[72], In March 2020, Truist announced it would vacate its former headquarters building in Winston-Salem except for a branch office there and would move employees in its community/retail hub to other locations in the city, including the Park Building on Cherry Street and two locations on Stratford Road. [9], In 1995, the bank merged with Southern National Bank, another bank with roots in the eastern part of the state. The bank also announced the move of its headquarters to Charlotte, North Carolina, retaining significant operations in Winston-Salem. 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. [20] In 1998, BB&T acquired MainStreet Financial of Martinsville, Va.,[21][22] and Mason-Dixon Bancshares of Westminster, Md.,[23] and further expanded into Georgia and West Virginia after purchasing First Liberty of Macon, Ga.,[24] and Matewan Bancshares. The Truist CEO also noted that banks often withdraw their merger applications after regulators signal proposed deals won't be approved. "At its core, it is a really good agency. After many more name changes, the company finally settled on the name Branch Banking and Trust Company. 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. [44] In July 2012, the bank acquired BankAtlantic, and its $2.1 billion in loans and $3.3 billion in deposits. The deal between the nation's largest banking tie-up since 2004 was presented as a merger of equals, forcing the banks to start with a blank slate. Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. [42] In November 2011, the company acquired Precept, an employee benefits consulting firm. 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. [67] On December 11, 2019, Truist officially exercised its option to purchase Hearst Tower in downtown Charlotte from Cousins Properties. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. King, fresh off a 10-month merger review that included public hearings, doesn't see it that way. In 2005, the bank acquired Main Street Banks of metro Atlanta for $622 million. Most stock quote data provided by BATS. [41] The company also acquired Atlantic Risk Management. President Donald Trump vowed to "do a big number" on the post-crisis financial reform law known as Dodd-Frank. "It's appropriate, tough, thorough and generally fair.". Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved.
In June 2009, the bank repurchased the shares.
Why is the stock market soaring? Clients can find the latest information at Truist.com. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. [12][13][14] 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. Announces Sale of Life and Property & Casualty Insurance Divisions to BB&T", "BB&T to close BankAtlantic deal after receiving Fed OK", "BB&T adds flood insurance to its online offerings", "BB&T acquires 21 Citigroup branches in Texas", "BB&T Insurance Services to acquire Woodbury & Co", "McGriff, Seibels & Williams to acquire Caledonian Insurance Group", "BB&T buying 41 branches in Texas from Citigroup", "CRC Insurance Services to acquire strategic assets of Napco, LLC", "BB&T completes The Bank of Kentucky acquisition", "BB&T Insurance completes ownership increase in leading managing general underwriter and the divestiture of insurance company", "BB&T closes Susquehanna Bancshares acquisition", "BB&T closes on Swett & Crawford acquisition", "The Briefcase: BB&T consolidating operations in Whiteville", "New name for BB&T-SunTrust may help deliver new identity to customers, marketplace", "BB&T and Suntrust to combine in an all-stock merger of $66 billion", "BB&T headquarters move to Charlotte stings but silver lining could be more local jobs", "SunTrust and BB&T sued by N.C. credit union over 'Truist' name", "Truist Bank: Colossal Rebranding Misstep? Orr retired once the merger was complete. Fueling change. Learn more about branch updates, safer banking options, and our relief efforts for the coronavirus (COVID-19) pandemic coronavirus (COVID-19) pandemicLink opens in a new window. This gave BB&T 437 branches in 220 cities in the Carolinas and Virginia. "Overall, as a long-term banker, I'm comfortable with the level of regulation we have," King said, adding that he's also not in favor of significantly more red tape. [73], Truist Center, Truist Financial's headquarters in Charlotte, North Carolina, Typical branch office in Lexington, North Carolina, BB&T Financial Center in Winston-Salem, North Carolina, Office building in downtown Tampa, Florida, Office building in downtown Jacksonville, Florida, Tim Gray, "BB&T, Southern National banks plan to merge,", Taft Wireback, "Presidential Candidate Keyes Speaks in Triad,", Kristina Bartlett, "UCB deal could hit hard in Whiteville,", Jay McIntosh, "Banks Line Up Against S&L's Conversion,", Doug Campbell, "BB&T to Replace Branches of UCB,", Catherine Pritchard, "Banking Offices to Consolidate,", Learn how and when to remove this template message, list of largest banks in the United States, Branch Banking and Trust Company Building, "BB&T Corporation 2017 Form 10-K Annual Report", "BB&T, SunTrust believe purchase experiences will lead to smooth merger", "Truist Financial Is New Name for Combined BB&T, SunTrust", "BB&T Insurance Services of California Rebrands as McGriff Insurance Services | News Release | McGriff Insurance Services", "BB&T Insurance Services to rebrand as McGriff", "Branch Banking and Trust Company (BB&T)", "BB&T To Acquire Maryland Federal Bancorp, Inc", "NORTH CAROLINA COMPANY TO BUY FRANKLIN BANCORP", "BB&T To Acquire MainStreet of Martinsville, Va", "BB&T To Acquire Mason-Dixon Bancshares Of Westminster, Md", "BB&T to acquire First Liberty Financial Corp. of Macon, Ga", https://www.sec.gov/Archives/edgar/data/92230/000009223001500061/mid425.htm, https://www.sec.gov/Archives/edgar/data/92230/000009223001500053/area8k.htm, "BB&T to acquire Main Street Banks Inc. of metro Atlanta", "BB&T to acquire Coastal Financial Corporation of Myrtle Beach, S.C.", "BB&T to buy UnionBanc Insurance Services", "BB&T Insurance buys Myrtle Beach agency", "BB&T buys Colonial bank; 4 other banks fail", "U.S. Bank Completes Purchase of Nevada Banking Operations from BB&T Corporation", "BB&T Insurance Services to acquire California agency", "BB&T Insurance Services to acquire Atlantic Risk Management", "BB&T to acquire California insurance agency, Precept", "Crump Group, Inc. All rights reserved. "We are large, but we're still small," King said. The SunTrust-BB&T merger received unanimous approval from the FDIC, although one official warned the deal poses. The merger of equals was announced Feb. 7, 2019, and final regulatory approvals were received on Nov. 19, 2019. 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[34] In July 2008, the company acquired Puckett, Scheetz & Hogan. [55] In April 2016, the bank acquired National Penn for $1.8 billion, which added 124 branches in Pennsylvania, New Jersey, and Maryland, $9.6 billion in assets, and $6.7 billion in deposits. The bank name became BB&T, though at first, the holding company was Southern National Corp. With $19 billion in assets, BB&T had the most North Carolina deposits and branches of any bank. [52] The company also sold American Coastal Insurance and increased its ownership in AMRisc. [46] In December 2013, the bank acquired 21 Citigroup branches in Texas for $36 million, adding $1.2 billion in deposits. ", "New name for BB&T-SunTrust bank lampooned: 'You could put this on a brand of toothpaste, "Truliant, Truist trademark lawsuit is closed", "Truist debuts with high expectations of low transition impact on BB&T, SunTrust customers", "Truist CEO: Most customers won't see any account changes", "BB&T, SunTrust finish merger to become Truist in 'seamless' change. Truist teammates will be offered a total compensation and benefits program designed to attract and retain the best talent in the industry. "The whole essence of Truist is about two great, iconic, old companies coming together to form a new organization that is looking forward," Truist CEO Kelly King told CNN Business. [62][63], On June 17, Truliant Federal Credit Union of Winston-Salem filed suit claiming "trademark infringement", complaining of potential confusion between the two companies’ respective names, including Truliant products with "Tru" in their names. [33] 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. [51] 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.
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