This article needs additional citations for verification. (August 2018) (Learn how and when to remove this template message)
Thomas Jefferson Hadley
|Headquarters||Charlotte, North Carolina, U.S.|
Number of locations
|North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C.|
| Kelly King, Chairman & CEO|
William H. Rogers Jr., President & COO
Daryl N. Bible, CFO
|Products||Commercial and Consumer banking|
|Revenue||US$11.651 billion (2018)|
|US$3.1 billion (2018)|
|Total assets||US$463.7 billion (2018)|
|Total equity||US$30.18 billion (2018)|
Number of employees
|Footnotes / references|
Truist Financial Corp. 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 2,049 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. Its subsidiary, McGriff Insurance Services (formerly known as BB&T Insurance Services), was one of the largest insurance brokers in the world. In its history, it has made 106 mergers and acquisitions. Since it took over Southern National Bank in 1995, it has made 43 deals.
In 1872, Alpheus Branch and Thomas Jefferson Hadley founded the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company Branch and Company, Bankers. Two years later, Branch, his father-in-law Gen. Joshua Barnes, Hadley, and three other men secured a charter from the North Carolina General Assembly to operate the Wilson Banking and Trust Company. After many more name changes, the company finally settled on the name Branch Banking and Trust Company. Branch remained an active member in the company until his death in 1893. The 1903 Branch Banking and Trust Company Building at Wilson was listed on the National Register of Historic Places in 1978.
BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. BB&T Insurance Services was added in 1922 and a mortgage division was added in 1923. Even though banks across the United States failed as a result of the 1929 Stock Market Crash, BB&T survived; it was the only one to do so in the town of Wilson.
Merger with Southern National Bank
In 1995, the bank merged with Southern National Bank, another bank with roots in the eastern part of the state. This gave BB&T 437 branches in 220 cities in the Carolinas and Virginia. The merged bank would be called BB&T, though at first, the holding company was Southern National Corp. With $19 billion in assets, BB&T would have the most North Carolina deposits and branches of any bank. Southern National head Glenn Orr and new BB&T chairman John Allison said the merger would likely prevent out-of-state banks from taking over. Orr retired once the merger was complete. The headquarters became BB&T Financial Center in Winston-Salem, North Carolina.
In 1997, Southern National Corp. took over United Carolina Bank, another eastern North Carolina-based bank, in a $985 million deal announced in November 1996. UCB had $4.5 billion in assets. 400 employees worked in Whiteville but despite losing the headquarters, the town would eventually have 500 BB&T employees working at a 250-employee call center and other operations. Starting September 22, 1997, 91 UCB branches began the process of changing to BB&T, and 67 other branches of the two banks closed starting in October because they were close to other BB&T locations.
On May 19, 1997, Southern National Corp. changed its name to BB&T Corp. and its stock symbol SN to BBT.
The bank continued to expand nationwide through the 1990s, purchasing Fidelity Financial Bankshares, First Financial of Petersburg, Md., Maryland Federal Bancorp, and Franklin Bancorporation. In 1998, BB&T acquired MainStreet Financial of Martinsville, Va., and Mason-Dixon Bancshares of Westminster, Md., and further expanded into Georgia and West Virginia after purchasing First Liberty of Macon, Ga., and Matewan Bancshares.
In 2000, BB&T purchased One Valley Bancorp, which was itself formed from a combination of community banks throughout West Virginia. This move gave BB&T the largest bank presence in West Virginia.
In 2003, BB&T completed its acquisition of First Virginia Banks of Falls Church, Va.
In February 2008, the company acquired Burkey Risk Services.
In April 2008, the company acquired UnionBanc Insurance Services.
In late 2008, the bank accepted $3.1 billion in bailout money through the sale of preferred shares to the U.S. Treasury's Troubled Asset Relief Program. In June 2009, the bank repurchased the shares. 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 financial crisis of 2007–2008.
In July 2008, the company acquired Puckett, Scheetz & Hogan.
On August 14, 2009, the bank acquired Colonial Bank after its seizure by the FDIC. This acquisition added more than 340 branches in Alabama, Florida, Georgia, Nevada, and Texas, along with approximately $22 billion in assets. BB&T sold the Nevada branch to U.S. Bancorp in January 2010.
In December 2008, the company acquired J. Rolfe Davis.
In November 2009, the company acquired Oswald Trippe.
In November 2011, the company acquired Precept, an employee benefits consulting firm.
In February 2012, the company acquired the life insurance and property and casualty insurance divisions of Crump Group.
In March 2014, the company acquired Woodbury & Co., an insurance broker operating in the Carolinas.
In April 2014, the company acquired Caledonian Insurance Group, which specialized in insurance brokerage services for the aviation industry.
In September 2014, the bank acquired 41 more Citigroup branches, adding $2.3 billion in deposits.
In April 2015, BB&T subsidiary CRC Insurance Services acquired the assets of Napco LLC, a broker of catastrophic commercial insurance.
In June 2015, the bank acquired Bank of Kentucky for $363 million, which added $1.9 billion in assets and gave BB&T a presence in the Northern Kentucky-Cincinnati market and its first branches in Ohio. The company also sold American Coastal Insurance and increased its ownership in AMRisc.
In April 2016, the company acquired Swett & Crawford, a wholesale insurance broker.
On August 29, 2018, BB&T announced as many as 630 employees would move from its former corporate headquarters on West Nash Street in Wilson to a $35 million, 95,000-square-foot facility on Pine Street. On October 16, 2018, BB&T announced plan to move 500 employees into a 100,000-square-foot, $10 million building in Whiteville, N.C..
Acquisition of SunTrust
On February 7, 2019, BB&T reported that it would acquire Atlanta-based SunTrust Banks in the biggest bank deal since the 2007-2009 financial crisis, to create the eighth-largest US bank. 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 will be the bank's headquarters for community banking, while Atlanta will be the hub for wholesale banking.
On June 12, BB&T and SunTrust announced that the merged company will 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 analysis along with customers of both banks on social media.
On June 17, Truliant Federal Credit Union of Winston-Salem filed suit claiming "trademark infringement". Truliant is concerned about confusion between the similar names, including Truliant products with "Tru" in their names.
The merger was completed at midnight December 6, 2019. BB&T CEO Kelly King retained the same position with the new company. BB&T customers could begin using SunTrust ATMs free of charge, and SunTrust customers could begin using BB&T ATMs free of charge. The merged bank will continue to operate under the BB&T and SunTrust names until the two banks' systems are combined, a process that could take as long as two years. On December 11, 2019, Truist officially exercised its option to purchase Hearst Tower in downtown Charlotte from Cousins Properties. Truist will move its corporate headquarters to Hearst Tower, which will be renamed Truist Center, in a deal expected to close in the first quarter of 2020. Truist had taken over 550,000 square feet of 965,000 square feet total.
Truist unveiled its logo in January 2020, with two Ts representing touch and technology, and a shade of purple that combines the blue of SunTrust and the burgundy of BB&T.
In February of 2020 Truist announced it will be launching a nonprofit foundation called the Truist Foundation.
Truist planned a community/retail hub in Winston-Salem. Except for a branch office, all Truist employees were moving to other locations in the city, including the Park Building on Cherry Street and two locations on Stratford Road.
Buildings and branches
Typical branch office in Lexington, North Carolina
Office building in downtown Tampa, Florida
A typical branch in Douglas, Georgia
Office building in downtown Jacksonville, Florida
- "BB&T Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- SEC. "Bb&t Corp 2019 Current Report 8-K". SEC.report. Retrieved 2020-01-20.
- Craver, Richard (February 9, 2019). "BB&T, SunTrust believe purchase experiences will lead to smooth merger". Winston-Salem Journal. Retrieved February 9, 2019.
- Allison Prang (June 12, 2019). "Truist Financial Is New Name for Combined BB&T, SunTrust". The Wall Street Journal.
- "BB&T Insurance Services of California Rebrands as McGriff Insurance Services | News Release | McGriff Insurance Services". www.mcgriffinsurance.com. Retrieved 2020-01-13.
- "BB&T Insurance Services to rebrand as McGriff". Business Insurance. Retrieved 2020-01-13.
- Bonner, Marianne (July 13, 2017). "15 Largest Insurance Brokerages". The Balance.
- "National Register Information System". National Register of Historic Places. National Park Service. July 9, 2010.
- Tim Gray, "BB&T, Southern National banks plan to merge," The News & Observer, August 2, 1994.
- Taft Wireback, "Presidential Candidate Keyes Speaks in Triad," Greensboro News & Record, January 26, 1996, p. B2.
- Kristina Bartlett, "UCB deal could hit hard in Whiteville," Star-News, November 5, 1996.
- Jay McIntosh, "Banks Line Up Against S&L's Conversion," The Charlotte Observer, January 23, 1990.
- Melissa Wahl, "Bank Center to Close," The Charlotte Observer, March 15, 1997.
- Doug Campbell, "BB&T to Replace Branches of UCB," Greensboro News & Record, September 20, 1997.
- Catherine Pritchard, "Banking Offices to Consolidate," The Fayetteville Observer, September 20, 1997.
- "Year of Changes," Greensboro News & Record, July 20, 1997.
- "SNB completes acquisition". American City Business Journals. March 3, 1997.
- "BB&T To Acquire Maryland Federal Bancorp, Inc" (Press release). PR Newswire. February 25, 1998.
- Singletary, Michelle; Behr, Peter (December 17, 1997). "NORTH CAROLINA COMPANY TO BUY FRANKLIN BANCORP". The Washington Post.
- "BB&T To Acquire MainStreet of Martinsville, Va" (Press release). PR Newswire. August 27, 1998.
- Berselli, Beth (August 28, 1998). "BB&T TO ACQUIRE MAINSTREET". The Washington Post.
- "BB&T To Acquire Mason-Dixon Bancshares Of Westminster, Md" (Press release). PR Newswire. January 28, 1999.
- "BB&T to acquire First Liberty Financial Corp. of Macon, Ga" (Press release). PR Newswire. April 28, 1999.
- "BB&T to buy W. Va. bank". American City Business Journals. February 25, 1999.
- "BB&T to acquire Main Street Banks Inc. of metro Atlanta" (Press release). PR Newswire. December 15, 2005.
- "BB&T to acquire Coastal Financial Corporation of Myrtle Beach, S.C." (Press release). PR Newswire. December 21, 2006.
- "BB&T Insurance acquires Maitland firm". American City Business Journals. February 29, 2008.
- "BB&T to buy UnionBanc Insurance Services". American City Business Journals. April 24, 2008.
- "2 Banks Exit TARP, With More to Follow". The New York Times. June 17, 2009.
- Allison IV, John A. (June 11, 2009). "Transcript of Keynote Address" (PDF). Competitive Enterprise Institute.
- "BB&T Insurance buys Myrtle Beach agency". American City Business Journals. July 30, 2008.
- "BB&T Takes Over Colonial Bank". The New York Times. August 14, 2009.
- Isidore, Chris; Pepitone, Julianne (August 15, 2009). "BB&T buys Colonial bank; 4 other banks fail". CNNMoney.
- "U.S. Bank Completes Purchase of Nevada Banking Operations from BB&T Corporation" (Press release). Business Wire. January 19, 2010.
- "BB&T Insurance buys Florida firm". American City Business Journals. December 18, 2008.
- "BB&T Insurance buys Oswald Trippe". American City Business Journals. November 3, 2009.
- "BB&T Insurance Services to acquire California agency" (Press release). PR Newswire. September 22, 2011.
- "BB&T Insurance Services to acquire Atlantic Risk Management" (Press release). PR Newswire. September 27, 2011.
- "BB&T to acquire California insurance agency, Precept" (Press release). PR Newswire. November 3, 2011.
- "Crump Group, Inc. Announces Sale of Life and Property & Casualty Insurance Divisions to BB&T" (Press release). Business Wire. February 3, 2012.
- Rothacker, Rick (July 31, 2012). "BB&T to close BankAtlantic deal after receiving Fed OK". Reuters.
- "BB&T adds flood insurance to its online offerings" (Press release). PR Newswire. June 27, 2012.
- Craver, Richard (December 18, 2013). "BB&T acquires 21 Citigroup branches in Texas". Winston-Salem Journal.
- "BB&T Insurance Services to acquire Woodbury & Co" (Press release). PR Newswire. March 27, 2014.
- "McGriff, Seibels & Williams to acquire Caledonian Insurance Group" (Press release). PR Newswire. April 2, 2014.
- Campbell, Dakin; Dexheimer, Elizabeth (September 3, 2014). "BB&T buying 41 branches in Texas from Citigroup". Fort Worth Star-Telegram. Bloomberg News.
- "CRC Insurance Services to acquire strategic assets of Napco, LLC" (Press release). PR Newswire. April 2, 2015.
- "BB&T completes The Bank of Kentucky acquisition" (Press release). PR Newswire. June 22, 2015.
- "BB&T Insurance completes ownership increase in leading managing general underwriter and the divestiture of insurance company" (Press release). PR Newswire. June 1, 2015.
- "BB&T closes Susquehanna Bancshares acquisition" (Press release). PR Newswire. August 3, 2015. Archived from the original on October 18, 2017. Retrieved October 18, 2017.
- "BB&T closes on Swett & Crawford acquisition" (Press release). PR Newswire. April 1, 2016.
- "BB&T closes National Penn acquisition" (Press release). PR Newswire. April 4, 2016.
- Craver, Richard (October 18, 2018). "The Briefcase: BB&T consolidating operations in Whiteville". Winston-Salem Journal.
- Craver, Richard (February 11, 2019). "New name for BB&T-SunTrust may help deliver new identity to customers, marketplace". Winston-Salem Journal.
- "BB&T and Suntrust to combine in an all-stock merger of $66 billion". CNBC. Reuters. February 7, 2019.
- Craver, Richard (February 10, 2019). "BB&T headquarters move to Charlotte stings but silver lining could be more local jobs". Winston-Salem Journal.
- Trubey, J. Scott (June 19, 2019). "SunTrust and BB&T sued by N.C. credit union over 'Truist' name". Atlanta Journal-Constitution.
- Streeter, Bill (June 18, 2019). "Truist Bank: Colossal Rebranding Misstep? Or Long-Term Winner?". The Financial Brand.
- Sheetz, Michael (June 13, 2019). "New name for BB&T-SunTrust bank lampooned: 'You could put this on a brand of toothpaste'". CNBC.
- Craver, Richard (December 7, 2019). "Truist debuts with high expectations of low transition impact on BB&T, SunTrust customers". Winston-Salem Journal.
- Craver, Richard (December 9, 2019). "Truist CEO: Most customers won't see any account changes". Winston-Salem Journal.
- Danielle Chemtob (December 9, 2019). "BB&T, SunTrust finish merger to become Truist in 'seamless' change. Here's what's next". The Charlotte Observer.
- Chemtob, Danielle; Weinstein, Austin (11 December 2019). "Truist buys uptown tower for record $455 million as bank builds Charlotte presence". The Charlotte Observer. Retrieved 12 December 2019.
- Craver, Richard (December 11, 2019). "Truist takes little time to buy Charlotte headquarters building, rename it Truist Center". Winston-Salem Journal.
- Craver, Richard (January 13, 2020). "What will Truist look like? Bank unveils its new logo and color scheme". Winston-Salem Journal.
- www.bizjournals.com https://www.bizjournals.com/charlotte/news/2020/03/03/truist-financial-corp-launches-nonprofit.html. Retrieved 2020-03-05. Missing or empty
- Craver, Richard (2020-03-05). "Truist moving offices out of former BB&T headquarters, will keep branch location there". Winston-Salem Journal.
- Official website
- Business data for Truist Financial Corp: