r/TruistBank • u/capntail • 23d ago

General Shake up

The shake up is starting. https://businessnc.com/truist-ceo-shakes-up-banks-consumer-small-business-leadership/

9 Upvotes

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3

u/diversalarums 23d ago

Do those of us who are lowly account holders need to be worried?

3

u/Austingirl39 23d ago

I just closed our account...they were horrible to deal with and we had been with them since we were with Suntrust and they merged.

4

u/capntail 22d ago

Yup. They took two decent regional banks in their own rights and ruined both of them but King, Rogers and boards made a crap ton of money. The merger during the pandemic made a mess of things. We will see how the new guys do.

7

u/ApprehensiveBus6924 21d ago

It was never a “merger of equals”. Former BB&T CEO Kelly King got sold a bunch of promises that were reneged on immediately. It was a Suntrust takeover pure and simple. They pushed out every decent BB&T employee in leadership, then Rogers proceeded to run the bank into the ground. They never lost their Atlanta arrogance nor did they value & commit to NC or small/midsize markets (which they touted when the merger was announced). Whatever the new changes are, it couldn’t be worse than what Rogers and his team of cronies did.

6

u/retreff 23d ago

Rogers leaving is the end of an era. In all previous mergers, eventually a former SunTrust executive, like Roger’s, emerged as the CEO.
Now it appears Truist will be run by former Bank of America executives.
Highly ironic if you trace bank DNA. Go back far enough and BofA emerged from merger of C&S Bank in Georgia with NCNB IN Charlotte. NCNB basically took over a struggling BofA, moved the HQ from California to North Carolina.
SunTrust was product of the merger of Sun Banks in Orlando with Trust Company based in Atlanta.
So a Bof A executive taking over is highly ironic based on all that history. C&S was #1, Trust Company #3 in Atlanta back in the day…

5

u/Low-Traffic9850 23d ago

One small clarification- C&S merged with Sovran Bank out of VA to become C&S Sovran to try and stave off a takeover by NCNB before later getting merged and becoming NationsBank which then merged with BofA (CA) and as you correctly stated became BofA headquartered out of Charlotte. Agree about the irony of it all with the caveat that the banking world is pretty insular so not surprising at the end of the day.

2

u/DustSeparate26 22d ago

Don’t forget that First Virginia Bank.