Suntrust Banks Inc is a US-based bank holding company that was founded in 1891. It was one of the largest banks in the southeastern United States until it merged with BB&T in 2019.
The headquarters of Suntrust Banks Inc was located in Atlanta, Georgia, where the company was founded. The building served as the company's main office for over a century.
Suntrust Banks Inc operated over 1,400 branches across the southeastern United States before its merger with BB&T. The company employed over 24,000 people in the region.
Suntrust Banks Inc was known for its community banking approach, focusing on serving the needs of local customers and businesses. This approach helped the company build strong relationships with its customers and the communities it served.
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Rebranding and History
The rebranding of SunTrust Banks, Inc. has a fascinating history. The company will rebrand as Truist after merging with BB&T Corporation.
The new name, Truist, is the result of a partnership with Interbrand, a global brand consultancy. This process involved input from BB&T associates, SunTrust teammates, and clients.
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Truist Financial Corporation will be the combined holding company, and Truist Bank will be the combined bank. The new names will be effective upon completion of the merger.
The merger was announced in February, and it's expected to deliver approximately $1.6 billion in annual net cost synergies by 2022. This will come from sources such as facilities, information technology, shared services, retail banking, and third-party vendors.
The new corporate headquarters will be located in Charlotte, North Carolina, at 214 N. Tryon St. This location will be home to the combined company's executive management team and approximately 2,000 employees.
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Frequently Asked Questions
Who owns SunTrust Bank now?
As of 2019, SunTrust Bank is now a part of Truist Financial Corporation, formed after the merger with BB&T. Truist Financial Corporation is the result of the $28 billion all-stock deal between BB&T and SunTrust.
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