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December 9, 2019

BB&T, SunTust complete merger, creating Truist

BB&T has four branches in Fauquier, including this one in Warrenton, where SunTrust also has its lone local branch.
Two large banking companies that operate four braches in Fauquier, BB&T Corp. and SunTrust Banks Inc. announced Monday morning that they completed their merger at midnight Friday, Dec. 6.

The “merger of equals” creates Truist Financial Corp. (NYSE: TFC), the sixth largest U.S. commercial bank, serving approximately 10 million consumer households and a range of business clients.

The new company has 2,049 offices in 17 states and $463.7 billion in total assets.

“This is a historic moment for Truist – a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities,” Chairman and CEO Kelly S. King said. “The completion of this merger of equals is a tremendous achievement and a testament to the thousands of Truist teammates who have diligently worked to ensure its timely conclusion.”

BB&T had branches in Warrenton, Marshall, Bealeton and Warrenton. SunTrust had a branch in the Warrenton Village Center, very close to BB&T’s branch in the county seat. Truist has made no announcement about whether it will operate two branches in Warrenton.

BB&T and SunTrust had total deposits of $437.6 million in Fauquier offices as of June 30. That accounted for more than 26 percent of the local market, according to the Federal Deposit Insurance Corp.

The new company has its headquarters in Charlotte, N.C. BB&T had its headquarters in Winston-Salem, and SunTrust in Atlanta.

Truist will fulfill a financial commitment of $17.4 million annually for Winston-Salem and the Piedmont Triad community, and $100 million annually for the Atlanta community to double the level of current community investment through 2021.

“With Truist, we’re creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience,” President/CEO Bill Rogers. “We have much work ahead of us, but we’re well-positioned to create meaningful change for the clients we serve and the communities where we live and work.”

For now, clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and staffers. Clients can use BB&T and SunTrust ATMs to make withdrawals without incurring out-of-network fees.

The transition to Truist will occur as systems get integrated over the next two years, according to the company. There will be no merger-related changes to account numbers or routing numbers for checking, savings and money market accounts for the vast majority of clients. As a result, most clients won’t need to order new checks or make changes to direct deposits, automatic drafts or wire instructions related to these accounts. Clients can find the latest information at
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Linda Ward · December 9, 2019 at 3:39 pm
Truist? Odd name for a bank.

BB&T and SunTrust said Truist was chosen from what the banks and global marketing firm Interbrand said were “thousands” of choices. Free defines Truist as “unselfish concern for the welfare of others; selflessness.”

Also, odd description of a bank, and FALSIST in my opinion.

"With the debut of Truist Financial Corp. just two days away, its combining members filed Wednesday a blanket denial of claims made by Truliant Federal Credit Union in a pull-no-punches trademark infringement lawsuit."

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