CHARLOTTE, N.C., Dec. 9, 2019 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced the completion of the merger of equals between BB&T Corporation and SunTrust Banks, Inc., effective Dec. 6, 2019. Truist is the sixth largest U.S. commercial bank, serving approximately 10 million consumer households and a full range of business clients, with leading market share in many of the most attractive, high-growth markets in the country.
"This is a historic moment for Truist – a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities," said Truist Chairman and Chief Executive Officer Kelly S. King. "The completion of this merger of equals is a tremendous achievement and a testament to the thousands of Truist teammates who have diligently worked to ensure its timely conclusion."
"With Truist, we're creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience," said Truist President and Chief Operating Officer Bill Rogers. "We have much work ahead of us, but we're well-positioned to create meaningful change for the clients we serve and the communities where we live and work."
For now, clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers. Clients can now use BB&T and SunTrust ATMs to make withdrawals without incurring out-of-network fees.
The transition to the full Truist experience will occur as systems are integrated over the next two years. There will be no merger-related changes to account numbers or routing numbers for checking, savings and money market accounts for the vast majority of clients. As a result, most clients won't need to order new checks or make changes to direct deposits, automatic drafts or wire instructions related to these accounts. Clients can find the latest information at Truist.com.
Truist teammates will be offered a total compensation and benefits program designed to attract and retain the best talent in the industry. This includes industry-leading time off programs to ensure maximum flexibility in planning life events, company-subsidized health care, financial wellness programs and the unique combination of a 401(k) match program and pension plan offered to most teammates.
Truist is committed to building and sustaining its communities. Under the previously announced Truist Community Benefits Plan, $60 billion is earmarked for lending or investment in low- and moderate-income (LMI) communities from 2020–2022. The plan includes goals for lending to LMI borrowers and small businesses, as well as affordable housing development and community revitalization; support of nonprofits; and participation in a variety of service and outreach programs. The Truist Foundation will focus its philanthropic efforts throughout Truist's footprint to support nonprofit organizations. Additionally, Truist will fulfill a financial commitment of $17.4 million annually for Winston-Salem, North Carolina, and the Piedmont Triad community, and $100 million annually for the Atlanta community to double the level of current community investment through 2021.
The merger of equals was announced Feb. 7, 2019, and final regulatory approvals were received on Nov. 19, 2019.
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-drivencompany dedicated to building a better future forits clients, teammates and communities. With 275 years of combined BB&T and SunTrust 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 leading market share in many high-growth markets in the country.Learn more at Truist.com.
SOURCE Truist Financial Corporation
FAQs
Document. Effective December 6, 2019, Truist Financial Corporation ("Truist," previously, BB&T Corporation, "BB&T") completed its previously announced merger of equals with SunTrust Banks, Inc. ("SunTrust") pursuant to an Agreement and Plan of Merger dated as of February 7, 2019 and amended as of June 14, 2019.
Have SunTrust and BB&T joined to become 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.
Why did BBT and SunTrust merge? ›
Combining BB&T and SunTrust created a bank with staying power, one less likely to get picked off by a larger entity. That appealed to Rogers and King, both highly respected CEOs who'd spent their entire careers at their respective banks and weren't anxious to hand over the reins.
Are Truist and BB&T the same bank? ›
Truist Bank, formerly BB&T, offers a wide range of financial products and services for individuals and businesses, including a suite of personal banking products. The Charlotte, North Carolina-based bank operates over 2,100 financial centers across the South, the Mid-Atlantic and the Midwest.
Who bought BBT bank? ›
BB&T merged with SunTrust to create Truist Financial in 2019. Its largest shareholders include the company's top executives and several institutional investors. You can purchase shares of BB&T through a brokerage.
Are all BB&T accounts now Truist? ›
On October 10, 2021, your BB&T account will become a new Truist account, and your treasury services will transition to Truist treasury services. For treasury services, service descriptions and certain pricing will be modified.
What was the old name of Truist Bank? ›
BB&T and SunTrust announce new name will be Truist and new corporate headquarters will be at 214 N. Tryon St., Charlotte, North Carolina. Boards of both SunTrust and BB&T announce unanimous approvals to combine in merger of equals.
Is Truist Bank safe from collapse? ›
Is Truist Bank safe from collapse? Truist Bank was rated as "stable" by S&P, Moody's, Fitch, and DBRS Morningstar, meaning it's likely safe from collapse.
Does SunTrust Bank still exist? ›
On that day, SunTrust Bank merged into BB&T's banking unit, Branch Banking and Trust Company, forming Truist Bank as the merged company's legal banking entity.
Is Truist Bank FDIC insured? ›
Yes! Truist Bank is an FDIC member. This means your money is FDIC insured up to the amount allowable by law.
Yes. The routing number and account number didn't change for checking accounts.
What is the largest bank in the US? ›
Columbus, Ohio-based JPMorgan Chase is the largest US bank with total assets of $3.503 trillion. Some $2.684 trillion are domestic assets, accounting for 77% of its total assets. The bank operates 4,912 domestic branches and 32 foreign branches.
How secure is Truist Bank? ›
Truist is FDIC insured. You'll be able to deposit up to $250,000 in an individual bank account and your money will be secure.
What is the new name of BB&T bank? ›
BB&T Corporation (NYSE: BBT) and SunTrust Banks, Inc., (NYSE: STI) today announced Truist as the name for the combined company to be created through their merger of equals. Truist will be the... Atlanta, GA and Winston-Salem, NC, February 7, 2019 – SunTrust Banks, Inc.
What is the parent company of Truist? ›
Truist was founded in 2019 when BB&T merged with SunTrust Banks, which was the biggest bank deal since the financial crisis of 2007.
What does the name Truist mean? ›
“Truist” suggests trust, which is in both prior institution's names.
What companies did Truist merge with? ›
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country.
What is the lawsuit against Truist Bank? ›
According to the lawsuit, the bank failed to properly secure and safeguard the sensitive information of its customers, which was then targeted by cybercriminals in an October 2023 data breach.
Is Truist being sold? ›
Truist completes sale of Truist Insurance Holdings and executes strategic balance sheet repositioning - May 7, 2024.
