Truist Bank

Truist Bank

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More info of Truist Bank

This financial institution belongs to the Truist Financial Corporation, headquartered in Charlotte (NC). Considered the 7th largest bank in the United States, it is the result of the merger between BB&T and SunTrust.

For this reason, it has a combined history of almost 250 years, thousands of branches and a vast ATM network.

Truist Bank currently operates in 15 states: Alabama, DC, Georgia, Florida, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia. It offers you services related to personal/commercial banking, stock investments, mortgages, asset management, insurance and more.

History of Truist Bank

Truist Bank's history begins in December 2019, when BB&T and SunTrust joined forces. The former of these entities was tasked with acquiring the latter. Both brands will finish integrating in 2022, so they continue to operate separately until the merger is complete.

It was a deal that was around $4 billion and most of these costs correspond to settlements, conversion expenses, marketing and professional fees. Through this integration, Truist saved net costs in the range of $1.6 billion, closed at least 800 branches and consolidated office space during 2022.

BB&T Bank was an institution that was born in 1872 as Branch and Hadley Merchant Bank, headquartered in Wiston, NC. After many name changes, it was renamed the Branch Banking and Trust Company in 1893.

This bank acquired (1995) the Southern National Bank, another financial institution in the same state and with a legacy dating back to 1897. As a result of this merger, they would be renamed Southern National Corp, accumulating $19 billion in assets and the largest number of branches in that state. In 1997, it would be renamed BB&T Corp.

SunTrust Bank, founded in 1891, comprised 3 companies: Trust Company of Georgia, Sun Bank, and the Robinson-Humphrey Company. The first 2 merged in 1985 to form Sun Trust Inc. The latter was acquired by SunTrust in 2001.