‘BUSINESS AS USUAL’
For BB&T bank customers, few obvious changes after merger
BB&T account holders across the region may not notice substantial changes resulting from the bank’s merger for up to two years — and even then, the most dramatic difference might be a new name.
In December, BB&T completed its merger with SunTrust Banks to create Truist Financial Corp., instantly becoming the sixth-largest bank in the U.S. Eventually, all BB&T branches, including those in Berks, Montgomery and Chester counties will re-brand under the Truist banner.
The transition to Truist is expected to take between 18 to 24 months, however. And because there are no SunTrust locations in Pennsylvania, many area BB&T customers weren’t even required to get a new account number.
“Near-term, it’s business as usual. It’s still BB&T,” said Alex Brame, regional president for Truist. “When a customer comes into our branch, they are greeted by our BB&T teammates, and the products and services we offer are in line with what we had previous to the merger.”
Though Truist is taking its time from a marketing standpoint, Brame adds the new company is already working on enhancing the customer experience.
The average BB&T customer will likely begin seeing byproducts of the merger in the form of technological advances.
As consumers increasingly skip the teller window in favor of banking by computer or phone, Truist is embracing the evolving market, using money saved by the banks’ consolidation and shifting it into a new innovation and technology center at its headquarters in Charlotte, N.C.
“The expectation of easy, simple, fast and having things at your fingertips is accelerating at a really, really rapid pace,” said Brame, whose office is based in Lancaster County.
“Part of the strategic opportunity when we brought these two banks together is coupling the budgets of both organizations to re-invest in our technology platform and provide something that’s as forwardthinking as our consumers have been asking for.”
Brame did not offer up specific examples, but said technology upgrades that streamline the business will be making their way to BB&T in “the next several months.”
Pennsylvania business professionals and corporations who bank with BB&T may have more immediate access to certain benefits of the merger.
Brame touted SunTrust’s strategic advisory capabilities in commercial banking, middle market, not-for-profit banking, regional commercial real estate, and other highly specialized industries. BB&T can begin tapping into their expertise now that it’s all under the Truist umbrella.
“We can really bring value to the region in engaging those teams,” said Brame.
“They focus on different verticals, whether it be the food and agriculture business — in Central Pa., a really big item — transportation and logistics, not-for-profit hospitals. We are just creating an ability to provide more to those clients than we ever have.”
Truist’s Central Pennsylvania region consists of 104 BB&T branches which will maintain a community banking model, meaning the majority of deposits and lending are to local customers and businesses.
“Near-term, it’s business as usual. It’s still BB&T. When a customer comes into our branch, they are greeted by our BB&T teammates, and the products and services we offer are in line with what we had previous to the merger.” — Alex Brame, regional president for Truist
Within two years, those 104 branches will become Truist, but it will likely only feel like a sudden influx in the brand’s footprint as opposed to an increase in the number of branches.
Despite its status as the sixth-largest bank, Truist isn’t necessarily looking to add more physical locations. Once again, the push is to win over potential customers with cutting-edge technology that makes most day-to-day banking activities more convenient.
“The branch is not necessarily the way that our customers view their bank relationship, so we have to be very cautious in how we approach with brick and mortar,” said Brame.
“We will always look at our branch network and determine where do we need to be strategically, but there’s no immediate plans to be opening additional branches.”
As far as existing branches are concerned, current BB&T customers can anticipate “minimal disruption” during the changeover to Truist, according to Brame.