Charlotte branch closings, new banking app: Here’s the latest Truist merger update
Truist Bank is inching closer to completing its $66-billion merger of BB&T and SunTrust, the two banks that came together to create the new company.
Truist provided an update on the merger work on an earnings call with reporters Friday. It said it’s still on track for a complete conversion of the two former banks into Truist in the first quarter of next year.
Customers can expect branch closures, a new digital banking platform and plenty of “Truist purple” signage popping up in Charlotte and elsewhere. Here’s a breakdown of the latest moves.
Branch closings
Truist has shuttered 413 branches so far as part of its merger consolidation efforts, out of 800 total branch closures the bank is targeting by the end of the first quarter of 2022. That will include 10 Charlotte-area branches, set to close in February.
“With so many heritage BB&T and SunTrust branches in close proximity to one another, there are natural opportunities to reduce redundant branches with very little impact to our clients,” Truist said in a statement to the Observer.
There will be no job losses due to the branch closures, it added. All workers will be offered roles at other locations.
Here’s the list of the Charlotte-area branches the bank is planning to close in February. Customers are encouraged to go to nearby branches:
- BB&T Hickory Grove Branch at 6021 Hickory Grove Road, Charlotte.
BB&T Carmel Commons Branch at 7521 Pineville-Matthews Road, Charlotte.
- BB&T Sullivan Road Branch at 621 Sullivan Road, Statesville.
- SunTrust Statesville Boulevard Branch at 2070 Statesville Blvd., Salisbury.
- SunTrust Parkade Branch at 276 Concord Parkway S., Concord.
- BB&T Waxhaw Branch at 520 N Broome St., Waxhaw.
- BB&T Monroe Boulevard Branch at 301 W. Roosevelt Blvd., Monroe.
- BB&T Springs Road Branch at 1856 12th Ave. N.E., Hickory.
- BB&T Morrison Plantation Branch at 163 Plantation Ridge Dr, Mooresville.
- BB&T Harrisburg Branch at 3701 Main St, Harrisburg.
Digital banking and other updates
In its earnings presentation, Truist said it has migrated 7 million customers to its new digital platform, with plans for 9 million to be added by the end of the year. That’s a substantial jump from the bank’s last update at the end of the second quarter, when 500,000 customers were using the new platform.
All BB&T customers will be able to use Truist’s online banking and mobile app by the end of the year. The bank will migrate SunTrust customers to the platform early next year.
According to the Truist website, customers will receive messages by mail, email and in their current online banking platforms at least 30 days before the change.
Truist’s branch network isn’t the only thing the bank is working to shrink as it moves forward with the merger. The bank is also downsizing its corporate real estate and technology systems.
Charlotteans can also expect to see more Truist signs popping up around town. The bank plans to convert all current SunTrust and BB&T branches to the new bank’s branding early next year.
Truist is also planning to unveil its Innovation and Technology Center at its uptown headquarters before the end of the year.The center will serve as a factory of sorts for developing new products and services, chief information officer Scott Case told The Wall Street Journal.
The bank reported third quarter earnings on Friday. It reported net income of $1.6 billion, a 51% increase over last year.
This story was originally published October 18, 2021 at 6:35 AM.
