Its subsidiary, McGriff Insurance Services (formerly known as BB&T Insurance Services),[5][6] was one of the largest insurance brokers in the world.

"It's the compassionate, right thing to do for our teammates," King said. With more than $460 billion in assets and $330 billion in deposits, Truist is now America's No. [25], In 2000, BB&T purchased One Valley Bancorp, which was itself formed from a combination of community banks throughout West Virginia. On October 16, 2018, BB&T announced plan to move 500 employees into a 100,000-square-foot, $10 million building in Whiteville, N.C..[57], On February 7, 2019, BB&T reported that it would acquire Atlanta-based SunTrust Banks in the biggest bank deal since the 2007-2009 financial crisis, to create the eighth-largest US bank. At Truist, meeting community needs is everyone’s role. [10] The headquarters became BB&T Financial Center in Winston-Salem, North Carolina.

This gave BB&T 437 branches in 220 cities in the Carolinas and Virginia. Millions of Americans are out of work. [2] The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. [65] BB&T CEO Kelly King retained the same position with the new company. All times are ET. King, fresh off a 10-month merger review that included public hearings, doesn't see it that way.
[34] In July 2008, the company acquired Puckett, Scheetz & Hogan. 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. Truist teammates will be offered a total compensation and benefits program designed to attract and retain the best talent in the industry. Yet the new corporate-sounding name has been mocked on social media. Updated 1320 GMT (2120 HKT) December 13, 2019. President Donald Trump vowed to "do a big number" on the post-crisis financial reform law known as Dodd-Frank. King argued these concerns are overblown, noting that Truist's balance sheet is dwarfed by that of the largest Wall Street banks.

"Regulators serve as rubber stamps," Warren's Senate office said last week, calling the review process "fundamentally broken.".

The Truist boss applauded several aspects of the post-crisis financial reform law, including the Federal Reserve's annual review of banks' financial resilience. The SunTrust-BB&T merger received unanimous approval from the FDIC, although one official warned the deal poses. Correction: An earlier version of this story misstated the origin of the the word Nike. Under the previously announced Truist Community Benefits Plan, $60 billion is earmarked for lending or investment in low- and moderate-income (LMI) communities from 2020–2022. [60], On June 12, BB&T and SunTrust announced that the merged company would be called Truist Financial Corporation. This includes industry-leading time off programs to ensure maximum flexibility in planning life events, company-subsidized health care, financial wellness programs and the unique combination of a 401(k) match program and pension plan offered to most teammates. BB&T Insurance Services was added in 1922 and a mortgage division was added in 1923. CHARLOTTE, N.C., Dec. 9, 2019 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced the completion of the merger of equals between BB&T Corporation and SunTrust Banks, Inc., effective Dec. 6, 2019. [67] On December 11, 2019, Truist officially exercised its option to purchase Hearst Tower in downtown Charlotte from Cousins Properties. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. [46] In December 2013, the bank acquired 21 Citigroup branches in Texas for $36 million, adding $1.2 billion in deposits. [2] The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. 6 commercial lender.

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