Who is behind Truist Bank?
Truist was founded in 2019 when BB&T merged with SunTrust Banks, which was the biggest bank deal since the financial crisis of 2007. The merged company officially became known as Truist Financial Corporation.
Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks.
Truist is the product of the merger between BB&T and SunTrust, the largest bank deal in more than a decade. In late 2019, BB&T and SunTrust completed the largest bank deal in a decade to become Truist Financial Corp (TFC 1.41%), the sixth-largest bank by assets in the U.S.
Although all banks bear some risk of failure, Truist is much more solid than the regional banks that collapsed this year. Additionally, with inflation abating and the Federal Reserve slowing or pausing interest rate hikes, the likelihood that Truist will encounter similar stress is rapidly declining.
Truist Bank is also a member of the FDIC, which insures up to $250,000 per account type, per depositor.
| Rank by Asset Size | Bank Name | Total Assets |
|---|---|---|
| 7. | Goldman Sachs Bank | $538.13 billion |
| 8. | Truist Bank | $535 billion |
| 9. | Capital One | $468.78 billion |
| 10. | TD Bank | $366.25 billion |
Financial Health criteria checks 6/6
Truist Financial has total assets of $535.3B and total equity of $59.3B. Total deposits are $395.9B, and total loans are $307.3B. It earns a Net Interest Margin of 3%. It has sufficient allowance for bad loans, which are currently at 0.5% of total loans.
| Ranking | Bank | Total Assets |
|---|---|---|
| 1 | JPMorgan Chase | $3.3 trillion |
| 2 | Bank of America | $2.4 trillion |
| 3 | Wells Fargo | $1.7 trillion |
| 4 | Citibank | $1.6 trillion |
Truist Bank is facing a $2.5 million defamation lawsuit filed by a Gwinnett County business owner who claims the bank falsely and publicly accused her of bank fraud.
Truist shares have languished this year as the regional banking crisis, rising interest rates, and threats of a recession have all weighed on the stock.
What banks are most at risk right now?
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
Summary. Truist Financial has taken prudent action to maintain and improve its capital positioning and secure its dividend amidst the bank turmoil of early 2023. The reaction by private companies and federal funding to the bank crisis suggests that a bank of Truist's size would not be allowed to fail.
- Ally Bank: Best for Overall best bank.
- Schwab Bank: Best for ATM access.
- Chase: Best for Sign-up bonus and branch access (separately)
- UFB Direct: Best for Savings.
- SoFi Bank, N.A.: Best for Checking.
Truist is a decent choice if you live in the Southeast and want to avoid overdraft fees. Many national banks charge you when you overdraw, but Truist has two checking accounts with no overdraft fees. But to earn the highest interest rates, you may want to consider the best online banks instead.
Based on the latest financial disclosure, Truist Financial Corp has a Probability Of Bankruptcy of 60%. This is 20.17% higher than that of the Banks sector and significantly higher than that of the Financials industry. The probability of bankruptcy for all United States stocks is 50.64% lower than that of the firm.
| Rank | Bank name | Total assets (billions of US$) |
|---|---|---|
| 1 | JPMorgan Chase | $3,898 |
| 2 | Bank of America | $3,153 |
| 3 | Citigroup | $2,368 |
| 4 | Wells Fargo | $1,909 |
- JPMorgan Chase. Chase Bank is the consumer banking division of JPMorgan Chase. ...
- Bank of America. Bank of America serves about 68 million consumers and small business clients worldwide. ...
- Wells Fargo. Wells Fargo was founded in 1852. ...
- Citigroup. ...
- U.S. Bancorp. ...
- PNC Financial Services. ...
- Goldman Sachs. ...
- Truist Financial.
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
was able to verify that, yes, Kentland does indeed have the smallest asset base of any federally insured bank in the country. Beyond its size, Kentland Federal Savings and Loan is unusual in other ways. It has one location, in Kentland, Indiana (population 1,641), no ATMs and no website.
Balances in the Deposit Accounts (including principal and accrued interest) are insured by the FDIC, an independent agency of the U.S. Government, up to $250,000 for all deposits held in the same insurable capacity.
Is Truist an ethical bank?
Ethical business practices are at the forefront of the internal Code of Ethics that Truist teammates follow. Truist believes that anti-bribery and anti-corruption practices, labor, human rights, and safety practices are essential to inspiring and building better lives and communities.
Your total deposits at Truist that are in the same ownership rights and capacity will be insured up to $250,000.00. If you have more than $250,000.00 in total deposits at the combined banks, you may call the FDIC directly at 877.275. 3342 for more information about how your funds may be insured at Truist.
JP Morgan Private Bank
“J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. “With J.P. Morgan, each client is given access to a panel of experts, including experienced strategists, economists and advisors.”
| Bank | Forbes Advisor Rating | ATM Network |
|---|---|---|
| Chase Bank | 5.0 | 15,000+ Chase ATMs |
| Bank of America | 4.2 | 16,000+ ATMs in the U.S. |
| Wells Fargo Bank | 4.0 | 11,000 |
| Citi® | 4.0 | 65,000 |
1. JP MORGAN PRIVATE BANK. JP Morgan is named the world's best private bank by Euromoney magazine, the leading authority for the world's banking and financial markets. JP Morgan Private Bank is especially known for their investment services, which makes them a great option for those with a lot of money in their account ...
