Ethan Riley
BB&T, formerly known as the Branch Banking and Trust Company, was one of the largest banking and financial services firms in the United States. It was founded in 1872 and operated under the BB&T name from 1903 until 2019 when it merged with SunTrust Bank to form Truist Financial. The name BB&T was derived from the company's former name, the Branch Banking and Trust Company.
| Characteristics | Values |
|---|---|
| Full Form | Branch Banking and Trust Company |
| Previous Name | Southern National Corp |
| Year Founded | 1872 |
| Founders | Alpheus Branch and Thomas Jefferson Hadley |
| Year of Merger with SunTrust | 2019 |
| Merged Entity | Truist Financial Corporation |
| Merged Entity Headquarters | Charlotte, North Carolina |
| CEO | Kelly King |
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What You'll Learn
BB&T stands for Branch Banking and Trust Company
In 1889, Branch, his father-in-law, and several other prominent businessmen in the Wilson area secured a charter from the North Carolina General Assembly to operate the Wilson Banking and Trust Company. The charter allowed the bank several rights, including the right to create a trust department. In 1900, Branch Banking and Company, the recently chartered bank, bought Branch and Company Bankers. After several years awaiting amended bank regulation, the bank began its trust department in 1907, and its name was changed to Branch Banking and Trust Company (BB&T) in 1913.
BB&T survived two wars and the Great Depression, becoming one of the larger banks in North Carolina. During World War I, the bank grew due to increased government bond investment and Liberty Bond sales. In the 1920s, the bank added new insurance and mortgage loan services to their branches, and four new banks were opened across the state. Even when the stock market crashed in 1929 and banks in North Carolina started to break down, BB&T President Herbert D. Bateman added six new banks and increased assets to $13.7 million.
By the 1960s, BB&T had 60 offices in 35 cities, and it continued its growth pattern in the 1970s and 1980s due to increased interstate banking and the purchase of competing banks. By the early to mid-1990s, the bank had expanded throughout North and South Carolina, with over 260 branches, establishing itself as the fourth-largest bank in North Carolina. In 1995, BB&T merged with Southern National Corporation, the fifth-largest bank in the state, and by the end of the 2000s, the bank had branched out to 12 states and Washington, D.C.
In 2019, BB&T merged with SunTrust Bank to form Truist Bank, the ninth-largest U.S. bank as of 2024. The merger created Truist Financial (TFC), one of the largest banks in the United States, with BB&T CEO Kelly King retaining his position with the new company.
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BB&T was founded in 1872
BB&T, previously known as the Branch Banking and Trust Company, was founded in 1872. It was established by Alpheus Branch and Thomas Jefferson Hadley, who founded the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina.
The bank's roots can be traced back even further to 1805, but it was founded in 1872, nearly a decade after slavery was abolished. Both founders of the bank served in the Confederate Army.
In its early years, the bank primarily served local farmers. In 1887, Branch bought out Hadley's shares, renaming the company Branch and Company, Bankers. The bank moved to new headquarters on Nash Street in downtown Wilson, North Carolina, in the same year. Branch, his father-in-law General Joshua Barnes, Hadley, and three other men secured a charter from the North Carolina General Assembly in 1889 to operate the Wilson Banking and Trust Company.
BB&T survived two wars and the Great Depression, becoming one of the larger banks in North Carolina. During World War I, the bank grew due to increased government bond investment and Liberty Bond sales. In the 1920s, new insurance and mortgage loan services were added, and four new banks were opened across the state. Despite the stock market crash in 1929 and the closure of many banks in North Carolina, BB&T President Herbert D. Bateman expanded the bank by adding six new branches, increasing assets to $13.7 million.
By the 1960s, BB&T had 60 offices in 35 cities, and its growth continued in the 1970s and 1980s due to increased interstate banking and the purchase of competing banks. By the early 1990s, the bank had expanded throughout North and South Carolina, with over 260 branches, becoming the fourth-largest bank in North Carolina. In 1995, BB&T merged with Southern National Corporation, the fifth-largest bank in the state, resulting in 437 separate banks in Virginia and the Carolinas.
In 2019, BB&T merged with SunTrust Bank to form Truist Bank, becoming the sixth-largest US bank holding company. This merger created a modern banking corporation with a presence in 12 states and Washington, D.C.
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BB&T merged with SunTrust Bank in 2019 to form Truist Bank
BB&T stands for Branch Banking and Trust Company. In 2019, BB&T merged with SunTrust Bank to form Truist Bank. The merger was first announced on February 7, 2019, and was completed on December 6, 2019. The combined bank is headquartered in Charlotte, North Carolina, with significant operations in Winston-Salem.
The merger of equals created the sixth-largest U.S. commercial bank, serving approximately 10 million households and a full range of business clients. 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, and insurance, among others.
The name Truist Financial Corporation was chosen after a rigorous brand development process that included hiring Interbrand, a global brand consultancy, and seeking opinions from employees and clients of both banks. The new name drew criticism from analysts and customers of both banks on social media.
The merged bank continued to operate under the BB&T and SunTrust names until the two banks' computer hardware, software, and networking systems were streamlined, a process that was projected to take up to two years. Due to delays related to the COVID-19 pandemic, the core conversion to combine the branches was pushed to early 2022.
Truist unveiled its logo in January 2020, combining the blue of SunTrust and the burgundy of BB&T with two Ts representing touch and technology.
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Truist Bank is headquartered in Charlotte, North Carolina
BB&T stands for Branch Banking and Trust Company. It was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina.
In 2019, BB&T merged with SunTrust Bank to form Truist Bank, with Truist Financial Corporation as the holding company. Truist Bank is headquartered in Charlotte, North Carolina, and has a leading presence in many high-growth markets across the country. The bank offers a wide range of products and services, including consumer and small business banking, commercial and corporate banking, investment banking, and capital markets.
The decision to locate the headquarters in Charlotte was announced in 2019, and in 2020, Truist moved into the Truist Center in downtown Charlotte, formerly known as Hearst Tower. The building was purchased from Cousins Properties, and Truist occupies 550,000 square feet of the 965,000 square feet total. The move to Charlotte was part of a broader trend of financial services companies choosing to establish a presence in the city, which has become a major hub for the industry.
Charlotte's appeal as a financial hub is due to several factors. Firstly, the city offers a talented and educated workforce, with many skilled professionals in the financial sector. Secondly, Charlotte has a business-friendly environment with competitive tax rates and a favourable regulatory climate. Additionally, the city's location in the Eastern time zone facilitates convenient communication and collaboration with financial centres in New York and London. Moreover, Charlotte boasts a high quality of life, attracting professionals seeking a pleasant place to live and work.
Truist's headquarters in Charlotte serves as a central hub for the company's operations and plays a crucial role in shaping its culture and brand identity. The city's dynamic business environment and talented workforce have contributed to Truist's success and growth as a leading financial institution in the United States.
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Truist Financial Corporation is the name of the combined holding company
BB&T, previously known as the Branch Banking and Trust Company, was one of the largest banking and financial services firms in the United States. Based in Winston-Salem, North Carolina, BB&T was founded in 1872 by Alpheus Branch and Thomas Jefferson Hadley.
In 2019, BB&T announced its merger with SunTrust Banks, an Atlanta-based company, to form Truist Financial. The merger was a combination of equals, creating the sixth-largest US bank holding company. The new entity, Truist Financial Corporation, would serve over ten million households in the US, with a strong presence in high-growth markets.
The name Truist Financial was chosen after a rigorous brand development process, which included hiring Interbrand, a global brand consultancy firm. The process prioritised input from employees and clients of both banks, with the new name reflecting the aspirations and expectations of stakeholders. The name Truist was intended to give the bank a fresh identity, true to the heritage of both companies.
The merger was completed on December 6, 2019, with BB&T CEO Kelly King retaining his position with the new company. Truist Financial acknowledged and apologised for the company's historical connections to slavery, which was addressed in an employee memo. The merged bank continued to operate under the BB&T and SunTrust names until their systems were streamlined.
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Frequently asked questions
BB&T stands for Branch Banking and Trust Company.
BB&T was founded in 1872 by Alpheus Branch and Thomas Jefferson Hadley, who founded the Branch and Hadley merchant bank in Wilson, North Carolina. The bank was previously known as Branch and Company, Bankers, before becoming the Branch Banking and Trust Company in 1913.
In 2019, BB&T merged with SunTrust Bank to form Truist Bank, which is headquartered in Charlotte, North Carolina. Truist Financial Corporation is the name of the combined holding company.
The merger was described as a ""merger of equals"", creating the sixth-largest US bank holding company, serving over 10 million households. The combined company aims to redefine the client experience through innovative technology and create meaningful change in its communities.
The name change was criticised by analysts and customers on social media, who believed that the new name, Truist, lacked meaning and was a poor choice compared to the legacy names. However, some analysts believed that the change could foster a new culture and fresh start for the merged firm.
