Truist Financial Corp. may be taking a deliberate approach toward a mid-2022 completion of integrating the BB&T Corp. and SunTrust Banks Inc. branch network and operational systems.
It s also continuing to step on the gas in its churning of jobs, branches and office space amid a pivotal digital transformation.
Truist, the nationâs sixth-largest bank, debuted Dec. 6, 2019, following BB&Tâs $33.5 billion purchase of SunTrust. Truistâs community/retail banking hub is in Winston-Salem, while the headquarters is in Charlotte. 2021 is going to be an intense year of focus on expenses, from the perspective of transforming our structures, so that weâre doing the right things in terms of investments and expense allocations, Kelly King, Truist s chairman and chief executive, told analysts Thursday.
Truist Financial Corp. finished fiscal 2020 on a solid earnings note, benefiting from a significantly lower loan-loss provision and the combined loan and fee revenue from a merged BB&T and
Year one of Truist Financial Corp. was quiet, recognition that it was better to delay the largest integration in financial services industry history rather than stick with an August 2021 deadline made implausible by the COVID-19 pandemic.
Truist debuted on Dec. 7, 2019, the result of BB&T s $33.5 billion purchase of SunTrust Banks Inc.
A year later, the bank has $499 billion in total assets as of Sept. 30, making it the sixth largest bank in the country.
The bank has completed its first year calling Charlotte its home, a key element of negotiations to secure the marriage of Winston-Salem-based BB&T and Atlanta-based SunTrust.