Welcome to our dedicated page for Truist Finl news (Ticker: TFC), a resource for investors and traders seeking the latest updates and insights on Truist Finl stock.
Truist Financial Corporation reports news as a large U.S. banking and financial services company serving consumer, small business, commercial, corporate, institutional and high-net-worth clients. Its recurring updates cover quarterly results, common and preferred stock dividends, share repurchase activity, debt issuance, and business-line developments across consumer banking, wholesale banking, wealth management, payments, investment banking and specialized lending.
Company announcements also address digital banking and data-access partnerships, Enterprise Payments and treasury management activity, Truist Securities advisory and capital markets capabilities, and Truist Wealth investment solutions. Truist emerged from the combination of BB&T and SunTrust and operates through Truist Bank and related financial-services businesses.
On August 8, 2022, Truist Financial Corporation (NYSE: TFC) announced its response to an unsolicited mini-tender offer from TRC Capital Investment Corporation. The offer, dated July 25, 2022, proposed purchasing up to two million shares at $46.14 each, which is 4.15% lower than Truist's closing price on July 22, 2022. Truist advised shareholders to reject the offer as it undervalues their shares, emphasizing the risks associated with mini-tender offers that evade SEC protections. The offer is set to expire at 12:01 a.m. on August 23, 2022.
Truist Insurance Holdings, a subsidiary of Truist Financial Corporation (NYSE: TFC), announced its acquisition of BenefitMall, the largest benefits wholesale general agency in the U.S., from Carlyle (NASDAQ: CG). This strategic move will add approximately $150 million in annual revenue to Truist's wholesale division. The acquisition aims to diversify client solutions and enhance the overall client experience. The deal is expected to close in Q3 2022, pending customary conditions. BenefitMall, with over 40 years of experience, serves more than 140,000 businesses across the country.
Truist Financial Corporation (NYSE: TFC) has appointed J. Christopher Ward as the head of its Wholesale Payments business, responsible for treasury solutions, merchant services, and commercial card solutions. Ward, with over 30 years of experience in payments, previously held leadership roles at PNC Bank, where he focused on data and innovation in treasury management. His appointment aims to drive innovation and enhance payment capabilities for Truist's business clients, reinforcing the firm's commitment to providing secure and comprehensive client experiences.
Truist Financial Corporation (NYSE: TFC) announced an increase in its prime lending rate from 4.75% to 5.50%, effective July 28, 2022. This adjustment reflects current economic conditions and will impact borrowing costs for consumers and businesses. As of June 30, 2022, Truist's total assets stood at $545 billion, showcasing its position as a top 10 U.S. commercial bank. The company focuses on various financial services, including retail banking, asset management, and corporate banking, aiming to enhance community and individual well-being.
Truist Financial Corporation (TFC) has updated progress on its $60 billion Community Benefits Plan, focused on rural development. As of May 31, 2022, Truist has achieved 112% of the prorated target, amounting to $54.5 billion. The bank has invested over $80 million between January 2020 and June 2022 in initiatives for affordable housing, workforce development, and small business support. Stakeholder sessions identified key rural needs, including workforce and small business development. Truist's strategy emphasizes tailored solutions and partnerships with Community Development Financial Institutions.
On July 26, 2022, Truist Financial Corporation (TFC) announced a quarterly cash dividend of $0.52 per common share, payable on September 1, 2022. Shareholders must be on record by August 12, 2022. Additionally, dividends were declared for various preferred stocks, with payments scheduled for September 15, 2022. The company continues to demonstrate strong financial stability, with total assets of $545 billion as of June 30, 2022, highlighting its significant market presence and commitment to financial health.
Truist Financial Corporation (NYSE: TFC) appointed Dominica Groom Williams as the head of diversity, equity, and inclusion (DEI), effective immediately. Groom Williams has over 15 years of experience in DEI initiatives, previously serving as chief culture, inclusion, and diversity officer at Guidehouse. She succeeds Wendy McSweeney, who transitioned to the new ESG & Impact Advisory Team. Truist emphasizes its commitment to diversity as a core value and aims to leverage this initiative to enhance community engagement and client relations.
Truist Foundation has awarded a $5 million grant to First Step Staffing, the largest nonprofit employment agency in the U.S., aimed at combating homelessness. The funds will support the establishment of two new branches and enhance client services, including job placement and upskill training. In 2021, First Step helped over 8,000 individuals obtain jobs, contributing $57.1 million in wages. This partnership aims to provide greater economic opportunities and assist individuals in overcoming barriers to employment.
Truist Financial Corporation (TFC) reported second quarter 2022 earnings of $1.5 billion, or $1.09 per diluted share, reflecting a 6.7% decline from the previous year. Adjusted net income was $1.6 billion, or $1.20 per diluted share, showcasing robust loan growth and expanded net interest margin aided by rising interest rates. Notable highlights include a strong 8% dividend increase announcement, record insurance and card fees, and excellent credit quality. However, net income was impacted by increased provision for credit losses. Total assets increased by 2.0% with significant contributions from commercial and consumer loans.
Truist Financial Corporation (NYSE: TFC) launched Truist One Banking on July 18, 2022, introducing two new accounts that focus on financial inclusion and eliminating overdraft fees. The Truist One Checking account offers clients a negative balance buffer and rewards on credit card transactions, while the Truist Confidence Account provides checkless banking. In response to client feedback, Truist will save clients approximately $300 million annually by discontinuing various fees. The initiative aims to foster better financial management and empower communities.