Truist Financial Corporation is an American financial services company that was formed through the merger of BB&T Corporation and SunTrust Banks, Inc. The merger was completed on December 6, 2019, making Truist the sixth-largest U.S. bank by assets. Both BB&T and SunTrust had long histories as regional banks before combining their operations to create Truist.
BB&T Corporation, originally known as Branch Banking and Trust Company, was founded in 1872 in Wilson, North Carolina. It grew over the years through various mergers and acquisitions and became a prominent regional bank with a strong presence in the southeastern United States.
SunTrust Banks, Inc. had its origins in 1891 with the founding of the Commercial Travelers' Savings Bank in Atlanta, Georgia. It also expanded through acquisitions and mergers, establishing itself as a leading financial institution in the southeast and mid-Atlantic regions.
Truist offers a wide range of financial services, including retail and commercial banking, wealth management, mortgage services, insurance, and investment banking. The company serves individual consumers, small businesses, and large corporations across the United States.
With its combined resources and expertise from both BB&T and SunTrust, Truist is focused on providing a comprehensive suite of financial solutions to its customers. The merger allowed the company to enhance its capabilities, expand its geographic reach, and position itself as a leading financial institution in the United States.