Hailey Johnson
Truist Financial Corporation, previously known as BB&T Corporation, completed its merger with SunTrust Banks, Inc. on December 6, 2019, to become the sixth-largest commercial bank in the US. The merger, first announced on February 7, 2019, received final regulatory approval on November 19, 2019. The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board unanimously approved the merger, which resulted in Truist serving approximately 10 million households and business clients across the country.
| Characteristics | Values |
|---|---|
| Date of merger announcement | February 7, 2019 |
| Date of final regulatory approval | November 19, 2019 |
| Date of merger completion | December 6, 2019 |
| Name of merged entity | Truist Financial Corporation |
| Type of merger | Merger of equals |
| HQ location | Charlotte, North Carolina |
| Number of households served | 10 million |
| Number of branches to be divested | 30 |
| Amount of deposits to be divested | $2.4 billion |
| Number of employees | 275 |
| Services offered | 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 |
| ATM access | Clients can use BB&T and SunTrust ATMs without incurring out-of-network fees |
| Transition period | Up to two years |
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What You'll Learn
- Truist Financial Corporation was formed on December 6, 2019
- Truist is the sixth-largest US commercial bank
- Truist offers a wide range of services, including retail, small business, and commercial banking
- The merger was approved by the Federal Deposit Insurance Corporation and the Federal Reserve Board
- Truist's logo combines the blue of SunTrust and the burgundy of BB&T
Truist Financial Corporation was formed on December 6, 2019
The merger was first announced on February 7, 2019, and received final regulatory approvals on November 19, 2019. The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board unanimously approved the merger, with the latter conditioning its approval on several actions, including the divestment of 30 branches and over $2 billion in deposits by BB&T to mitigate the competitive impact of the merger.
The formation of Truist Financial Corporation resulted from extensive research, including employee and focus group input. The name "Truist" was met with criticism from analysts and customers on social media. Despite the new name, the merged bank continued to operate under the BB&T and SunTrust brands until the integration of their computer systems, a process projected to take up to two years.
Truist Financial Corporation is headquartered in Charlotte, North Carolina, and offers a comprehensive range of financial services, including retail, small business, and commercial banking, asset management, capital markets, insurance, and wealth management. The company is committed to building a better future for its clients, employees, and the communities it serves.
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Truist is the sixth-largest US commercial bank
Truist Financial Corporation, formerly known as BB&T Corporation, is the sixth-largest US commercial bank. It was formed through the merger of equals between BB&T Corporation and SunTrust Banks, Inc. The merger was announced on February 7, 2019, and was completed on December 6, 2019, with final regulatory approvals received on November 19, 2019. Truist is headquartered in Charlotte, North Carolina, and has a leading market share in many high-growth markets across the country.
The combined company offers a wide range of financial services, including retail, small business and commercial banking, asset management, capital markets, commercial real estate, corporate and institutional banking, insurance, mortgage, payments, specialised lending, and wealth management. Truist serves approximately 10 million consumer households and a full range of business clients.
The creation of Truist was a historic moment for the financial services organisation, bringing together two companies with shared values and a deep commitment to building a better future for their clients and communities. The merger also created a new company with a bold, transformative vision to increase investment in innovative technology and to create a distinctive teammate and client experience.
Truist has continued to grow and expand its business since the merger. In June 2020, SunTrust Robinson Humphrey and BB&T Capital Markets combined to form Truist Securities. Truist has also made several acquisitions, including the purchase of BankDirect Capital Finance from Texas Capital Bancshares Inc. for $3.4 billion in September 2022, and the acquisition of the financial technology start-up Long Game Savings Inc. in May 2022.
With its leading market position, diverse range of financial services, and continued focus on growth and innovation, Truist has solidified its place as one of the largest and most significant commercial banks in the United States.
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Truist offers a wide range of services, including retail, small business, and commercial banking
Truist Financial Corporation is the result of the merger between BB&T Corporation and SunTrust Banks, which was finalised on December 6, 2019. Truist is the sixth-largest commercial bank in the US, serving approximately 10 million consumer households and a wide range of business clients.
The bank offers a comprehensive suite of financial products and services, including retail, small business, and commercial banking. In the retail banking space, Truist provides various accounts, such as checking, savings, and money market accounts. It also offers credit cards, mortgages, and loans, including vehicle and equipment loans for businesses.
Small businesses can benefit from Truist's lending services, including small business loans and lines of credit. The bank also provides wealth management services, such as asset management, estate planning, and risk management, helping clients protect their businesses, lifestyles, healthcare, retirement, and legacy.
In addition to its retail and small business offerings, Truist caters to commercial clients with a range of services, including commercial banking, capital markets, commercial real estate, corporate and institutional banking, insurance, payments, and specialised lending. The bank also offers digital banking services through its online platform and mobile app, providing customers with convenient access to their accounts and insights into their spending.
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The merger was approved by the Federal Deposit Insurance Corporation and the Federal Reserve Board
The merger between BB&T and SunTrust Banks to form Truist Financial Corporation was approved by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board. The approval came in November 2019, and the merger was completed on December 6, 2019.
The FDIC's approval was based on the Bank Merger Act (BMA) application submitted by BB&T. The FDIC considered various statutory factors, including the impact on competition, financial and managerial resources, convenience and needs of the communities served, and the anti-money laundering records of the institutions involved. The resulting bank, Truist, was to operate under BB&T's charter and be headquartered in Charlotte, North Carolina.
The Federal Reserve Board's approval was conditional on several actions. These included BB&T divesting 30 branches and more than $2.4 billion in deposits to mitigate the competitive effects of the merger. Additionally, the board issued a consent order against SunTrust for unfair and deceptive practices, requiring the resulting bank to comply with the enforcement action and implement procedures for refunds.
The merger created the sixth-largest U.S. commercial bank, serving approximately 10 million consumer households and offering a full range of business services. Truist is dedicated to building a better future for its clients, teammates, and communities, with a focus on increasing investment in innovative technology and creating a distinctive client experience.
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Truist's logo combines the blue of SunTrust and the burgundy of BB&T
Truist Financial Corporation is the result of the merger of equals between BB&T (Branch Banking and Trust Company) and SunTrust Banks. The merger was announced on February 7, 2019, and was completed on December 6, 2019. The new company is one of the largest financial services holding companies in the US, serving approximately 10 million households.
The name "Truist" was chosen after research that included hiring Interbrand, seeking opinions from employees of both banks, and conducting focus groups. The name received criticism from analysts and customers on social media, with some speculating that the two banks might reconsider it. However, the merger and name were approved by shareholders and regulators, becoming final in December 2019.
In January 2020, Truist unveiled its logo, which features two Ts representing touch and technology, enclosed in a square that represents trust and security. The logo combines the blue of SunTrust and the burgundy of BB&T to create a shade of purple, symbolising the merger of equals. According to Chris Campbell, Executive Creative Director of Interbrand New York, purple conveys "a beautiful story of how we've left our legacy companies and we're building something new together." The unique monogram and wordmark of the logo were designed to be visually striking and to evoke a sense of momentum toward the future.
The logo was first displayed on the former Hearst Tower, now known as the Truist Center, in November 2020. The signage caused some controversy, with the building's original architect referring to it as vandalism.
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Frequently asked questions
Truist Bank was formed as a result of a merger between BB&T and SunTrust Bank. The merger was announced on February 7, 2019, and was completed on December 6, 2019.
The merger created the sixth-largest US commercial bank, serving approximately 10 million consumer households and a full range of business clients. Truist is dedicated to building a better future for its clients and communities and offers a wide range of financial services.
The merged bank continued to operate under the BB&T and SunTrust names until the computer systems were streamlined, which was projected to take up to two years. Clients could continue to use their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors, and relationship managers. Additionally, clients could use BB&T and SunTrust ATMs without incurring out-of-network fees.
