SunTrust merged with BB&T to form Truist in December 2019

SunTrust Banks stopped existing as an independent company on December 6, 2019, when it completed its merger with BB&T Corporation. The combined entity took the name Truist Financial Corporation and began operating under the Truist brand. This was not a takeover of one bank by another — both institutions dissolved into a new holding company that owned both legacy operations.

The merger was announced in February 2019 and took roughly ten months to complete. During that time, SunTrust and BB&T continued operating as separate banks with their own account systems, branch networks, and customer service lines. After December 6, 2019, customers of either bank found themselves customers of Truist instead, though the transition to unified systems happened gradually over the following years.

The deal was valued at approximately $28 billion in stock. It created what was then the sixth-largest bank by assets in the United States, with a presence across the Southeast and Mid-Atlantic regions where both SunTrust and BB&T had operated for decades.

Key Takeaways

  • SunTrust and BB&T merged on December 6, 2019, to form Truist Financial Corporation, a new holding company that owns both banks' operations.
  • The merger was announced in February 2019 and took ten months to complete regulatory review and shareholder approval.
  • SunTrust customers became Truist customers on the merger date, though account numbers and some systems remained separate for several years afterward.
  • Truist continued operating branches and services under both the SunTrust and BB&T names for a transition period before consolidating to the Truist brand.

What happened to SunTrust customer accounts

When the merger closed, SunTrust customer accounts did not disappear or transfer to a different bank. Instead, the accounts remained in place but became accounts held at Truist. Your account number, balance, and transaction history stayed the same. The change was primarily a legal and operational one: the parent company that owned your account changed from SunTrust Banks to Truist Financial Corporation.

For several years after the merger, SunTrust customers could continue using SunTrust debit cards, checks, and online banking portals. Truist did not when ready force everyone to new cards or new account numbers. However, as systems were gradually consolidated, customers eventually received new Truist debit cards and were moved to unified online banking platforms. The timeline for this varied by account type and region.

Customers who had multiple accounts at SunTrust — checking, savings, credit cards, loans — found those accounts consolidated into Truist's systems over time, but the underlying accounts themselves were not closed and reopened.

How the branch network changed after the merger

Both SunTrust and BB&T operated extensive branch networks, and Truist inherited all of them. However, having two branch networks in overlapping geographic areas meant some branches were redundant. Truist announced plans to close approximately 8 percent of combined branches, which amounted to roughly 300 locations. These closures happened over several years rather than all at once.

In areas where SunTrust and BB&T branches were near each other, Truist typically kept one and closed the other. Customers whose branch closed were directed to nearby Truist locations. The company also consolidated back-office operations, call centers, and technology infrastructure, which meant job reductions but did not directly affect customer-facing services in most cases.

Truist initially kept both the SunTrust and BB&T brand names on branches and in marketing, but over time transitioned everything to the Truist name. By 2022, most customer-facing operations had moved fully to Truist branding, though some legacy systems and references to SunTrust persisted longer in certain areas.

Changes to products and services after the merger

The merger did not when ready change the products available to SunTrust customers. Checking accounts, savings accounts, credit cards, mortgages, and investment services remained available. However, Truist eventually standardized product offerings across the combined bank, which meant some SunTrust-specific products were discontinued or merged with BB&T equivalents.

Interest rates on deposit accounts and terms on credit products were not automatically changed on the merger date. However, as Truist consolidated systems and repriced products over the following years, some customers saw changes to rates and fees. Customers who wanted to keep specific products or rates were sometimes offered grandfathered terms, but this varied by product and account type.

Truist also integrated the investment and wealth management services that both banks offered. SunTrust customers who used investment advisory services found those services moved to Truist's unified platform, though the advisors and account relationships often remained the same.

Timeline of major changes after December 2019

The merger did not happen overnight from a customer perspective. Truist announced a multi-year integration plan that included system consolidation, branch optimization, and brand transition. Key milestones included the launch of unified online banking platforms, the rollout of new Truist debit cards to all customers, and the closure of redundant branches.

By the end of 2021, most customer-facing systems had been consolidated. By 2022, the transition to Truist branding was largely complete, though some legacy systems and references persisted. The full integration of back-office and technology systems continued into 2023 and beyond, but these changes were not visible to most customers.

Truist also announced a significant data breach in 2023 that affected customer information, which was a separate issue from the merger integration but affected both legacy SunTrust and BB&T customers.

Why SunTrust and BB&T merged

Both banks cited the need to compete with larger national and regional banks in an increasingly consolidated industry. SunTrust and BB&T were both strong regional players, but neither was large enough to compete effectively with banks like Bank of America, Wells Fargo, or JPMorgan Chase on a national scale. The merger created a bank with greater scale, more geographic reach, and more resources for technology investment.

The deal also allowed both banks to reduce costs by eliminating duplicate operations, consolidating technology platforms, and streamlining management. These cost savings were a major driver of the merger's financial appeal to shareholders and the boards of both banks.

Regulators approved the merger after reviewing competitive concerns and the banks' capital levels. The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation all had to sign off on the deal.

Frequently Asked Questions

Do I still have a SunTrust account or is it now a Truist account?

Your account is now a Truist account. On December 6, 2019, all SunTrust accounts became Truist accounts. Your account number, balance, and history remained the same, but the legal owner changed from SunTrust Banks to Truist Financial Corporation. You may see references to SunTrust in old statements or records, but your current account is held at Truist.

Will my SunTrust debit card still work?

SunTrust debit cards worked for a period after the merger, but Truist eventually issued new cards to all customers. If you still have an old SunTrust card, it may no longer work. Contact Truist to request a new debit card if you have not received one, or check your account online to see your current card status.

What if my SunTrust branch closed?

Truist closed some branches after the merger to eliminate overlap between the SunTrust and BB&T networks. If your branch closed, you can visit any other Truist branch or use online and mobile banking. You can also call Truist customer service to find the nearest open branch or to discuss your banking needs.

Did my interest rates or fees change after the merger?

Interest rates and fees were not automatically changed on the merger date, but Truist made changes over time as it consolidated products and systems. Some customers saw rate changes, while others kept their existing terms. If you have questions about your current rates or fees, contact Truist directly to review your account.

Can I still use online banking or the SunTrust app?

The SunTrust online banking platform and mobile app were eventually consolidated into Truist's systems. If you were using SunTrust online banking, you were transitioned to Truist's platform over time. You should now use Truist's website or mobile app to access your account. If you have trouble logging in, Truist customer service can help you reset your credentials.