TRUIST: THE START OF SOMETHING TROUBELING

SunTrust Branch ATM

Last December, BB&T Corp completed its acquisition of SunTrust Banks, the  Atlanta based banking group known for its former long-standing relationship with The Coca-Cola Company.

Soon after completing the $28.24 deal, the newly combined banking and financial services firm adopted the name Truist Financial Corp.

It also happened to become the sixth-largest banking group based on assets and deposits in the U.S.

Reportedly, the name 'Truist' is the creation of New York-based global brand consultants Interbrand which has received widespread criticism for creating a misleading name similar to that of North Carolina based Truliant Federal Credit Union. 

According to public records, Truliant filed a  "trademark infringement" action against Truist Financial last year.

While not necessarily 'hurting' from a liquidity standpoint, it is safe to say back in 2018 both BB&T Corp and SunTrust Banks respective boards had already recognized that their bank's failure to invest in technology would eventually impede future growth... and profits. 

Ill-equipped (not to mention underfunded) to compete in the technology arena against such industry giants as Bank of America, J.P. Morgan Chase, and Wells Fargo, a deal was eventually struck to in both boards of directors  words "merge." 

In simple terms, both bank boards agreed that BB&T would acquire SunTrust and rebrand the combined banking group with a new name and logo.

Six months after the merger, both BB&T and SunTrust branches still operate under their original names.  Customers can now use each others ATM's to withdraw cash without incurring a fee. However, they can not make deposits.

Surprisingly, inquiries made to both BB&T and SunTrust branches in recent weeks reveal that bank employees are clueless about regulatory matters concerning Truist Finacial. 

Some did suggest that the banking group is supervised by the Federal Insurance Deposit Corporation (FDIC) and/or Federal Reserve Bank, which is partly correct. But few had any knowledge of the North Carolina Office of the Commissioner of Banks, which is Truist Finacial Corp's principal regulator based on the banking groups North Carolina bank charter. 

Interestingly, a  cursory look at the North Carolina Office of the Commissioner of Banks website shows little information on Trusit  Finacial and absolutely no information about banks' current trading divisions BB&T and SunTrust.

Potentially, this could be a problem for members of the public seeking to obtain consumer information on BB&T or SunTrust or file a complaint with the banks' principal regulatory.


Before the "merger" last year, both BB&T and SunTrust closed several branches. Based on the unkempt and, in some cases, overrun appearances of these properties today, it is now apparent that  Truist executives management seems to care little about appearances.

Former BB&T Hawfield Way Drive, Charlotte.

Ironically, the now-closed BB&T branch located at 16704 Hawfield Way Drive, Charlotte, North Carolina, is in desperate need of landscaping. Worse, the disheveled former branch is less than seven miles from new Chase and U.S. Bank branches opening up later this summer. 

Call it slothful, lazy, or simply ambivalent to customer service and  support the fact remains that SunTrust has a poor track record when it comes to adequate maintenance of equipment such as ATM's and drive up teller facilities used by customers.

Case in point, at the start of the Covide-19 'shelter in place' order in the bank's home state of North Carolina, a Charlotte branch on Rea road had signs up encouraging customers to use the drive-up ATM. Problem number one: the ATM had not been in service for nearly a week.

This would not have been a problem for Bank of America or Wells Fargo customers with full-service ATM's nearby. But for SunTrust customers, this meant a seven-mile drive to make an after-hours deposit at an ATM.