Branding, branch closures and a new CEO: Here’s what’s next for Truist in its merger
It’s been more than 18 months since BB&T and SunTrust merged to become Truist, though little has changed for many of its customers.
The former banks still use different branches, different logos and even different product lines.
And up to this point, much of the banks’ $66-billion merger has taken place behind the scenes. But with a complete switch from BB&T and SunTrust to the Truist brand planned for early next year, customers can expect to see some shifts over the next several months.
Here are some of those changes coming from Charlotte-based Truist:
New branding at branches
The bank plans to convert all existing SunTrust and BB&T branches to Truist branding in the first quarter of 2022 — but customers shouldn’t expect any signage switches at their branch until early next year, Truist said.
But some branches will close
As part of its cost-cutting efforts, Truist is closing hundreds of BB&T and SunTrust branches. The bank didn’t disclose how much money it would save as a result of the closures.
The bank is looking to close 800 branches by the first quarter of next year, according to Truist’s second quarter earnings presentation in July.
So far, it has shuttered 374 branches since the merger began.
New wesbite and app
Truist is rolling out a new digital banking website and mobile app ahead of the full conversion of BB&T and SunTrust into Truist in early 2022, the bank said.
Truist has already invited 500,000 customers to use the new platform, designed to help customers “get to know” the newly formed bank.
A new CEO
In September, longtime BB&T banker Kelly King will step down as CEO of Truist, although he’ll remain executive chairman of the board of directors.
He’ll pass the baton to Chief Operating Officer Bill Rogers, formerly the head of SunTrust.
King agreed to retire as CEO on Sept. 12, 2021, as a condition of the merger. The two bank leaders also had agreed that Rogers would take his place.
Post-merger plans
Truist’s cumulative merger costs totaled $2.7 billion at the end of June, Chief Financial Officer Daryl Bible said on a recent earnings call. The bank expects those costs to decrease significantly after the first quarter of next year and drop off entirely after 2022.
Truist has plans for an Innovation and Technology Center in its headquarters in uptown Charlotte. The center will serve as a lab for developing new products and services, Truist CIO Scott Case told The Wall Street Journal in July.
The center is over halfway finished, according to the bank’s second quarter earnings presentation.
Truist employs about 2,800 people in the greater Charlotte area. The bank told the Observer last month that it plans to bring employees back to the office by September.
This story was originally published August 2, 2021 at 6:30 AM.
