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.
According to the 9th Annual LightStream Home Improvement Trends Survey, 73% of homeowners have engaged in home improvement projects since the pandemic began. In 2022, many are focusing on significant renovations for enhanced functionality and emotional satisfaction. Key findings include:
- 39% of homeowners prioritize kitchen remodels, 36% bathrooms.
- 20% plan home additions, up from 12% in 2021.
- 62% feel excited about renovation projects.
However, 43% wish for more knowledge on financing options for these projects, indicating a need for better financial education.
Truist Foundation has announced a $10 million grant to Connect Humanity to promote digital equity for marginalized communities. This funding aims to strengthen efforts in providing financing, tools, and training, thus bridging the digital divide exacerbated by remote work trends. Lynette Bell, president of Truist Foundation, highlighted the ongoing partnership with Connect Humanity to ensure communities gain access to essential broadband technology. The initiative is expected to improve internet connectivity for 5 million underconnected Americans and create around 1,000 jobs in network engineering.
Truist Financial Corporation (NYSE: TFC) announced leadership transitions effective March 12, 2022. William H. "Bill" Rogers Jr. will become chairman of the board, succeeding Kelly S. King, while Thomas E. Skains will take over as lead independent director, succeeding David M. Ratcliffe. Rogers has been CEO since September 2021 and previously served as chairman and CEO of SunTrust Banks. Skains has been on Truist's board since June 2009 and is a retired CEO of Piedmont Natural Gas. Truist, formed from the merger of BB&T and SunTrust, has total assets of $541 billion as of December 31, 2021.
Truist Insurance Holdings, a subsidiary of Truist Financial Corporation (NYSE: TFC), has successfully acquired Kensington Vanguard National Land Services, enhancing its position as a leading insurance broker in the U.S. This acquisition integrates BridgeTrust Title Group into the Kensington Vanguard brand, consolidating operations into one of the largest real estate service agencies nationwide.
A new Insurance Services Division is established, reporting to Todd Wartchow, focusing on delivering diverse value-added services, including premium financing. Leadership transitions are underway to ensure smooth integration.
Truist Financial Corporation (NYSE: TFC) published its 2021 Social Bond Impact Report, highlighting investments from its first social bond issuance of $1.25 billion in March 2021. The report details the allocation of net proceeds, totaling $1.248 billion, to fund 267 affordable housing developments and create 22,000 affordable units across 15 states. The bond was well-received, with oversubscription at 2.7 times, demonstrating strong investor interest in the company's commitment to environmental, social, and governance (ESG) goals.
Truist Financial Corporation (NYSE: TFC) announced CFO Daryl N. Bible will present at the RBC Capital Markets Global Financial Institutions Conference on Mar. 9, 2022, at 9:20 a.m. ET. This virtual event will include a live audio webcast available on the company's investor relations page. A replay will be accessible for 30 days. As of Dec. 31, 2021, Truist has total assets of $541 billion and is a top 10 U.S. commercial bank, focusing on a wide array of financial services aimed at enhancing lives and communities.
Truist Financial Corporation (NYSE: TFC) has announced the redemption of all $1 billion in 2.750% senior notes and $350 million in floating rate senior notes, both maturing on April 1, 2022. The redemption will occur on March 1, 2022, at 100% of the principal amount plus accrued interest. Following the redemption date, interest will cease to accrue. This strategic move aligns with Truist's broader financial management and aims to enhance its capital structure.
Truist Foundation launched the Inspire Awards, a pitch competition aimed at nonprofits assisting BIPOC and women-owned small businesses affected by COVID-19. In partnership with MIT Solve, this initiative seeks innovative solutions to enhance the resilience of these businesses. Nonprofits can apply until May 13, 2022, with a chance to participate in a support program and pitch event. The winner of the competition will receive a $250,000 award while runners-up will also gain cash prizes. This effort reflects Truist Foundation's commitment to fostering economic mobility and supporting excluded communities.
Truist Financial Corporation (NYSE: TFC) announced the redemption of its $300,000,000 subordinated notes with a 3.95% interest rate, due March 22, 2022. The redemption will occur on February 22, 2022, at 100% of the principal amount plus accrued interest. Following the redemption date, interest on these notes will cease. Truist, headquartered in Charlotte, NC, is a major financial services company with $541 billion in total assets as of December 31, 2021.
Truist Insurance Holdings has entered into a definitive agreement to acquire Kensington Vanguard National Land Services, expanding its footprint in the title insurance market. The integration of Kensington Vanguard, a leading independent title insurance agency, will enhance Truist's existing title operations through BridgeTrust Title. The CEO highlighted Kensington's growth strategy and expertise, which will enable them to provide comprehensive title and real estate services across the U.S. The transaction is expected to close in the first quarter, although sale terms remain undisclosed.