BB&T

Last updated

BB&T Corporation
Type Subsidiary
Industry Banking
Founded1872;151 years ago (1872)
FoundersAlpheus Branch
Thomas Jefferson Hadley [1]
DefunctDecember 6, 2019;3 years ago (2019-12-06) (as an independent corporation)
February 18, 2022;15 months ago (2022-02-18) (as a brand)
Fate Merged with SunTrust to form Truist
SuccessorTruist Financial
Headquarters BB&T Financial Center
Winston-Salem, North Carolina, U.S.
Number of locations
2,781 branches [2]
Key people
 Kelly King
Chairman and CEO
ProductsCommercial and Consumer banking
Investment banking
Insurance
Mortgage
Website Archived official website at the Wayback Machine (archive index)

BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge with Atlanta-based SunTrust Banks to form Truist Financial, which retains BB&T's stock price history and operates under BB&T's charter.

Contents

History

In 1872, Alpheus Branch and Thomas Jefferson Hadley founded the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company Branch and Company, Bankers. [3] During that same year, the bank also moved to its new headquarters on Nash Street in downtown Wilson, North Carolina. [4] Two years later, Branch, his father-in-law Gen. Joshua Barnes, Hadley, and three other men secured a charter from the North Carolina General Assembly to operate the Wilson Banking and Trust Company. After many more name changes, the company finally settled on the name Branch Banking and Trust Company. Branch remained an active member of the company until his death in 1893. The 1903 Branch Banking and Trust Company Building at Wilson was listed on the National Register of Historic Places in 1978. [3]

BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. BB&T Insurance Services was added in 1922 and a mortgage division was added in 1923. Even though banks across the United States failed as a result of the 1929 Stock Market Crash, BB&T survived; it was the only one to do so in the town of Wilson. [5] Up until 2008, the CEO was John A. Allison IV.

In 2020, Truist Financial acknowledged and apologized for the company's historic connections to slavery. Kelly King, chairman and chief executive of Truist, issued an employee memo addressing BB&T's slavery ties, but did not mention BB&T's founders Alpheus Branch and Thomas Hadley by name. Prior to the Civil War, Alpheus Branch's father Samuel owned 58 slaves. Thomas Hadley's father owned 37 slaves. The memo stated that "we must consider our own past and acknowledge the role our heritage companies played over 100 years ago to perpetuate the atrocity of slavery and the repression of enslaved people, leading to systemic disadvantages their descendants have endured for generations...We deeply regret and denounce these shameful aspects of our history, both known and unknown." According to the book "Genealogy of American Finance", the economic roots of BB&T can be traced back to 1805, even though BB&T was founded in 1872, nearly a decade after slavery was abolished. Both founders of the bank served in the Confederate Army. [6] [7]

BB&T/SunTrust merger

On February 7, 2019, It was reported that Winston-Salem-based BB&T and Atlanta-based SunTrust Banks would come together in a merger of equals to create the eighth-largest U.S. bank. It would be the biggest bank deal since the 2007-2009 financial crisis. The bank also announced the move of its headquarters to Charlotte, North Carolina, retaining significant operations in Winston-Salem. [8] [9] It was subsequently announced that Winston-Salem would be the bank's headquarters for community banking, while Atlanta would be the hub for wholesale / retail banking. [10]

On June 12, BB&T and SunTrust announced that the merged company would be called Truist Financial Corporation. [11] This name resulted from research that included hiring Interbrand, seeking opinions of employees of both banks, and focus groups. [12] The new name drew criticism from analysts and customers of both banks on social media. [13] [14] Five days later, Truliant Federal Credit Union of Winston-Salem filed suit claiming "trademark infringement", complaining of potential confusion between the two companies’ respective names, including Truliant products with "Tru" in their names. [12] The parties agreed to dismiss claims on August 5, 2020, and the lawsuit was closed the next day. [15]

The merger was completed at midnight December 6, 2019. [16] BB&T CEO Kelly King retained the same position with the new company. Customers of both banks were given free access to all of Truist's ATMs free of charge. [17] The merged bank will continue to operate under the BB&T and SunTrust names until the two banks' computer hardware, software and networking systems are streamlined, a process that could take as long as two years. [18] Due to delays related to the COVID-19 pandemic, Truist announced in April 2021 that core conversion to combine the branches would be performed in early 2022. [19] However, on the day the merger closed, SunTrust Bank merged into Branch Banking & Trust Company, forming Truist Bank as the merged company's legal banking entity.

On December 11, 2019, Truist officially exercised its option to purchase Hearst Tower in downtown Charlotte from Cousins Properties. Truist moved its corporate headquarters to Hearst Tower, which was renamed Truist Center. [20] Truist had taken over 550,000 square feet (51,000 m2) of 965,000 square feet (89,700 m2) total. [21] The bank announced the deal was completed March 31, 2020. However, due to the COVID-19 pandemic, further actions would be delayed. [22]

Truist unveiled its logo in January 2020, with two Ts representing touch and technology, and a shade of purple combining the blue of SunTrust and the burgundy of BB&T. [23] In November 2020, the bank used helicopters to lift up four signs to the top of the former Hearst Tower. The "Truist" wordmark appears on the North Tryon Street and North College Street sides of the building, while the other two sides displayed the Truist logo. This signage has caused a lot controversy, even leading the building's original architect to refer to the signage as vandalism. [24]

In February 2020, Truist announced it would be launching a nonprofit foundation called the Truist Foundation. [25]

In March 2020, Truist announced it would vacate its former headquarters building in Winston-Salem except for a branch office and would move employees in its community/retail hub to other locations in the city, including the Park Building on Cherry Street and two locations on Stratford Road. [26]

See also

Related Research Articles

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<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

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<span class="mw-page-title-main">Truist Center</span> Truist headquarters and 47-story skyscraper in downtown Charlotte, North Carolina

The Truist Center is a 47-story, 659 feet (201 m) skyscraper in Uptown Charlotte, North Carolina. The city's third tallest building, it is located along North Tryon Street. It was opened on November 14, 2002, and was the city's second tallest building, and was known as the "Hearst Tower" until 2019. The structure is composed of a 32-story tower resting atop a 15-floor podium. During Bank of America's occupancy in the building located on the podium was a three-story trading facility designed by Skidmore, Owings & Merrill and operated by Bank of America. The trading facility included a 6,000-square-foot (560 m2), two-story trading floor. Now the former trading floor is part of Truist's 100,000 square feet (9,300 m2) technology innovation center. The building is currently the headquarters of Truist Financial, which purchased the building in March 2020.

<span class="mw-page-title-main">Truist Stadium</span>

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References

  1. ↑ Our account a History of BB&T. BB&T. 2012. p. 26.
  2. ↑ "Truist Financial Corporation 2020 Form 10-K Annual Report" (PDF). Truist Financial Corporation. Archived (PDF) from the original on August 29, 2021. Retrieved October 22, 2021.
  3. 1 2 "National Register Information System". National Register of Historic Places . National Park Service. July 9, 2010.
  4. ↑ Our account a History of BB&T. BB&T. 2012. p. 25.
  5. ↑ "Branch Banking and Trust Company (BB&T)". North Carolina History Project. Archived from the original on July 26, 2020. Retrieved April 9, 2020.
  6. ↑ "Apology for bank's ties to slavery comes from Truist's top executive". Winston-Salem Journal. Retrieved May 23, 2022.
  7. ↑ "Truist apologizes for links to slavery. 'I will do everything I can to make it better,' CEO says". The Charlotte Observer. Retrieved May 23, 2022.
  8. ↑ Craver, Richard (February 11, 2019). "New name for BB&T-SunTrust may help deliver new identity to customers, marketplace". Winston-Salem Journal . Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  9. ↑ "BB&T and Suntrust to combine in an all-stock merger of $66 billion". CNBC. Reuters. February 7, 2019. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  10. ↑ Craver, Richard (February 10, 2019). "BB&T headquarters move to Charlotte stings but silver lining could be more local jobs". Winston-Salem Journal . Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  11. ↑ Allison Prang (June 12, 2019). "Truist Financial Is New Name for Combined BB&T, SunTrust". The Wall Street Journal. Archived from the original on January 20, 2022. Retrieved October 22, 2021.
  12. 1 2 Trubey, J. Scott (June 19, 2019). "SunTrust and BB&T sued by N.C. credit union over 'Truist' name". Atlanta Journal-Constitution . Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  13. ↑ Streeter, Bill (June 18, 2019). "Truist Bank: Colossal Rebranding Misstep? Or Long-Term Winner?". The Financial Brand. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  14. ↑ Sheetz, Michael (June 13, 2019). "New name for BB&T-SunTrust bank lampooned: 'You could put this on a brand of toothpaste'". CNBC . Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  15. ↑ Craver, Richard (August 11, 2020). "Truliant, Truist trademark lawsuit is closed". Winston-Salem Journal. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  16. ↑ Craver, Richard (December 7, 2019). "Truist debuts with high expectations of low transition impact on BB&T, SunTrust customers". Winston-Salem Journal . Archived from the original on January 20, 2022. Retrieved October 22, 2021.
  17. ↑ Craver, Richard (December 9, 2019). "Truist CEO: Most customers won't see any account changes". Winston-Salem Journal. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  18. ↑ Danielle Chemtob (December 9, 2019). "BB&T, SunTrust finish merger to become Truist in 'seamless' change. Here's what's next". The Charlotte Observer. Archived from the original on April 16, 2021. Retrieved October 22, 2021.
  19. ↑ Hudson, Caroline (April 15, 2021). "Truist Financial execs on latest progress in post-merger integration". Charlotte Business Journal . Archived from the original on April 15, 2021. Retrieved May 28, 2021.
  20. ↑ Chemtob, Danielle; Weinstein, Austin (December 11, 2019). "Truist buys uptown tower for record $455 million as bank builds Charlotte presence". The Charlotte Observer . Archived from the original on December 16, 2019. Retrieved December 12, 2019.
  21. ↑ Craver, Richard (December 11, 2019). "Truist takes little time to buy Charlotte headquarters building, rename it Truist Center". Winston-Salem Journal. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  22. ↑ Craver, Richard (April 2, 2020). "Truist completes $455.5M purchase of Charlotte HQ; bank delays new branding unveilings". Winston-Salem Journal. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  23. ↑ Craver, Richard (January 13, 2020). "What will Truist look like? Bank unveils its new logo and color scheme". Winston-Salem Journal. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
  24. ↑ Weinstein, Austin (December 7, 2020). "Truist put its name on its new HQ. The building's architect called it vandalism". The Charlotte Observer . Archived from the original on May 7, 2022. Retrieved December 8, 2020.
  25. ↑ "Truist Financial Corp. launches nonprofit foundation". www.bizjournals.com. Archived from the original on April 16, 2021. Retrieved March 5, 2020.
  26. ↑ Craver, Richard (March 5, 2020). "Truist moving offices out of former BB&T headquarters, will keep branch location there". Winston-Salem Journal. Archived from the original on October 22, 2021. Retrieved October 22, 2021.
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