**1. History and Merger Details:**
– Truist Financial Corporation is an American bank holding company formed in December 2019 from the merger of BB&T and SunTrust Banks.
– BB&T, founded in 1872, survived the 1929 Stock Market Crash and expanded through acquisitions over the years.
– Southern National Bank merged with BB&T in 1995, forming Southern National Corp, which became the largest bank in North Carolina.
– SunTrust Banks is a combination of three companies and merged with Trust Company of Georgia to form SunTrust Banks in 1985.
– Truist Financial operates 2,781 branches in 15 states and Washington, D.C., offering a wide range of financial services.
– Truist Financial is ranked as the 9th largest bank in the U.S. with $514 billion in assets as of August 2023.
– The merger between BB&T and SunTrust Banks created the sixth-largest U.S. bank holding company headquartered in Charlotte, North Carolina.
**2. Acquisitions and Expansion:**
– BB&T expanded nationwide through acquisitions in the 1990s, acquiring several banks and financial institutions.
– Truist Insurance Holdings made multiple acquisitions, including W. Brown & Associates Property & Casualty and Fidelis Group Holdings.
– Truist acquired companies like Service Finance Co., Kensington Vanguard National Land Services, Long Game, BenefitMall, and Zaloni Arena platform.
– Truist Insurance Holdings acquired 11 companies from 2016 to October 2022, aiming to grow its insurance business.
– Truist Foundry, an innovation group, focuses on building new offerings in emerging product categories.
**3. Community Involvement and Corporate Social Responsibility:**
– Truist supports various community programs through the Truist Foundation, focusing on economic mobility, education, and leadership development.
– The Truist Foundation provided over $53 million in grants in 2020 to support community organizations.
– Truist employees actively participate in volunteer activities to give back to communities.
– Truist acknowledged and apologized for historical connections to slavery, addressing systemic disadvantages endured by descendants of enslaved people.
– Truist aims to make a positive impact on society through its corporate social responsibility efforts.
**4. Leadership, Innovation, and Financial Impact:**
– Truist’s leadership includes individuals like Lindsay Holden and Mike Maguire, driving innovation and strategic acquisitions.
– Truist Insurance Holdings was acquired by an investor group led by Clayton, Dubilier & Rice and Stone Point Capital in February 2024.
– Truist is selling a stake in Truist Insurance Holdings to Stone Point Capital, valuing the company at $15.5 billion.
– Truist Foundry aims to build new offerings in emerging product categories, focusing on innovation and diversification.
– Truist provides diversification away from credit businesses to perform well in various market cycles.
**5. Business Expansion and Facilities:**
– Truist Financial operates around 2,049 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance services.
– Truist continues to expand its physical footprint by establishing key buildings like the Truist Bank Building in Rome, Georgia.
– Truist’s growth strategy includes expanding facilities in strategic locations to reflect the bank’s commitment to growth and expansion.
Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world, with $2.27 billion in annual revenue.
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 Truist Center, the headquarters of Truist Financial in Charlotte, North Carolina | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Predecessor | |
| Founded | December 6, 2019 (as Truist) |
| Headquarters | Truist Center, , U.S. |
Number of locations | 2,001 branches (2023) |
Area served | North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C. |
Key people |
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| Products |
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| Revenue |  US$33.25 billion (2023) |
| US$−1.05 billion (2023) | |
| Total assets |  US$535.3 billion (2023) |
| Total equity | US$59.25 billion (2023) |
Number of employees | 50,832 (2023) |
| Divisions |
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| Website | truist |