Truist Financial Corp. is officially ready for business, according to an announcement made on Monday morning.
Executives said the completion of the merger involving BB&T Corp. and SunTrust Banks became effective on Friday. They pointed out Truist now is the sixth-largest U.S. commercial bank, serving approximately 10 million consumer households and a full range of business clients, with leading market share in many of the most attractive, high-growth markets in the country.
“This is a historic moment for Truist — a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities,” Truist chairman and chief executive officer Kelly King said in the news release.
“The completion of this merger of equals is a tremendous achievement and a testament to the thousands of Truist teammates who have diligently worked to ensure its timely conclusion,” King continued.
For now, the company said its clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers. Clients can now use BB&T and SunTrust ATMs to make withdrawals without incurring out-of-network fees.
“With Truist, we’re creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience,” Truist president and chief operating officer Bill Rogers said. “We have much work ahead of us, but we’re well-positioned to create meaningful change for the clients we serve and the communities where we live and work.”
The merger was first announced on Feb. 7 and final regulatory approvals were received on Nov. 19.
The company indicated the transition to the full Truist experience will occur as systems are integrated over the next two years.
Truist noted there will be no merger-related changes to account numbers or routing numbers for checking, savings and money market accounts for the vast majority of clients. As a result, most clients won’t need to order new checks or make changes to direct deposits, automatic drafts or wire instructions related to these accounts.
Clients can find the latest information at Truist.com.
The company also mentioned Truist teammates will be offered a total compensation and benefits program designed to attract and retain the best talent in the industry. This includes time off programs to ensure maximum flexibility in planning life events, company-subsidized health care, financial wellness programs and the unique combination of a 401(k) match program and pension plan offered to most teammates.