Truist Financial Corporation (TFC) Bundle
A Brief History of Truist Financial Corporation (TFC)
Company Formation
Truist Financial Corporation was formed on December 6, 2019, through the merger of BB&T and SunTrust Banks. The merger was valued at $66 billion and created the sixth-largest commercial bank in the United States.
Financial Performance
| Metric | 2023 Value |
|---|---|
| Total Assets | $550 billion |
| Total Deposits | $378 billion |
| Net Income | $4.6 billion |
| Market Capitalization | $48.3 billion |
Operational Segments
- Consumer Banking and Investments
- Commercial Banking
- Specialized Lending
- Corporate and Investment Banking
Geographic Presence
Truist operates in 17 states across the Southeastern and Mid-Atlantic United States, with a significant presence in major markets including Atlanta, Charlotte, and Richmond.
Key Leadership
| Position | Name |
|---|---|
| Chairman and CEO | William H. Rogers Jr. |
| Chief Financial Officer | Daryl Bible |
Branch Network
As of 2024, Truist maintains 2,141 banking centers and 4,700 ATMs across its operational footprint.
Digital Banking
- Mobile banking users: 4.2 million
- Online banking users: 6.8 million
- Digital transaction volume: 2.3 billion annually
Stock Performance
Ticker Symbol: TFC (New York Stock Exchange) Stock Price Range (2023): $45.12 - $65.78
Who Owns Truist Financial Corporation (TFC)
Institutional Shareholders
As of Q4 2023, the top institutional shareholders of Truist Financial Corporation include:
| Vanguard Group Inc | 9.22% |
| BlackRock Inc | 6.81% |
| State Street Corporation | 4.92% |
| Capital World Investors | 3.45% |
| Berkshire Hathaway Inc | 2.87% |
Founders and Merger Details
Truist Financial Corporation was formed through the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks in December 2019.
Public Ownership
Truist is a publicly traded company listed on the New York Stock Exchange under the ticker symbol TFC.
Ownership Breakdown
- Public Float: Approximately 87.3%
- Insider Ownership: Approximately 0.5%
- Institutional Ownership: Approximately 67.2%
Major Shareholders
| Total Shares Outstanding | 1.42 billion |
| Market Capitalization | $59.2 billion |
Truist Financial Corporation (TFC) Mission Statement
Corporate Mission Overview
Truist Financial Corporation's mission focuses on inspiring and building better lives and communities through purpose-driven banking.
Strategic Objectives
| Objective Category | Specific Focus |
|---|---|
| Financial Performance | $25.7 billion total revenue (2022) |
| Community Investment | $50 billion committed to community development by 2030 |
| Digital Transformation | $1.8 billion annual technology investment |
Core Values
- Client-centric approach
- Operational excellence
- Social responsibility
- Inclusive leadership
Financial Metrics
| Metric | Value |
|---|---|
| Total Assets | $545 billion (Q4 2022) |
| Market Capitalization | $59.2 billion |
| Net Income | $6.3 billion (2022) |
Operational Scope
Geographic Presence: 17 states across the Southeastern and Mid-Atlantic United States
Branch Network: 2,781 branches
Employee Count: 58,000 associates
How Truist Financial Corporation (TFC) Works
Company Overview
Truist Financial Corporation formed in December 2019 through the merger of BB&T and SunTrust Banks. Headquartered in Charlotte, North Carolina, the company operates with $545 billion in total assets as of Q4 2023.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $24.3 billion |
| Net Income | $6.8 billion |
| Tier 1 Capital Ratio | 11.2% |
Business Segments
- Consumer Banking and Investments
- Commercial Banking
- Specialized Lending
- Corporate and Investment Banking
Branch Network
Truist operates 2,141 banking centers across 15 states and Washington D.C. as of 2024.
Digital Banking Capabilities
- Mobile banking app with 6.5 million active users
- Online banking platform
- Digital payment solutions
- Advanced cybersecurity features
Employee Statistics
| Category | Number |
|---|---|
| Total Employees | 57,400 |
| Full-Time Employees | 54,600 |
Stock Performance
Ticker Symbol: TFC
Market Capitalization: $51.3 billion (as of February 2024)
Stock Price Range (2023): $37.88 - $64.22
How Truist Financial Corporation (TFC) Makes Money
Revenue Streams
Truist Financial Corporation generates revenue through multiple business segments:
| Segment | 2023 Revenue |
|---|---|
| Consumer Banking and Investments | $14.2 billion |
| Commercial Banking | $9.7 billion |
| Mortgage Banking | $1.8 billion |
| Wholesale Banking | $6.5 billion |
Net Interest Income
Truist generates significant income from net interest margin, which was $10.3 billion in 2023.
Fee-Based Income Sources
- Deposit service charges: $1.2 billion
- Investment banking fees: $742 million
- Credit card interchange fees: $653 million
- Wealth management fees: $1.5 billion
Lending Portfolio
| Loan Category | Total Loans |
|---|---|
| Commercial Loans | $208.4 billion |
| Consumer Loans | $146.7 billion |
| Mortgage Loans | $89.3 billion |
Investment Banking Revenue
Truist generated $1.1 billion from investment banking services in 2023.
Insurance Brokerage
Insurance-related revenue totaled $687 million in 2023.
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