Truist Financial Corporation - TFC STOCK NEWS

Truist Financial Corporation (NYSE: TFC) announced the appointment of Fadie "Freddy" Itayem as corporate treasurer, effective Sept. 3, 2021. He will oversee corporate treasury activities including balance sheet management and liquidity risk. Itayem succeeds Donna Goodrich, who is retiring after over 35 years. Previously, Itayem was the assistant treasurer and CFO for Truist's Consumer and Wealth businesses. The company, headquartered in Charlotte, NC, reported total assets of $522 billion as of June 30, 2021.

Truist Financial Corporation (NYSE: TFC) announced the acquisition of Service Finance Company, LLC for $2 billion. This move enhances Truist's point-of-sale (POS) financing capabilities in the home improvement sector, expanding its existing services that include Sheffield Financial. Service Finance provides financing solutions to over 14,000 home improvement dealers, with projected loan originations exceeding $2.5 billion in 2021. The acquisition aims to strengthen Truist's market position, prospective profitability, and client service, with an expected close by late 2021, pending regulatory approvals.

Truist Financial Corporation (NYSE: TFC) announced the success of its Truist Momentum program, aiding over 300 companies since 2014 with financial education initiatives. Participants have received over $21.5 million and demonstrated improved financial confidence—98% opened emergency savings accounts post-program. The program addresses decreased financial literacy, with 72% of Americans feeling money stress. Truist, a member of Financial Literacy for All, is committed to enhancing financial literacy through various initiatives, including partnerships and dedicated resources for employees and communities.

On July 27, 2021, Truist Financial Corporation (TFC) declared a quarterly cash dividend of $0.48 per common share, payable on September 1, 2021. Shareholders must be on record by August 13, 2021. The company also announced dividends for several series of preferred stock, with amounts ranging from $0.25556 to $1,022.22222 per share, set for payment on September 15, 2021. This demonstrates Truist's commitment to returning value to shareholders amidst its operations as one of the top 10 commercial banks in the U.S.

Truist Financial Corporation (NYSE: TFC) announced the redemption of its $500 million senior notes with a 3.200% interest rate, due on September 3, 2021. The redemption will occur on August 3, 2021, at 100% of the principal amount, plus any accrued interest until the redemption date. Interest will cease on the redemption date. This move is part of Truist's financial strategy and demonstrates its commitment to managing its debt effectively.

Truist Financial Corporation (NYSE: TFC) has announced the schedule for its 2022 quarterly earnings conference calls. The calls will take place on the following dates: Fourth quarter on January 18, 2022; First quarter on April 19, 2022; Second quarter on July 19, 2022; and Third quarter on October 18, 2022. Access information for these calls will be shared closer to the respective dates. As of June 30, 2021, Truist's total assets stood at $522 billion.

Truist Bank, headquartered in Charlotte, N.C., has announced the redemption of $500 million of 3.502% fixed-to-floating senior bank notes and $300 million of floating rate senior bank notes, both due August 2, 2022. The redemption will take place on August 2, 2021, at a price equal to 100% of the principal plus accrued interest. Following the redemption date, interest will cease to accrue. This move reflects Truist's ongoing commitment to financial management as a leading U.S. commercial bank with total assets of $522 billion as of June 30, 2021.

Truist Financial Corporation (NYSE: TFC) reported second quarter 2021 earnings of $1.6 billion, or $1.16 per diluted share, marking a 73% year-over-year increase. Adjusted earnings rose to $2.1 billion, or $1.55 per diluted share, up 89% compared to the prior year. The strong results were attributed to robust fee income, record insurance commissions, and effective expense management. A negative provision for credit losses of $434 million reflected an improving economic outlook. The company also announced plans to raise its dividend by 7% to $0.48, while capital and liquidity levels remained strong.

Truist Financial Corporation (NYSE: TFC) plans a 7% increase in its quarterly common dividend from $0.45 to $0.48 per share, effective Q3 2021, pending board approval. The Federal Reserve also reduced Truist's preliminary stress capital buffer from 2.7% to 2.5%, effective from Oct. 1, 2021 through Sept. 30, 2022. Truist's Chairman Kelly S. King emphasized the company's strong risk management and readiness for future growth, indicating confidence in capital deployment for clients and shareholders.