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However, through the merger the bank estimates that $1.6 billion in net cost savings will be achieved by the end of 2022. [109] Part of this savings would be fewer branches. Truist intended to close 800 branches by the first quarter of 2022, and office consolidation would reduce space by 4.8 million square feet. [4]
Truist moved its corporate headquarters to Hearst Tower, which was renamed Truist Center. [20] Truist had taken over 550,000 square feet (51,000 m 2) of 965,000 square feet (89,700 m 2) total. [21] The bank announced the deal was completed March 31, 2020. However, due to the COVID-19 pandemic, further actions would be delayed. [22]
The Truist Center is a 47-story, 659 feet (201 m) skyscraper in Uptown Charlotte, North Carolina. [1] The city's third tallest building, it is located along North Tryon Street . It was opened on November 14, 2002, and was the city's second tallest building, [ 4 ] and was known as the "Hearst Tower" until 2019.
In March 2022, the bank closed five Charlotte-area branches because of overlap following the BB&T and SunTrust merger that formed Truist in 2019. In total, Truist planned to close 800 branches .
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The list excludes the following three banks listed amongst the 100 largest by the Federal Reserve but not the Federal Financial Institutions Examination Council because they are not holding companies: Zions Bancorporation ($87 billion in assets), Cadence Bank ($48 billion in assets) and Bank OZK ($36 billion in assets).
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