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Merger • Financial Services

Truist Acquires SunTrust Banks

On February 7, 2019, Truist acquired financial services company SunTrust Banks for 28.0B USD

Acquisition Context
  • This is Truist’s 41st transaction in the Financial Services sector.
  • This is Truist’s largest (disclosed) transaction.
  • This is Truist’s 48th transaction in the United States.
  • This is Truist’s 10th transaction in Georgia.

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M&A Deal Summary
Date February 7, 2019
Target SunTrust Banks
Sector Financial Services
Buyer(s) Truist
Deal Type Merger
Deal Value 28.0B USD
Advisor(s) SunTrust Robinson Humphrey
Goldman Sachs (Financial)
Sullivan & Cromwell (Legal)

Target Company

SunTrust Banks

Atlanta, Georgia, United States
SunTrust Banks, Inc. is a financial services company. SunTrust has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services.
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Buyer Overview 1

Buyer

Truist

Charlotte, North Carolina, United States
Category Company
Founded 1872
Sector Financial Services
Employees36,769
Revenue 13.3B USD (2024)
DESCRIPTION
BB&T's corporate headquarters in Winston-Salem, North Carolina.
BB&T's corporate headquarters in Winston-Salem, North Carolina.

Truist is a financial services company. The company offers a wide range 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. Truist was founded in 1872 and is headquartered in Charlotte, North Carolina.

Deal Context for Buyer #
Overall 48 of 50
Sector: Financial Services 41 of 42
Type: Merger 2 of 2
State: Georgia 10 of 10
Country: United States 48 of 50
Year: 2019 1 of 1
Size (of disclosed) 1 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-18 Enigma Technologies

New York, New York, United States

Enigma Technologies, Inc. is a Data-as-a-Service company, transforms disparate, tabular data into rich representations of real-world relationships, providing a trusted source of intelligence about people, places and companies. Enigma Technologies, Inc. was founded in 2011 and is based in New York city.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-10 Service Finance

Boca Raton, Florida, United States

Service Finance originates and services prime and super-prime installment contracts to finance home improvement projects in the U.S. Originations are sourced through exclusive national vendor programs with top manufacturers and dealers. Service Finance was formed in 2004 and is based in Boca Raton, Florida.

Buy $2.0B

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