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Truist Financial

From Alfawiki
Truist Financial Corporation
Company typePublic company
IndustryBanking, financial services
FoundedDecember 2019; 6 years ago (2019-12)
Headquarters
Charlotte, North Carolina
,
United States
Area served
15 U.S. states and Washington, D.C.
ProductsConsumer and commercial banking, investment banking, securities brokerage, asset management, mortgage services, insurance products
Websitetruist.com

Truist Financial Corporation () is a U.S.-based bank holding company with its main office located in Charlotte, North Carolina. Established in December 2019 through the consolidation of BB&T (Branch Banking and Trust Company) and SunTrust Banks, the institution operates 1,928 branches spanning 15 states plus Washington, D.C.. Its offerings include consumer and commercial banking, investment banking, securities brokerage, asset management, mortgage services, and insurance products. As of May 2025, it holds the position of the tenth-largest bank in the United States by assets, totaling $523 billion.

BB&T Origins

The Branch and Hadley merchant bank was founded in 1872 in Wilson, North Carolina by Alpheus Branch and Thomas Jefferson Hadley. In 1887, Branch acquired Hadley's stake and renamed the enterprise Branch and Company, Bankers. That same year, the bank relocated its headquarters to Nash Street. Two years later, in 1889, Branch and his partners obtained a charter for the Wilson Banking and Trust Company, which was eventually renamed Branch Banking and Trust Company. Branch remained involved until his passing in 1893. The Branch Banking and Trust Company Building erected in 1903 in Wilson is now recognized on the National Register of Historic Places.

During World War I, BB&T participated in selling Liberty Bonds and had amassed assets exceeding $4 million by 1923. The company expanded into insurance services in 1922 and launched a mortgage division the following year. Despite the challenges posed by the 1929 Stock Market Crash, BB&T was the sole local bank in Wilson to endure that period.

Southern National Bank Background

Southern National Bank originated in 1897 as the Bank of Lumberton, founded by Angus Mclean in Lumberton, North Carolina. Its board featured representatives from both North Carolina and South Carolina. Thomas McNeill served as its inaugural president but stepped down after one year; Mclean then assumed leadership. His strategy emphasized establishing companies that generated robust returns, created employment opportunities, and positively impacted their communities. In 1955, his son Hector MacLean took over as president. The institution adopted the Southern National Bank name in 1959.

Growth through acquisitions marked Southern National’s expansion: it incorporated Carolina State Bank (Gastonia) in 1979 and Forsyth Bank & Trust (Winston-Salem) in 1982. By 1985, Southern National held $1.5 billion in assets with a network of 99 branches across 26 counties, positioning itself as a major regional bank. The year 1986 saw the bank enter South Carolina by acquiring Horry County National Bank ($10 million), First Palmetto Bancshares ($5.6 million), and Capital Bank and Trust ($9.75 million). To support these purchases, Southern National divested its mortgage division to NCNB for roughly $7 million.

Efforts to acquire Allied Bankshares of Georgia in 1989 and NBSC of South Carolina in 1990 were unsuccessful. At that time, Southern National's assets had grown to $3.4 billion, ranking it fifth among North Carolina’s bank holding companies.

After leading growth from $3 million to $3.3 billion in assets and expanding branch count to 148 locations, Hector MacLean retired in 1990; Glenn Orr succeeded him as president. In early 1993, Southern National acquired First Federal Savings Bank (Winston-Salem), elevating it to second place behind Wachovia for deposits in Forsyth County with total assets of $4.5 billion—$3.9 billion concentrated within North Carolina—making it the sixth-largest bank statewide. Operations began shifting to One Triad Park (later named Southern National Financial Center) in Winston-Salem with an occupancy of 80,000 square feet.

Also during 1993, Southern National acquired East Coast Federal Savings Bank based in Goldsboro with $256 million in assets, becoming Fayetteville’s largest deposit holder. Additionally, it purchased First Savings Bank of Greenville, South Carolina—holding more than $2 billion in assets—making it that state’s third-largest financial institution. Key figures such as Glenn Orr and BB&T Chairman John Allison were instrumental in facilitating the eventual merger between Southern National and BB&T.

Merger with Southern National Bank

In 1995, BB&T combined operations with Southern National Bank, resulting in a network of 437 branches spread across 220 cities throughout the Carolinas and Virginia. The newly formed organization adopted the name Southern National Corp., while all banking units continued using the BB&T brand. With assets totaling $19 billion, BB&T emerged as North Carolina’s largest bank by deposits and branch count. Following the merger, Southern National’s leader Glenn Orr retired. This strategic union aimed to build a bank capable of resisting acquisitions from out-of-state competitors. The corporate headquarters relocated to the BB&T Financial Center in Winston-Salem, North Carolina.

Two years later, in 1997, Southern National Corp. purchased United Carolina Bank for $985 million, adding $4.5 billion in assets and significantly strengthening BB&T’s footprint in eastern North Carolina. Although UCB’s main office in Whiteville was closed, BB&T preserved and expanded its employment base there, including maintaining a call center. On September 22, 1997, 91 former UCB branches were rebranded under BB&T, while 67 overlapping locations were shuttered.

On May 19, 1997, Southern National Corp. officially changed its name to BB&T Corp., simultaneously updating its stock ticker from SN to BBT.

Acquisitions

During the late 1990s and early 2000s, BB&T pursued nationwide growth through multiple acquisitions including Fidelity Financial Bankshares, First Financial of Maryland, Maryland Federal Bancorp, Franklin Bancorporation, MainStreet Financial of Martinsville (Virginia), Mason-Dixon Bancshares of Maryland, First Liberty of Georgia, and Matewan Bancshares of West Virginia. The acquisition of One Valley Bancorp in 2000 positioned BB&T as the largest bank in West Virginia. Further expansions included MidAmerica Bancorp and AREA Bancshares in Kentucky (2002), First Virginia Banks (2003), Main Street Banks of Atlanta for $622 million (2005), and Coastal Federal Bank based in Myrtle Beach (2006).

In late 2008, BB&T accepted $3.1 billion from the U.S. Treasury through the Troubled Asset Relief Program but repurchased those shares by June 2009. That same year saw BB&T acquire insurance agencies Puckett, Scheetz & Hogan and J. Rolfe Davis. On August 14, 2009, BB&T assumed control of Colonial Bank following FDIC seizure, adding over 340 branches across Alabama, Florida, Georgia, Nevada, and Texas with approximately $22 billion in assets; the Nevada locations were subsequently sold to U.S. Bancorp in January 2010.

BB&T grew its insurance operations by acquiring Atlantic Risk Management and Precept employee benefits consulting both in 2011. In July 2012, it acquired BankAtlantic which held $2.1 billion in loans and $3.3 billion in deposits; concurrently, BB&T introduced online flood insurance sales. Between December 2013 and September 2014, BB&T purchased a total of 62 Citigroup branches located in Texas for $36 million, adding $3.5 billion in deposits.

In June 2015, BB&T entered the Northern Kentucky-Cincinnati market and Ohio by acquiring Bank of Kentucky for $363 million. Two months later in August 2015, it completed a $2.5 billion purchase of Susquehanna Bank which added 240 branches and $18.7 billion in assets while expanding into Pennsylvania and New Jersey markets. April 2016 brought acquisitions of wholesale insurance broker Swett & Crawford and National Penn Bank for $1.8 billion—adding 124 branches throughout Pennsylvania, New Jersey, and Maryland with combined assets totaling $9.6 billion.

In August and October of 2018, BB&T announced consolidation plans involving relocating hundreds of employees to new offices in Wilson and Whiteville, North Carolina.

In May 2022, Truist—created from BB&T’s merger—acquired Long Game Savings Inc., a fintech startup based in San Francisco; this move aimed at enhancing engagement with younger customers. Financial terms were not disclosed.

Insurance services

BB&T has been involved in the insurance industry since 1922. Following financial setbacks during the late 1980s and early 1990s, company leadership shifted the division’s focus toward profitability. By 1995, BB&T had acquired six insurance firms within North Carolina, and by July 1999, its portfolio had expanded to include 24 companies in North Carolina, 15 in Virginia, three in South Carolina, and one in Georgia. By 2010, BB&T’s insurance segment was ranked as the sixth largest brokerage firm in the United States and seventh worldwide, generating annual revenues of $1 billion and completing 60 mergers since 1999. Notable acquisitions included CRC in 2002, which specialized in specialty and high-risk client services, as well as TAPCO, Southern Cross, Burkey Risk Services (2008), UnionBanc Insurance Services (2008), and Oswald Trippe (2009).

The division continued to grow with acquisitions such as Liberty Benefit Insurance Services in California (2011), Crump Group’s life, property, and casualty insurance units (2012), Woodbury & Co. in the Carolinas (2014), Caledonian Insurance Group—focused on aviation (2014), and Napco LLC’s catastrophic commercial insurance assets (2015). The purchase of Bank of Kentucky in 2015 also enhanced BB&T’s ownership interest in AMRisc through American Coastal Insurance. In 2018, BB&T acquired Regions Insurance Group from Regions Financial Corporation, significantly expanding its retail and wholesale operations by adding 60,000 clients across ten states.

In June 2020, BB&T Insurance Holdings underwent rebranding to become Truist Insurance Holdings and relocated its headquarters to Charlotte, North Carolina, within the Truist Center. That year, insurance services contributed approximately 10% of Truist’s total revenue, with CEO Kelly King aiming to increase this share to between 14% and 15%. In February 2024, Truist Financial agreed to sell its insurance division to a consortium led by Clayton, Dubilier & Rice and Stone Point Capital.

History of SunTrust Banks

SunTrust Banks originated from the consolidation of three organizations: Trust Company of Georgia, Sun Bank, and The Robinson-Humphrey Company.

The Trust Company of Georgia was founded on September 21, 1891, by individuals including John M. Green and Joel Hurt. It reorganized as a trust company in 1893, adopting the name Trust Company of Georgia.

Sun Bank’s roots date back to 1911 when it was established as The People's National Bank in Orlando, Florida. It was renamed First National Bank in 1920 but failed during the Great Depression. It was reorganized in 1934 as First National Bank at Orlando. In 1973, it merged with other Orlando-based banks to form SunBanks, which held assets totaling $1.713 billion by the end of that year. The merger of Trust Company of Georgia and Sun Banks Inc. in 1985 resulted in the formation of SunTrust Banks Inc.

The Robinson-Humphrey Company began operations in 1894 as a municipal bond firm founded by Roby Robinson and William G. Humphrey. Under Chairman Justus Martin Jr., it developed into a prominent Southern investment bank with strong corporate and international connections. During the early 1980s, Robinson-Humphrey commissioned the Atlanta Financial Center. The firm was sold to American Express in 1982 and operated under Shearson Lehman Brothers before being acquired by SunTrust in 2001. In June 2020, SunTrust Robinson Humphrey merged with BB&T Capital Markets to create Truist Securities.

SunTrust Merger

On February 7, 2019, BB&T, headquartered in Winston-Salem, and SunTrust Banks from Atlanta announced a merger of equals, forming the eighth-largest bank in the United States. This transaction represented the most significant bank merger since the financial crisis of 2008. While BB&T remained the nominal entity, preserving its stock price history, the combined institution established its headquarters in Charlotte, North Carolina, with substantial operations maintained in Winston-Salem. Community banking operations were centered in Winston-Salem, whereas wholesale and retail banking functions were based in Atlanta. Notably, SunTrust had been the last major banking institution headquartered in Atlanta, historically recognized as the financial hub of the South.

The merged company adopted the name Truist Financial Corporation on June 12, 2019, following extensive research that included consultations with Interbrand and feedback from employee focus groups. The new branding received criticism from industry analysts and customers across social media platforms.

The merger was finalized at midnight on December 6, 2019, with BB&T’s CEO Kelly King continuing to lead as CEO of Truist. Customers were granted complimentary access to all Truist ATMs. Both legacy banks continued operating under their original names during a system integration process expected to span up to two years. Due to delays caused by the COVID-19 pandemic, the core systems conversion was postponed until early 2022. Upon closing, SunTrust Bank was merged into Branch Banking & Trust Company, creating Truist Bank as the official legal banking entity.

On December 11, 2019, Truist exercised an option to acquire Hearst Tower in Charlotte from Cousins Properties for $455 million and subsequently renamed it Truist Center. The bank occupied approximately 550,000 square feet of the building’s total 965,000 square feet. Although the acquisition was completed on March 31, 2020, further developments were slowed by pandemic-related challenges.

In January 2020, Truist introduced its logo featuring two interlocking Ts representing touch and technology, paired with a purple color combining SunTrust’s blue and BB&T’s burgundy hues. In November of that year, prominent signage was installed atop Truist Center via helicopter; this action sparked controversy and was criticized by the building’s original architect as an act of vandalism.

The nonprofit Truist Foundation was launched in February 2020. The following month, plans were announced to vacate most of the former Winston-Salem headquarters except for a branch office, with community and retail staff being relocated to other locations within the city.

The total cost of the merger was estimated at $4 billion, covering expenses such as severance packages, system conversion costs, marketing efforts, and professional fees. By the end of 2022, Truist anticipated achieving $1.6 billion in net cost savings primarily through branch closures—aiming to reduce approximately 800 branches by Q1 2022—and consolidating office space by about 4.8 million square feet.

Trademark Infringement Lawsuit

On June 17, 2019, Truliant Federal Credit Union based in Winston-Salem filed a lawsuit alleging trademark infringement due to potential confusion arising from Truist’s use of "Tru" in product names. The parties reached an agreement to dismiss these claims on August 5, 2020; the case was officially closed the following day.

Bill Rogers, former CEO of SunTrust Banks, was appointed CEO of Truist Financial Corporation on September 5, 2021.

By February 22, 2022, Truist had completed updating branch signage. At that time, some customers formerly associated with SunTrust reported issues using their debit cards.

Slavery connections

Although BB&T was officially founded in 1872, its roots extend back to 1805. The bank's founders, Alpheus Branch and Thomas Hadley, were engaged in family farming prior to the Civil War; both had fathers who were slave owners, and each served in the Confederate Army.

In July 2020, Truist released a statement condemning racial injustice while acknowledging BB&T’s historical involvement with enterprises that profited from slavery.

By 2022, Truist CEO Kelly King addressed staff about BB&T’s connections to slavery, expressing remorse and condemning these elements of the bank’s past along with their enduring systemic consequences.

Post-merger deals

On December 10, 2020, Truist Insurance Holdings announced it had acquired five firms—W. Brown & Associates Property & Casualty, Specialty Risk Associates, Program Insurance Management of Sarasota, Wellington Risk Holdings Inc., and Fidelis Group Holdings—adding $100 million in revenue.

In May 2021, Truist Insurance Holdings expanded further by acquiring Constellation Affiliated Partners, contributing an additional $160 million in revenue to its $2.3 billion portfolio. The 475 staff members were integrated into CRC. CEO John Howard highlighted ongoing acquisition efforts aimed at diversifying and reinforcing the insurance division’s market presence.

On August 11, 2021, Truist revealed a $2 billion purchase of Service Finance Co., broadening its point-of-sale financing services that support 14,000 dealers and contractors involved in home improvement projects. This acquisition complements the existing Sheffield Financial business within Truist.

On March 3, 2022, Truist Insurance Holdings finalized the acquisition of Kensington Vanguard National Land Services (KV), one of the nation’s largest independent title companies. BridgeTrust Title Group was merged into KV to create a new division alongside Truist’s premium business AFCO.

On May 3, 2022, Truist acquired Long Game, a fintech startup from San Francisco offering a gamified finance application led by CEO Lindsay Holden, who continues to head the team. By October 2022, Truist established Truist Foundry by combining Long Game’s original team with additional engineers to develop innovative financial solutions.

On August 10, 2022, Truist Insurance Holdings purchased BenefitMall—the largest benefits wholesale agency in the United States—with plans to integrate it into the CRC Group. This deal is projected to generate $150 million in annual revenue.

On August 22, 2022, Truist acquired the Zaloni Arena platform from Durham-based Zaloni to enhance its data governance and analytics capabilities. The acquisition included 20 employees who joined Truist’s Enterprise Data Office located in Raleigh, North Carolina.

On September 6, 2022, Truist Insurance Holdings announced a $3.4 billion acquisition of BankDirect Capital Finance from Texas Capital Bancshares Inc., marking its largest non-bank transaction since merging with BB&T. Headquartered in Illinois with 122 employees across five locations, BankDirect doubles Truist’s premium finance operations and strengthens its West Coast footprint. CFO Mike Maguire stated this positions Truist as the second-largest participant in the premium finance market.

Between 2016 and October 2022, Truist Insurance Holdings completed eleven insurance brokerage acquisitions (ten net), ranking it as the second most active U.S. banking institution acquiring insurance brokerages after Boston-based Eastern Bankshares Inc.

In February 2023, Truist sold a 20% interest in Truist Insurance Holdings to Stone Point Capital for $1.95 billion to encourage collaboration and growth; a five-member board was created with representatives from both parties. By February 2024, Truist agreed to divest its remaining stake to an investor group led by Clayton, Dubilier & Rice and Stone Point Capital at a valuation of $15.5 billion. The sale was finalized on May 7, 2024, with the unit rebranded as TIH Insurance Holdings.

Naming rights

Truist possesses the naming rights to numerous sports facilities and events, mainly acquired from its predecessor institutions:

See also

External links

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