The name of the nation’s newest mega bank is Truist Bank.
Southern regional banking giants BB&T and SunTrust said Wednesday that the two would adopt the Truist (pronounced TRUE-ist) Bank name for their merged institution.
Atlanta-based SunTrust and Winston-Salem-based BB&T announced their merger in February, creating the nation’s sixth-largest bank with assets at $440 billion. The merged banks are poised to geographically dominate the South, where they are based. The banks also announced Truist will have its headquarters in Charlotte, N.C.
Truist Financial Corp. will be the future name of the parent company of the combined banks, which are expected to complete their merger in the fall or winter.
The branding is the most visible part of the work that must take place . Upon closing of the merger, the combined parent company will take Truist name, though the SunTrust and BB&T brands will remain for as long as two years.
Kelly King, the chairman and CEO of BB&T, said it will take about a year to combine the systems after the merger closes. For now, branches will keep their branding, as will checks, credit cards and debit cards. Executives want a seamless transition to the new name over the next 18 to 24 months.
The banks hired brand consulting group Interbrand to come up with the new name, crafting it with input from employees and the banks’ clients . Bank associates and clients centered on four attributes : trustworthy, genuine, innovative and empowering.
“We wanted a name that would express what we stand for,” said King, who will serve as Truist chairman and CEO. A logo, colors and typography are pending.
“As Truist, we can combine two iconic, purpose-driven brands and better serve our clients and communities in greater Richmond,” said Phillip Avant, Central Virginia market president for SunTrust. “Our proposed merger is designed to create the bank of the future, balancing intuitive technology with genuine personal connection, and our new name will be a powerful symbol of what the future looks like.”