Truist Financial will have nearly $442bn in assets, $301bn in loans, and $324bn in deposits, and will serve more than 10 million households in the US
BB&T and SunTrust Banks have wrapped up their previously announced $66bn merger to create a new entity called Truist Financial, headquartered in Charlotte, North Carolina.
Truist Financial will have nearly $442bn in assets, $301bn in loans, and $324bn in deposits, making it the sixth largest commercial bank in the US as per the constituent bank holding companies.
Catering to more than 10 million households in the US, the new bank holding company is claimed to have leading market share across many attractive, high-growth markets in the US.
Truist Financial chairman and CEO Kelly King said: “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.
“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.”