Truist Financial Corporation (NYSE: TFC) was founded in 1872, formerly known as BB&T Corporation (formerly NYSE: BBT), merged with SunTrust Banks in December 2019 and changed to its current name, headquartered in Wins, North Carolina, USA Dun-Salem, with 55,769 full-time employees, is an American financial holding company that provides banking and trust services to small and medium-sized enterprises, public institutions, local governments, companies and individuals in the southeastern and mid-Atlantic regions of the United States. It is the eighth largest in the United States Banks (after Chase, Bank of America , Wells Fargo , Citibank , United Bank of America , PNC and Bank of New York Mellon ).
Truist Financial Corporation (TFC):
Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was established in December 2019 as a result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. Its bank has 2,049 branches in 15 states and Washington, DC, and provides consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services.
In terms of assets, Truist Financial Corporation ranks among the largest banks in the United States, and its subsidiary McGriff Insurance Services (formerly known as BB&T Insurance Services) is one of the largest insurance brokerage companies in the world.
Truist Financial Corporation operates through three divisions: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.
- Truist Financial Corporation’s deposit products include non-interest-bearing checks, interest-bearing checks, savings and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
- Truist Financial Corporation also provides funding; asset management; auto loans; bank card loans; consumer finance; home equity and mortgage loans; insurance, such as property and casualties, life, health, employee benefits, workers’ compensation and professional liability, scope of guarantee, ownership And other insurance products; investment brokerage; mobile/online banking; and payment, lease financing, small business loans and wealth management/private banking services.
- In addition, Truist Financial Corporation also provides capital markets, institutional trusts, insurance premiums and commercial finance, international banks, leasing, merchants, commercial deposits and vaults, commercial middle market loans, floor plan loans, commercial mortgage loans, mortgage warehouse loans, and private equity investments. , Real estate loans and supply chain financing services.
- Furthermore, Truist Financial Corporation provides retail and wholesale brokerage, stock and debt underwriting, and investment advice.
As of December 31, 2019, Truist Financial Corporation conducts business through approximately 2,958 bank offices.
Truist Financial Corporation (TFC) History:
In its history, Truist Financial Corporation has conducted 106 mergers and acquisitions. Since the acquisition of Southern National Bank in 1995, the company has also concluded 43 transactions.
- In 1872, Alpheus Branch and John Wilson Hadley established the Branch and Hadley merchant bank, which was the predecessor of BB&T Bank;
- In 1887, Branch acquired all of Hadley’s shares and renamed the company Branch and Company, Bankers;
- During World War I, BB&T sold the federal bond business;
- The Second World War rescued BB&T, which quickly expanded through a series of acquisitions and mergers. As of 1994, BB&T became the largest bank in North Carolina with 10.3 billion US dollars in assets;
- In 1995, BB&T and Southern National Bank merged on an equal footing to form a new BB&T, adding 437 branches in more than 200 cities in North Carolina and Virginia;
- In the late 1990s, BB&T successively acquired Fidelity Financial Bankshares, First Financial of Petersburg, Maryland Federal Bancorp, Franklin Bancorporation, etc.;
- In 1999, BB&T Bank acquired MainStreet Financial Corp., Mason-Dixon Bancshares, First Liberty, Matewan Bancshares, etc., making BB&T the largest bank in West Virginia;
- From 2000 to 2005, BB&T successively acquired a number of small banks;
- In 2007, BB&T acquired Coastal Federal Bank; shortly afterwards, BB&T announced that it would merge with a company on an equal footing. The market generally speculated that it was Regions Financial or Fifth Third ;
- At the end of 2008, BB&T sold its preferred stock to the U.S. Treasury Department in exchange for a relief fund of US$3.1 billion provided by the Troubled Asset Relief Program (TARP);
- On August 14, 2009, BB&T acquired the deposit and loan account business of Colonial Bank, making the company the tenth largest commercial bank in the United States;
- On November 1, 2011, BB&T acquired BankAtlantic;
- On December 18, 2013, BB&T announced the acquisition of 21 branches of Citigroup in Texas for 36 million U.S. dollars , increasing the company’s deposits of 1.2 billion U.S. dollars;
- In 2014, BB&T announced that it will continue to purchase 41 Citigroup branches. The transaction was completed in the first quarter of 2015, adding 5.3 billion US dollars in deposits to the company;
- In 2014, BB&T announced the acquisition of Bank of Kentucky for US$363 million, which added US$1.9 billion in deposits to the company and also extended the company’s business to Ohio for the first time. The transaction was completed on June 22, 2015. ；
- On April 1, 2015, BB&T sold American Coastal Insurance Co.;
- On April 2, 2015, CRC Insurance Services Inc., a subsidiary of BB&T, announced the acquisition of strategic assets of Napco LLC;
- On August 3, 2015, BB&T completed the acquisition of Susquehanna Bancshares Inc. for US$2.5 billion, extending the company’s business to Pennsylvania and New Jersey, and adding 240 branches and US$18.7 billion in deposits for the company;
- On August 17, 2015, BB&T announced the acquisition of National Penn Bancshares for US$1.8 billion, which added 124 branches to the company in Pennsylvania, New Jersey, and Maryland, as well as US$9.6 billion in deposits;
- On February 7, 2019, BB&T announced the acquisition of SunTrust Banks for $28 billion , creating the eighth largest bank in the United States. On June 12, BB&T and SunTrust announced that the combined company will be called Truist Financial Corporation. The name was created through research, including the hiring of Interbrand, soliciting opinions from the employees of the two banks and the focus group. The merger was completed at midnight on December 6, 2019. BB&T CEO Kelly King retained the same position as the new company. BB&T customers can start using SunTrust ATM for free, and SunTrust customers can start using BB&T ATM for free. The combined bank will continue to operate under the names of BB&T and SunTrust until the systems of the two banks are merged, which may take up to two years. On December 11, 2019, Truist formally exercised its option to purchase the Hearst Building in downtown Charlotte from Cousins Properties. Truist will move its corporate headquarters to Hearst Tower, which will be renamed Truist Center. Truist has a total area of 965,000 square feet (89,700 square meters), covering an area of 550,000 square feet (51,000 square meters). The bank announced that the transaction was completed on March 31, 2020. However, due to the COVID-19 pandemic, further actions will be delayed.
- In February 2020, Truist announced that it would establish a non-profit foundation called Truist Foundation.
- In March 2020, Truist announced that it would move away from the original headquarters building in Winston-Salem, except for one of its companies, and transfer its community/retail center employees to other locations in the city.