Jake Miller
BB&T Corporation, previously known as the Branch Banking and Trust Company, was one of the largest banking and financial services firms in the United States. In 2019, BB&T merged with SunTrust Banks to form Truist Financial, which retained BB&T's stock price history and operates under its charter. Regions Insurance Group, owned by Regions Financial Corporation, was purchased by Truist Financial in 2018. This text will explore the history of BB&T and its merger with SunTrust, as well as the acquisition of Regions Insurance Group, to answer the question: Are Regions and BB&T the same bank?
| Characteristics | Values |
|---|---|
| Are Regions and BB&T the same bank? | No, but they are competitors in the same region. |
| What is BB&T? | BB&T Corporation (previously known as the Branch Banking and Trust Company) is one of the oldest regional banks in the U.S. |
| What is Regions? | Regions Financial Corporation is the holding company for First South Bank. |
| Did BB&T merge with another bank? | Yes, BB&T merged with SunTrust Banks in 2019 to form Truist Financial. |
| Did Regions merge with another bank? | Yes, Regions Insurance Group was purchased by BB&T's insurance service division in 2018. |
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What You'll Learn
Regions Insurance Group was acquired by BB&T Insurance Services division in 2018
Regions Insurance Group was acquired by BB&T Insurance Services division in July 2018. The acquisition was first announced in April 2018 and was completed on July 2, 2018.
BB&T Insurance Holdings, the fifth-largest insurance broker in the US and internationally, is a wholly owned subsidiary of BB&T Corporation, which is one of the largest financial services holding companies in the country. The acquisition of Regions Insurance Group was made from Regions Financial Corporation. Regions Insurance is a leading insurance broker serving more than 60,000 clients across the Southeast, Texas, and Indiana. It offers property and casualty, as well as employee benefits products, to businesses through a retail network of insurance professionals.
The acquisition added incremental balance to BB&T's insurance business between its wholesale and retail insurance channels. With the completion of this acquisition, BB&T Insurance's retail network contributed almost half of its insurance brokerage revenue. The purchase of Regions Insurance Group also included its wholesale insurance division, Insurisk, based in Little Rock, Arkansas. Insurisk accounted for about eight per cent of Regions Insurance Group's business.
BB&T has a long history in the financial sector, dating back to 1872 when Alpheus Branch and Thomas Jefferson Hadley founded the Branch and Hadley merchant bank in Wilson, North Carolina. The company has grown and changed names over the years, becoming the Branch Banking and Trust Company (BB&T). BB&T has survived economic crises, including the 1929 Stock Market Crash, and has expanded through mergers and acquisitions.
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BB&T merged with SunTrust in 2019 to form Truist Financial
BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States. On February 7, 2019, it was announced that BB&T would merge with Atlanta-based SunTrust Banks to form Truist Financial Corporation. The merger was completed on December 6, 2019, with BB&T CEO Kelly King retaining his position with the new company.
The merger created a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience. Truist Financial Corporation is a purpose-driven company, dedicated to building a better future for its clients, teammates, and communities. With 275 years of combined history, Truist is one of the nation's largest financial services holding companies, offering a wide range of services including retail, small business and commercial banking, asset management, capital markets, commercial real estate, corporate and institutional banking, insurance, mortgage, payments, specialized lending, and wealth management.
Headquartered in Charlotte, North Carolina, Truist serves approximately 10 million households with a leading market share in many high-growth markets in the country. It is the sixth-largest U.S. commercial bank. Truist operates 1,928 branches in 15 states and Washington, D.C., offering consumer, commercial, and investment banking, securities brokerage, asset management, mortgage, and insurance products and services.
There were no merger-related changes to account numbers or routing numbers for checking, savings, and money market accounts for most clients. Clients of both banks were given free access to all of Truist's ATMs, and they could continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors, and relationship managers. The transition to the full Truist experience was expected to occur over the next two years as systems were integrated.
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Truist Financial is one of the largest banks in the US
Truist Financial Corporation, formed in December 2019, is the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. It is headquartered in Charlotte, North Carolina and operates 1,928 branches across 15 states and Washington, D.C. The bank offers a wide range of financial services, including consumer, commercial, and investment banking, securities brokerage, asset management, mortgage, and insurance products.
The merger of BB&T and SunTrust Banks in 2019 was a significant event, creating the eighth-largest US bank and the biggest bank deal since the 2008 financial crisis. The merged entity, Truist Bank, became the legal banking entity and continued to operate under the BB&T and SunTrust names until their systems were streamlined. The merger provided customers of both banks with free access to Truist's ATMs.
Truist Financial has continued its expansion strategy with recent acquisitions, such as BenefitMall in 2022, the nation's largest benefits wholesale agency, and BankDirect Capital Finance for $3.4 billion, marking its first deal in the life insurance improvement industry. Truist Insurance Holdings has been particularly active, making 11 insurance brokerage acquisitions in seven years. With its belief in better communities and a strong leadership team, Truist Financial remains a prominent player in the US banking industry.
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BB&T is a financial holding company
BB&T Corporation, previously known as Branch Banking and Trust Company, is a financial holding company headquartered in Winston-Salem, North Carolina. The company conducts its operations through its commercial bank subsidiary, Branch Banking and Trust Company, which has offices in several states across the country. BB&T's business operations also consist of several non-bank subsidiaries, which offer financial services products.
BB&T was founded in 1872 by Alpheus Branch and Thomas Jefferson Hadley, who started the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina. Over the years, the bank underwent numerous name changes before settling on Branch Banking and Trust Company. In 1922, BB&T Insurance Services was introduced, followed by a mortgage division the next year. Notably, BB&T was the only bank in Wilson to survive the 1929 Stock Market Crash.
BB&T has a history of acquisitions and mergers, including the purchase of East Coast Federal Savings Bank and First Savings Bank in 1993, and the merger with Southern National Bank in 1995. In 2018, BB&T's insurance service division acquired Regions Insurance Group, owned by Regions Financial Corporation. This acquisition expanded BB&T's insurance business and provided them with 60,000 new clients.
In 2019, BB&T announced its merger with SunTrust Banks to form Truist Financial, retaining BB&T's stock price history and operating under its charter. The merger created the eighth-largest U.S. bank and was considered the biggest bank deal since the 2007-2009 financial crisis. Truist Financial, headquartered in Charlotte, North Carolina, offers a range of banking, securities brokerage, asset management, and insurance products and services.
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BB&T divides its banking network into autonomous regions
BB&T, or Branch Banking and Trust Company, divides its banking network into autonomous regions, each with its own president, operating like community banks. Nearly all lending decisions are made locally. This community banking structure allows for a highly attentive approach to client service, complementing a brand of relationship-driven banking.
For example, in its acquisition of First South Bank's parent company, Regional Financial Corporation, BB&T added a Tallahassee-based community bank region to its network. Regional Financial Corporation was a holding company for First South Bank, a $1.6 billion thrift and one of the largest mortgage originators in Florida. This merger gave BB&T entry into Florida and expanded its presence in the state's economically attractive markets.
Similarly, in its acquisition of Community First Banking Company, BB&T added to its Atlanta-based community bank region. This acquisition expanded BB&T's presence in the fast-growing metropolitan Atlanta market and increased its market share in Georgia. Community First's operating philosophy and core values aligned with BB&T's, making for a seamless integration.
BB&T's strategy of dividing its banking network into autonomous regions allows it to better serve local communities and adapt to their unique needs. This approach has contributed to BB&T's success and growth over the years, including surviving the 1929 Stock Market Crash when other banks in Wilson, North Carolina failed.
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Frequently asked questions
No, they are not the same bank. Regions is short for Regions Financial Corporation, and BB&T is short for Branch Banking and Trust Company. However, in 2018, BB&T subsidiary CRC Insurance Services acquired Regions Insurance Group.
BB&T is one of the oldest regional banks in the US. It was founded in 1872 by Alpheus Branch and Thomas Jefferson Hadley as the Branch and Hadley merchant bank in Wilson, North Carolina. The name was changed to Branch and Company, Bankers in 1887. In 1922, BB&T Insurance Services was added, and a mortgage division was added in 1923. BB&T survived the 1929 Stock Market Crash, and in 1995, Southern National Bank merged with BB&T.
Truist Financial is the result of the merger between BB&T and SunTrust Banks in 2019. The merger created the sixth-largest commercial bank in the US, with about 10 million customers. Truist Financial is headquartered in Charlotte, North Carolina, and operates 1,928 branches in 15 states and Washington, D.C.
Regions Insurance Group, owned by Regions Financial Corporation, was purchased by BB&T's insurance service division in 2018. Following the merger between BB&T and SunTrust Banks to form Truist Financial in 2019, Regions Insurance Group became a part of Truist Financial.
BB&T Corporation planned to acquire Regional Financial Corporation, the holding company for First South Bank, in a $274.6 million stock swap. This acquisition gave BB&T entry into Florida and some of its most economically attractive markets.
