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Name |
Truist |
|---|---|
| Public | |
| Traded as | NYSE: TFC S&P 500 Component |
| Industry | Financal services |
| Founded | 1872; 150 Years ago (as BB&T) 1891; 131 years ago (as Suntrust) 2019; 3 Years ago (as Truist) |
| Headquarters | Charlotte, North Carolina, United States |
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Key people |
Kelly S. King (Chairman and CEO) |
| Products | Commercial and Consumer banking, Investment banking,Insurance, Mortgage |
| Revenue | US$20.370 billion(2020) |
| $4.492 billion(2020) | |
| Total assets | $509.228 billion(2020) |
| Total equity | $70.912 billion(2020) |
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Number of employees |
54,982 (2020) |
| Website | Truist.com |
About Truist:
Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of June 2021, it is the 10th largest bank with $509 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world with $2.27 billion in annual revenue.
On February 7, 2019, It was reported that Winston-Salem-based BB&T and Atlanta-based SunTrust Banks would come together in a merger of equals to create the eighth-largest US bank. It would be the biggest bank deal since the 2007-2009 financial crisis. The bank also announced the move of its headquarters to Charlotte, North Carolina, retaining significant operations in Winston-Salem. It was subsequently announced that Winston-Salem would be the bank’s headquarters for community banking, while Atlanta would be the hub for wholesale / retail banking.[96]
On June 12, BB&T and SunTrust announced that the merged company would be called Truist Financial Corporation. This name resulted from research that included hiring Interbrand, seeking opinions of employees of both banks, and focus groups. The new name drew criticism from analysts and customers of both banks on social media.
On June 17, Truliant Federal Credit Union of Winston-Salem filed suit claiming “trademark infringement”, complaining of potential confusion between the two companies’ respective names, including Truliant products with “Tru” in their names. The parties agreed to dismiss claims on August 5, 2020 and the lawsuit was closed the next day.
The merger was completed at midnight December 6, 2019. BB&T CEO Kelly King retained the same position with the new company. Customers of both banks were given free access to all of Truist’s ATMs free of charge.[101] The merged bank will continue to operate under the BB&T and SunTrust names until the two banks’ computer hardware, software and networking systems are streamlined, a process that could take as long as two years. Due to delays related to the COVID-19 pandemic, Truist announced in April 2021 that core conversion to combine the branches will be performed in early 2022. However, on the day the merger closed, SunTrust Bank merged into Branch Banking & Trust Company, forming Truist Bank as the merged company’s legal banking entity.
On December 11, 2019, Truist officially exercised its option to purchase Hearst Tower in downtown Charlotte from Cousins Properties. Truist moved its corporate headquarters to Hearst Tower, which was renamed to Truist Center. Truist had taken over 550,000 square feet (51,000 m2) of 965,000 square feet (89,700 m2) total. The bank announced the deal was completed March 31, 2020. However, due to the COVID-19 pandemic, further actions will be delayed.
Truist unveiled its logo in January 2020, with two Ts representing touch and technology, and a shade of purple combining the blue of SunTrust and the burgundy of BB&T. In November 2020, the bank used helicopters to lift up four signs to the top of the former Hearst Tower. The “Truist” wordmark appears on the North Tryon Street and North College Street sides of the building, while the other two sides displayed the Truist logo. This signage has caused a lot controversy, even leading the building’s original architect to refer to the signage as vandalism.
In February 2020, Truist announced it would be launching a nonprofit foundation called the Truist Foundation.
In March 2020, Truist announced it would vacate its former headquarters building in Winston-Salem except for a branch office and would move employees in its community/retail hub to other locations in the city, including the Park Building on Cherry Street and two locations on Stratford Road.
The merger was estimated to cost $4 billion. Part of these costs would be severance for workers laid off, conversion costs, marketing and professional fees. However, through the merger the bank estimates that $1.6 billion in net cost savings will be achieved by the end of 2022. Part of this savings would be fewer branches. Truist intended to close 800 branches by the first quarter of 2022, and office consolidation would reduce space by 4.8 million square feet.
On September 5, 2021, former SunTrust Banks CEO Bill Rogers became chief executive officer of Truist Financial Corporation.
Truist said it had completed changing signs on branches February 22, 2022. At that time former SunTrust customers had difficulty using debit cards.
BB&T History
In late 2008 the bank accepted $3.1 billion in bailout money through the sale of its preferred shares to the U.S. Treasury’s Troubled Asset Relief Program. The bank said in June 2009 that it had received approval to repurchase the shares.[5] Also in June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the Competitive Enterprise Institute, where he claimed to show how government regulation caused the 2007–2009 financial collapse.[6][7]
On August 14, 2009, it was announced that the deposits and loan accounts of the Colonial Bank were being transferred to BB&T as part of Colonial Bank’s receivership by the FDIC.[8] This acquisition added more than 340 branches in Alabama, Florida, Georgia, Nevada and Texas along with approximately $22 billion in assets. This moved BB&T Corporation to the 10th largest commercial bank in the United States based on assets. BB&T quickly flipped the Nevada branch to U.S. Bancorp (dropping it to 10th overall), but hung on to its Texas branches, despite the Texas branches being outside of its historical footprint. As of November 1, 2011, In acquiring Bank Atlantic, BB&T acquired approximately $2.1 billion in loans and assume approximately $3.3 billion in deposits.
On December 18, 2013, BB&T announced the purchase of 21 Citigroup branches in Texas for $36 million, adding $1.2 billion in deposits. After starting with 19 former Colonial branches and adding 41 more locations, BB&T increased its presence in the state to 81 branches with $2.8 billion in deposits, increasing its rank from 38th to 20th.[9]
In 2014, BB&T announced it was buying 41 more Citigroup branches, which after completion of the deal in first quarter 2015, would give the bank 123 branches and $5.3 billion in deposits.[10]
Also in 2014, BB&T announced the acquisition of Bank of Kentucky, for $363 million, which has $1.9 billion in assets, giving BB&T a presence in the Northern Kentucky-Cincinnati market, and its first branches in Ohio. The deal was completed June 22, 2015.[11]
On April 1, 2015, BB&T said it was selling American Coastal Insurance Co. to management of AMRisc LP. BB&T Insurance Holdings also said it would own more of AMRisc.[12]
On April 2, BB&T subsidiary CRC Insurance Services Inc. said it would buy “strategic assets” of Napco LLC, a broker of catastrophic commercial insurance started in 1996.[13]
BB&T completed the $2.5 billion purchase of Susquehanna Bancshares Inc. on August 3, 2015, the bank’s first move into Pennsylvania and New Jersey. The Lititz, Pennsylvania-based Susquehanna gives BB&T 240 more branches and $18.7 billion in assets, and the 7th largest share of deposits in Pennsylvania, as well as the 5th largest in Maryland.[14]