Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through TRUIST FINANCIAL's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
7 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
All-stock merger of equals between BB&T Corporation and SunTrust Banks, Inc. creating Truist Financial Corporation, the sixth-largest U.S. bank by assets and deposits, with roughly $442 billion in assets, $301 billion in loans and $324 billion in deposits serving more than 10 million households. The combined company adopted a new name and brand and established a new corporate headquarters in Charlotte, NC. approximately $66 billion (all-stock merger of equals).
This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future.Kelly S. King — Chairman and CEO, BB&T Corporation
This is a historic moment for Truist - a financial services organization built to make a difference.Truist Financial Corporation (Dec. 9 — 2019 completion press release)
Truist Q4 2019 earnings call (Jan. 30, 2020): management described a careful and cautious approach to systems integration to minimize client disruption, reiterating confidence in the net $1.6 billion savings target with run-rate milestones across 2020-2022.
BB&T acquired National Penn Bancshares, Inc. (NASDAQ: NPBC), headquartered in Allentown, PA, in a cash-and-stock transaction valued at approximately $1.8 billion. National Penn had about $9.6 billion in assets, $7.0 billion in deposits and 124 banking offices in Pennsylvania as of Sept. 30, 2015, lifting BB&T to a combined #4 ranking in Pennsylvania.
National Penn is a strategically compelling deal that complements the legacy Susquehanna franchise and presents enormous opportunities to leverage our proven community banking capabilities in these mid-Atlantic markets.Kelly S. King — Chairman and CEO, BB&T Corporation
BB&T acquired Susquehanna Bancshares, Inc. (NASDAQ: SUSQ), a Lititz, PA-based top-50 U.S. bank with $18.6 billion in assets, $13.6 billion in deposits and 245 banking offices across Pennsylvania, Maryland, New Jersey and West Virginia, in a cash-and-stock transaction valued at approximately $2.5 billion. The deal significantly expanded BB&T's Mid-Atlantic footprint and improved its ranking to #5 in Maryland.
In an FDIC-assisted transaction, BB&T acquired the banking operations of Colonial Bank of Montgomery, AL after Alabama regulators closed the bank and named the FDIC as receiver. BB&T acquired approximately $22 billion in net assets and assumed approximately $20 billion in deposits, with the FDIC and BB&T entering a loss-sharing agreement covering substantially all acquired loans and securities. It was BB&T's largest acquisition in its then-137-year history.
Today's announcement represents an exciting growth opportunity for BB&T. We're gaining solid market shares in great markets in Alabama, Florida and Georgia. And it comes with minimal asset risk to BB&T because of our loss sharing agreement with the FDIC.Kelly King — CEO, BB&T Corporation
Truist's wholly owned subsidiary Truist Bank agreed to acquire Service Finance Company, a Boca Raton, Florida-based national provider of point-of-sale (POS) financing solutions for the home improvement industry. Service Finance uses proprietary technology to deliver payment solutions to more than 14,000 home improvement dealers and contractors, helping them offer prime and super-prime borrowers financing for a wide range of projects. The deal expanded Truist's POS lending business, which already included Sheffield Financial.
Truist acquired Long Game, a gamified personal-finance mobile app that uses prize-linked savings and casual gaming to encourage smart financial behaviors and drive account growth and client retention. Long Game's engineers, designers and leaders joined Truist's Innovation team, with co-founder and CEO Lindsay Holden leading a San Francisco-based group building new client-facing solutions. The app's architecture aligned with Truist's existing technology stack and complemented its Truist Momentum financial-wellness program.
Truist Insurance Holdings, a Truist subsidiary and one of the largest U.S. insurance brokerages, agreed to acquire BenefitMall, the nation's largest benefits wholesale general agency, from funds managed by Carlyle. BenefitMall provides medical, dental, life, vision and long-term care benefits solutions through a network of roughly 20,000 retail brokers, serving more than 140,000 small and medium-sized businesses. The business was to be combined into Truist's CRC Group wholesale distribution arm.