Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 46

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 46
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ITEM 1. BUSINESS

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses.

Truist Bank, the largest subsidiary of Truist Financial Corporation, was chartered in 1872 and is the oldest bank headquartered in North Carolina. Truist Bank is one of the 10 largest commercial banks in the U.S. and provides banking and trust services for clients through 1,928 offices as of December 31, 2024 and its digital platform.

Product and Services

Truist offers commercial and consumer clients an array of products and services to respond to their financial needs. Examples of these products and services include:Table 1: Products and Services Consumer Services: Wholesale Services:Asset managementAsset based lendingAutomobile lendingAsset managementCredit card lendingCommercial deposit and treasury servicesConsumer financeCommercial lendingHome equity and other direct retail lendingFloor plan lendingHome mortgage lendingDerivativesInvestment brokerage servicesInstitutional trust servicesMobile/online bankingInsurance premium financePayment solutionsInternational bankingPoint-of-sale lendingInvestment banking and capital markets servicesRetail and small business deposit productsLeasingSmall business lendingMerchant servicesMortgage warehouse lendingPayment solutionsReal estate lendingSupply chain financingWealth management/private banking

Market Area

The following table details Truist Bank’s deposit market share and branch locations by state:Table 2: Deposit Market Share and Branch Locations by State % of Truist’s Deposits(2)Deposit Market Share Rank(2)Number of Branches(3)Florida23 %4th441Georgia19 1st202Virginia15 1st260North Carolina(1)13 2nd276Maryland7 3rd138Tennessee5 5th98Pennsylvania4 12th136South Carolina4 3rd95Texas3 20th96West Virginia2 2nd42Kentucky2 4th53Washington, D.C.1 5th18Alabama1 6th49New Jersey1 25th20Other statesNANA4

(1)Deposit market share rank excludes home office deposits.

(2)Source: FDIC.gov