Welcome to our dedicated page for Truist Financial Corporation news (Ticker: TFC), a resource for investors and traders seeking the latest updates and insights on Truist Financial Corporation stock.
Truist Financial Corporation (NYSE: TFC) is a leading U.S. commercial bank that was formed through the merger of BB&T and SunTrust in 2019. Headquartered in Charlotte, North Carolina, the company is committed to inspiring and building better lives and communities through a comprehensive range of financial services. With a rich history dating back 275 years from its legacy banks, Truist serves approximately 12 million households across high-growth markets in the country.
Truist offers a wide array of services including retail, small business, and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. As the sixth-largest commercial bank in the U.S., Truist is a key player in these sectors.
Recent Achievements and News:
- On March 7, 2024, Truist Securities announced the addition of highly ranked analyst Jamie Cook as a managing director, expanding its equity research coverage in the industrials sector.
- On March 28, 2024, Truist Financial Corporation announced it would report its first-quarter 2024 financial results before the market opens on April 22, 2024.
- On April 4, 2024, the Truist Foundation released its 2023 Impact Report, showcasing its efforts in building career pathways and strengthening small businesses for economic mobility.
- On April 8, 2024, Sheffield Financial, a division of Truist Bank, renewed its long-term retail financing agreement with BRP US Inc., reaffirming their commitment to providing competitive financing options.
- On May 7, 2024, Truist completed the sale of its remaining stake in Truist Insurance Holdings to an investor group led by private equity firms, significantly enhancing its financial profile.
Truist is focused on leveraging technology and innovation, as evidenced by its investment in new technologies and recent strategic partnerships. The company's robust financial condition has enabled it to make significant investments in its core banking businesses and community-driven initiatives.
With an emphasis on collaborative culture and client service, Truist continues to expand its expertise and capabilities, aiming to deliver differentiated content, execution, and value for its clients. For more information, visit Truist.com.
Truist Financial Corporation (NYSE: TFC) has appointed Vinoo Vijay as its new chief marketing officer. With over 20 years in marketing leadership roles, Vijay will oversee all marketing aspects, including brand and digital strategies. His previous experience includes leading marketing at H&R Block and TD Bank, focusing on client-centric innovations. Vijay aims to enhance Truist's brand promise and client experience as the company seeks to redefine modern banking. Truist, headquartered in Charlotte, has total assets of $499 billion as of September 30, 2020.
Truist Financial Corporation (TFC) reported third-quarter 2020 earnings with net income of $1.1 billion, a 45.3% increase from the previous year. However, diluted earnings per share fell 16.8% to $0.79. Adjusted net income was $1.3 billion, translating to $0.97 per share, after merger-related expenses. The company’s ROA was 0.91%, while adjusted ROA was 1.11%. Notably, noninterest income dropped, driven by reduced securities gains. The bank maintained stable asset quality, with a modest increase in the allowance for loan losses due to COVID-19 uncertainties. Total deposits rose to $372.2 billion, reflecting strong noninterest-bearing deposit growth.
Truist Financial Corporation (NYSE: TFC) announced that Chairman and CEO Kelly S. King will participate in a virtual Moody's Banking Series event on October 19, 2020, at 9:00 a.m. Eastern. A live audio webcast of the event will be available at ir.truist.com, with a replay accessible for 30 days post-event. Truist, headquartered in Charlotte, North Carolina, is a leading financial services company with approximately 12 million households served and total assets of $504 billion as of June 30, 2020.
Greenville Technical College has launched the Truist Culinary and Hospitality Innovation Center, thanks to a $1 million grant from the Truist Foundation. This facility aims to bridge the gap between local restaurants' workforce needs and residents' training requirements. Featuring a 13,000-square-foot area, the center offers Quick Jobs programs in culinary skills with potential career pathways in hospitality. The center is backed by various donors, enhancing educational opportunities in the community.
Truist Financial Corporation's Leadership Institute, formerly BB&T Leadership Institute, rebrands to enhance its commitment to developing future leaders. Chairman Kelly S. King emphasizes the transformative impact of effective leadership on communities. The institute offers programs in leadership, team performance, and employee engagement. It provides free leadership training for public school principals and collaborates with over 75 colleges. With a 60-year legacy, Truist Leadership Institute combines neuroscience and behavioral science to foster strong leadership cultures across organizations.
Truist Financial Corporation (TFC) has announced a $40 million donation to create CornerSquare Community Capital, a nonprofit fund supporting community development financial institutions (CDFIs). This initiative aims to enhance lending capacity to diverse small business owners, focusing on women and individuals in low-income areas. CornerSquare, part of the NC Rural Center, will operate to increase access to loan products starting at $5,000. This funding represents Truist’s largest charitable commitment in the CDFI sector, furthering their goal to support underserved communities.
Truist Financial Corporation (NYSE: TFC) has launched Truist Ventures, integrating technology investments from SunTrust and BB&T. This new corporate venture capital division aims to establish strategic partnerships and invest in innovative firms, enhancing client solutions. Led by Vanessa Indriolo Vreeland, the focus includes disruptive technologies beyond traditional finance. Truist Ventures is also leading a funding round for Veem, a global payments network, to assist small and medium-sized businesses with seamless global transactions and expand Veem's product offerings.
Truist Financial Corporation (NYSE: TFC) has been awarded $65 million from the U.S. Treasury Department's Community Development Financial Institution Fund, tied for the largest allocation to any Community Development Entity. This marks the 10th award totaling $643 million since the program's inception. The funds will facilitate projects aimed at economic growth and community support, complementing Truist's $60 billion Community Benefits Plan. The bank has invested nearly $6 billion in capital to strengthen communities, enhancing its role as a leader in community development.
Truist Financial Corporation (NYSE: TFC) will release its third-quarter 2020 financial results before the market opens on October 15, 2020. CEO Kelly S. King and CFO Daryl N. Bible will host a conference call at 8:00 a.m. ET to discuss the results. The call can be accessed via 866-519-2796 with a passcode of 892418. The news release and presentation slides will be available on ir.truist.com. Truist is the sixth-largest U.S. commercial bank with total assets of $504 billion as of June 30, 2020.
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