Merger with SunTrust
On February 7, 2019, BB&T and Atlanta-based SunTrust Banks announced a merger of equals to create the eighth-largest U.S. bank in the biggest bank deal since the 2008 financial crisis. The bank also announced the move of its headquarters to Charlotte, North Carolina, retaining significant operations in Winston-Salem.[10][11] It was subsequently announced that the bank's headquarters for community banking will be in Winston-Salem, while Atlanta would be the hub for wholesale / retail banking.[12]
On June 12, BB&T and SunTrust announced Truist Financial Corporation as the name for the merged company.[13] This name resulted from research that included hiring Interbrand, seeking opinions of employees of both banks, and focus groups. The new name drew criticism from analysts and customers of both banks on social media.[14][15] Five days later, Truliant Federal Credit Union of Winston-Salem filed suit claiming "trademark infringement", complaining of potential confusion between the two companies’ respective names, including Truliant products with "Tru" in their names.[16] The parties agreed to dismiss claims on August 5, 2020, and the lawsuit was closed the next day.[17]
The merger was completed at midnight December 6, 2019.[18] BB&T CEO Kelly King retained the same position with the new company. Customers of both banks were given free access to all of Truist's ATMs free of charge.[19] The merged bank will continue to operate under the BB&T and SunTrust names until the two banks' computer hardware, software and networking systems are streamlined, a process that could take as long as two years.[20] Due to delays related to the COVID-19 pandemic, Truist announced in April 2021 that core conversion to combine the branches would be performed in early 2022.[21] However, on the day the merger closed, SunTrust Bank merged into Branch Banking & Trust Company, forming Truist Bank as the merged company's legal banking entity.
On December 11, 2019, Truist officially exercised its option to purchase Hearst Tower in downtown Charlotte from Cousins Properties. Truist moved its corporate headquarters to Hearst Tower, which was renamed Truist Center.[22] Truist had taken over 550000 sqft of 965000 sqft total.[23] The deal was completed on March 31, 2020; however, due to the COVID-19 pandemic, further actions were delayed.[24]
Truist unveiled its logo in January 2020, with two Ts representing touch and technology, and a shade of purple combining the blue of SunTrust and the burgundy of BB&T.[25] In November 2020, the bank used helicopters to lift up four signs to the top of the former Hearst Tower. The "Truist" wordmark appears on the North Tryon Street and North College Street sides of the building, while the other two sides displayed the Truist logo. This signage has caused a lot controversy, even leading the building's original architect to refer to the signage as vandalism.[26]
In February 2020, Truist launched a nonprofit foundation called the Truist Foundation.[27]
In March 2020, Truist announced it would vacate BB&T Financial Center, its former headquarters building in Winston-Salem, except for a branch office and would move employees in its community/retail hub to other locations in the city, including the Park Building on Cherry Street and two locations on Stratford Road.[28]
