BB&T

BB&T Corporation

Company type	Public
Industry	Banking, Financial services
Founded	January 1, 1872 (1872-01-01) in Wilson, North Carolina, United States
Founder	Alpheus Branch, Thomas Jefferson Hadley
Defunct	2022 (2022)
Fate	Merged with SunTrust Banks to form Truist Financial
Headquarters	Winston-Salem , United States
Area served	United States (primarily Southeastern US)
Key people	John A. Allison IV (former CEO), Kelly King (final CEO)
Products	Banking, Insurance, Mortgage services
Parent	Truist Financial (post-merger)

BB&T Corporation (originally known as the Branch Banking and Trust Company) ranked among the largest banking and financial institutions in the United States, with its main office located in Winston-Salem, North Carolina. In 2019, BB&T revealed plans to merge with SunTrust Banks, based in Atlanta, resulting in the creation of Truist Financial. This new entity preserved BB&T's stock price history and operated under its existing charter.

History

Established in 1872 by Alpheus Branch and Thomas Jefferson Hadley in Wilson, North Carolina, the bank underwent multiple renamings before adopting the Branch Banking and Trust Company title. Branch assumed full ownership in 1887 and moved the headquarters to Nash Street in Wilson. By 1893, the institution had obtained a charter from the North Carolina General Assembly to function as Wilson Banking and Trust Company. The Branch Banking and Trust Company Building, constructed in 1903 in Wilson, is recognized on the National Register of Historic Places.

The company broadened its offerings early on by introducing insurance services in 1922 and establishing mortgage divisions in 1923. Surviving the widespread bank failures during the 1929 Stock Market Crash, BB&T remained the only operational bank in Wilson. John A. Allison IV held the CEO position until 2008.

In 1995, BB&T merged with Southern National Bank, initially operating under Southern National Corp before fully adopting the BB&T brand by 1997.

In 2020, Truist Financial publicly addressed and apologized for BB&T’s historical connections to slavery. Chairman and CEO Kelly King issued a statement acknowledging these links without directly naming founders Branch and Hadley. Both founders’ families were slave owners prior to the Civil War, and both founders served in the Confederate Army. The apology recognized the enduring impact of systemic inequities stemming from this legacy and expressed remorse for these aspects of the company’s history.

Merger with SunTrust

On February 7, 2019, Winston-Salem-based BB&T and Atlanta-based SunTrust Banks announced a merger of equals to form what would become the eighth-largest bank in the United States, representing the largest banking merger since the financial crisis of 2007-2009. The newly combined company planned to relocate its corporate headquarters to Charlotte, North Carolina, while maintaining substantial operations in Winston-Salem. Winston-Salem was designated as the hub for community banking activities, with Atlanta serving as headquarters for wholesale and retail banking divisions.

On June 12, the merged organization was named Truist Financial Corporation, a choice informed by research including employee feedback and focus group analysis. The new name attracted criticism from analysts and customers across social media platforms. Shortly thereafter, on June 17, Truliant Federal Credit Union filed a trademark infringement suit citing potential confusion with its branding; this lawsuit was dismissed in August 2020.

The merger finalized at midnight on December 6, 2019, with BB&T CEO Kelly King continuing as Truist’s chief executive officer. Customers were granted complimentary access to all Truist ATMs. The BB&T and SunTrust brands remained active until their systems were fully integrated—a process delayed by the COVID-19 pandemic and postponed until early 2022. On the day of closing, SunTrust Bank merged into Branch Banking & Trust Company to establish Truist Bank as the legal banking entity.

On December 11, 2019, Truist acquired Hearst Tower in downtown Charlotte for $455 million, rebranding it as Truist Center and designating it as corporate headquarters. Truist occupied approximately 550,000 square feet of the building’s total 965,000 square feet. Although the acquisition closed on March 31, 2020, further developments were hindered due to pandemic-related delays.

In January 2020, Truist introduced its logo featuring two interlocking Ts symbolizing touch and technology; its purple hue blended SunTrust’s blue with BB&T’s burgundy colors. In November 2020, prominent Truist signage was installed atop the former Hearst Tower, provoking controversy including criticism from the building’s original architect.

In February 2020, Truist established the nonprofit Truist Foundation aimed at supporting community-focused initiatives.

By March 2020, Truist announced intentions to vacate BB&T Financial Center, its former Winston-Salem headquarters building. The company planned to maintain only a branch office there while relocating employees to other locations within Winston-Salem including the Park Building on Cherry Street and two facilities on Stratford Road.

Naming rights

BB&T possessed naming rights for multiple sports facilities.

• outlines venues that transitioned from "BB&T" to "Truist" branding after the 2020 merger.
• The BB&T Center designation was used between 2012 and 2021 for the arena now known as Amerant Bank Arena, which serves as the home venue for the Florida Panthers hockey franchise.

See also

• List of bank mergers in the United States