Truist says it spent $125 million on its new name, defends brand in trademark fight

Truist, the name of the merged BB&T and SunTrust, said it has already spent $125 million on its controversial new name as it argued against a motion in the trademark infringement lawsuit filed by Truliant Federal Credit Union.

The bank said in a court filing Friday that it spent $7 million to create the name and branding, $4 million to have the name approved by shareholders and regulators, $40 million to change operating systems so the bank could use the name on the merger date in December and $75 million in marketing expenses and “community support.”

The disclosure came as the bank argued that a preliminary injunction to make the bank stop using the name, as requested by Truliant, would cause “irreparable harm” to the Charlotte-based bank.

A Truliant spokesman said the credit union is reviewing Truist’s filing.

The credit union has argued in the past that the name is a “clear and intentional appropriation” of the brand, spurring them to file the suit in June.

Truist argued in the filing, as it has done before, that dozens of other banks, credit unions and other firms use “Tru,” and that Truliant’s claims should be dismissed. In a survey to test confusion between the brands that was cited in the bank’s filing, 2% of respondents mistakenly identified Truliant or credit union services.

In the filing, Truist said it would cost $34 million for the bank to change the name, which it has already put on the stadium of Major League Baseball’s Atlanta Braves, and take six to nine months.

This story was originally published May 15, 2020 at 3:55 PM.