Truist lives: Bank settles suit over new name with credit union

After an acrimonious, public back-and-forth and plenty spent in legal fees, Truist has settled with Truliant Federal Credit Union in the trademark infringement lawsuit the Winston-Salem based credit union filed against the bank last year.

Neither side disclosed the terms of the settlement, and Truist, the sixth largest commercial bank in the U.S., did not change its name, whose alleged similarity to Truliant’s was the crux of the suit. The settlement was reported in court filings late Tuesday.

“The parties were able to resolve their differences to their mutual satisfaction. We are happy to put this matter behind us, and we look forward to conducting our respective businesses,” Truist spokesman Kyle Tarrance said. A spokesman for Truliant said the credit union was also satisfied with the resolution.

Last June, Truliant, a regional credit union with a few dozen branches mostly in North Carolina, sued Truist, the name for the new institutions that the banks BB&T and SunTrust chose for themselves when they merged last year. The rollout of the name had been rocky: customers immediately ridiculed the name. The suit added a new wrinkle of embarrassment to the new bank’s branding woes.

Truliant argued that name Truist was “clear and intentional appropriation” of the credit union’s brand. Truist said that was unfounded and that customers were not likely to be confused by the name.

The new bank, which moved its headquarters to Charlotte, continued ahead, unveiling a new logo and color scheme for the name. In a May filing, Truist said that it had $125 million on branding and other expenses on its new name. They also hired the head of the copyright and trademark practice at high-powered New York law firm Kirkland & Ellis to defend against the regional credit union in court.

The bank is gradually rebranding all BB&T and SunTrust branches and other facilities with the new name and logo over the next year or so, starting with sports facilities the bank sponsors, like Truist Park, home of the Atlanta Braves.

Truist reports earnings Thursday morning.