ALERT: SunTrust/BB&T name: Truist Bank
Charlotte HQ will have 2,000 employees and be located in Hearst Tower
Good afternoon! Today is Wednesday, June 12, 2019, and we’re coming to you with HOT BREAKING NEWS. There’s no hotter news in Charlotte than hot banking news.
New merged bank will be called Truist Bank and occupy space in Hearst Tower
SunTrust and BB&T have chosen a new name for their merged financial institution that will have its HQ in Charlotte: “Truist Bank.”
Whether you love the name or hate it, you should get used to it, because it will have a big presence in Charlotte — including on the baseball stadium where the Charlotte Knights play, now known as BB&T Ballpark.
When the merger closes, expected by the end of this year, the bank will start moving its HQ here. The banks said earlier in the day they would take over more than half of Hearst Tower in the next few years.
2,000 employees in Charlotte: They also said for the first time how many employees they expect in Charlotte: about 2,000. That’s far smaller than Bank of America and Wells Fargo. Wells, for instance, has about 10 times that many.
In a statement, the banks didn’t exactly explain how they arrived at the name “Truist,” which sounds vaguely positive as a play on the word “true,” while avoiding the bragging of spelling it with an “e” (“truest”).
The CEOs’ public statements were similarly vague and positive:
“Our goal is to create a bold, transformative organization that delivers a smarter and easier client experience through technology and human connection,” said BB&T Chairman and Chief Executive Officer Kelly S. King, who will serve as the Chairman and CEO of the combined company. “True to the heritage of both companies, Truist will reflect what we stand for – a shared belief in building a better future for our clients and communities.”
“Truist is a brand name representative of two mission- and purpose-driven companies coming together to serve our clients as a true financial partner,” said SunTrust Chief Executive Officer Bill Rogers, who will be President and Chief Operating Officer of the combined company until he succeeds King as Chief Executive Officer in September 2021. “As part of our relentless pursuit to create a better experience, we're making a commitment to always look forward, pursue what’s next and strive to do more to further financial well-being for everyone.”
More of the branding will roll out later:
Additional brand elements, such as the logo, typography and visual identity will be revealed at a later date. The combined holding company will be named Truist Financial Corporation and the combined bank will be named Truist Bank.
Unless big news breaks again, we’ll see you in your inbox Friday morning.
Got a news tip? Think we missed something? Drop me a line at firstname.lastname@example.org and let me know.
Like what we are doing? Feel free to forward this along and to tell a friend.
The Charlotte Ledger is an e-newsletter and web site publishing timely, informative, and interesting local business news and analysis Mondays, Wednesdays, and Fridays, except holidays and as noted. We strive for fairness and accuracy and will correct all known errors. The content reflects the independent editorial judgment of The Charlotte Ledger. Any advertising, paid marketing, or sponsored content will be clearly labeled.
The Charlotte Ledger is published by Tony Mecia, an award-winning former Charlotte Observer business reporter and editor. He lives in Charlotte with his wife and three children.