SunTrust Banks and BB&T Unite as Truist

SunTrust Banks merged with BB&T in 2019 to form Truist Financial Corporation. This merger created the sixth-largest bank in the US. The combined entity was valued at over $77 billion.

The merger brought together two large banks with a long history of service. SunTrust was founded in 1891, while BB&T was founded in 1872. The two banks had a combined 275,000 employees and over 5,100 branches across the US.

The new company, Truist, aimed to provide a more streamlined and efficient banking experience for its customers.

SunTrust Banks has a rich history of mergers and expansions. In 1985, Trust Company of Georgia merged with SunBanks to form SunTrust Banks, Inc.

This merger created a new company with a strong presence in the South. The company was headquartered in Atlanta and initially operated as Trust Company Bank in Georgia and Sun Bank in Florida.

SunTrust continued to grow through strategic acquisitions, including the purchase of Third National Corporation of Nashville in 1986. However, it retained the Third National name in Tennessee.

In 1995, SunTrust rebranded its banking subsidiaries, retiring the Trust Company Bank, Sun Bank, and Third National names.

In 1985, Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc. This merger marked the beginning of a new era for the company.

The merged company was headquartered in Atlanta and continued to operate as Trust Company Bank in Georgia and Sun Bank in Florida. The combination of these two companies created a stronger presence in the region.

The newly merged company made its first major deal a year later, when it purchased Third National Corporation of Nashville. This acquisition expanded SunTrust's reach into Tennessee.

However, it continued to use the Third National name in Tennessee, indicating that the company was still in the process of integrating its new subsidiaries.

In 1995, SunTrust retired the Trust Company Bank, Sun Bank, and Third National names and rebranded all of its banking subsidiaries as SunTrust. This marked a significant shift in the company's branding and identity.

This rebranding effort helped to create a more unified image for the company across all of its locations.

Truist Financial Corporation was formed through the merger of BB&T Corporation and SunTrust in 2019. The merged bank has assets of $442 billion and a market capitalization of around $66 billion.

The new company will be headquartered in Charlotte, but will retain significant operations in Atlanta. Atlanta will be the headquarters for wholesale banking, while Winston-Salem will be the headquarters for community banking.

This merger created the sixth-largest US bank, a significant milestone in the banking industry. The merged bank will continue to operate under the BB&T and SunTrust names until their systems are combined, a process that could take up to two years.

Customers of either company will be able to use the other's ATMs without charge during this transition period.

SunTrust Banks has faced several regulatory issues over the years. The bank has been involved in a number of lawsuits related to mortgage lending practices.

In 2017, SunTrust agreed to pay $320 million to settle allegations of mortgage-backed securities fraud. This settlement was a result of the bank's involvement in the sale of mortgage-backed securities that were not properly disclosed to investors.

The bank has also faced criticism for its handling of foreclosures, with some investors accusing SunTrust of failing to properly document foreclosure proceedings.

In 2014, the Federal government and 49 state attorneys general reached a settlement with SunTrust Mortgage, Inc. requiring $500 million in relief for mortgage borrowers.

The settlement was entered into a Consent Order by the United States District Court for the District of Columbia on September 30, 2014.

SunTrust was required to create a $40 million fund for approximately 45,000 borrowers who were foreclosed upon between January 1, 2008 and December 31, 2013.

The consent order also required SunTrust to adhere to significant new homeowner protections and follow the servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks.

In September 2015, SunTrust laid off one hundred IT professionals with a severance agreement clause that sparked controversy.

The clause required laid-off employees to be available to help without pay for a period of two years, which many saw as unfair.

SunTrust reversed course on October 23rd, removing the clause that had caused so much concern.

This move was a significant step in addressing the controversy surrounding the original severance agreement.

SunTrust Bank operates a large network of branches and ATMs across the southeastern United States, with 1,400 branches and 2,160 ATMs as of September 2016.

The bank's operations are divided into three primary business units: Consumer Banking & Private Wealth Management, Wholesale Banking, and Mortgage.

SunTrust Bank offers a range of services through its various business units, including consumer banking, corporate and investment banking, commercial and business banking, private wealth management, mortgage, consumer lending, and commercial real estate.

Here's a breakdown of the bank's business mix as of June 30, 2016:

SunTrust Bank operated three primary business units: Consumer Banking & Private Wealth Management, Wholesale Banking, and Mortgage. These units were the backbone of the company's operations before the merger.

The business mix of SunTrust Bank, as of June 30, 2016, was quite diverse. Consumer Banking accounted for 32% of revenue, making it the largest contributor.

Corporate & Investment Banking generated 20% of revenue, while Commercial & Business Banking and Private Wealth Management each accounted for 14% and 12% respectively. Mortgage and Consumer Lending brought in 11% and 8% of revenue respectively. Commercial Real Estate was the smallest contributor, making up only 3% of revenue.

SunTrust Bank had a significant physical presence, with 1,400 bank branches and 2,160 ATMs across 12 states and Washington D.C. as of September 2016.

SunTrust Banks Inc. has lobbied the U.S. government, and LegiStorm Pro users can see summaries of that lobbying activity.

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