposes of this opinion. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as copies and the legal capacity of all individuals executing such documents. We have also assumed the valid authorization, execution and delivery of each of the Transaction Documents by each party thereto (other than the Corporation), and we have assumed that each such other party (in the case of parties which are not natural persons) has been duly organized and is validly existing and in good standing under its jurisdiction of organization, that each such other party has the legal capacity, power and authority to perform its obligations thereunder and that each of the Transaction Documents constitutes the valid and binding obligation of all such other parties, enforceable against them in accordance with its terms.

We are members of the Bar of the State of New York, and this opinion is limited to the laws of the State of New York, in each case as in effect on the date hereof. We have not considered, and we express no opinion or belief as to matters of the laws of any other jurisdiction or as to any matters arising thereunder or relating thereto.

Based upon the foregoing and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that when the Series I Deposit Agreement has been duly assumed by the Corporation pursuant to the Merger Agreement, the Additional Preferred Stock represented by the Depositary Shares has been issued as contemplated by the Registration Statements and has been received by the depositary upon conversion of the applicable series of perpetual preferred stock, no par value, of SunTrust into Series I Preferred Stock, and the depositary receipts evidencing the Additional Depositary Shares have been issued in accordance with the Deposit Agreement and have become the issued Series I Depositary Shares of the Corporation as contemplated by the Registration Statements, the Additional Depositary Shares will constitute valid and legally binding obligations of the Corporation and will entitle the holders thereof to the rights specified in the Deposit Agreement.

The opinion set forth above is subject to the effects of (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting the enforcement of creditors’ rights generally, (b) general equitable principles (whether considered in a proceeding in equity or at law), and (c) an implied covenant of good faith and fair dealing. We express no opinion as to whether, or the extent to which, the laws of any particular jurisdiction apply to the subject matter hereof, including, without limitation, the enforceability of the governing law provision contained in the Transaction Documents or in any other agreement.


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We consent to the filing of a copy of this opinion as an exhibit to the 462(b) Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, and the rules and regulations thereunder. This opinion speaks as of its date, and we undertake no (and hereby disclaim any) obligation to update this opinion.

 

Very truly yours,

/s/ Wachtell, Lipton, Rosen & Katz