# EDGAR Filing Document

**Accession Number:** 0000092230
**File Stem:** 0001193125-23-016507
**Filing Date:** 2023-1
**Character Count:** 21820
**Document Hash:** 2dacaf1a102a4512bfc34a4a5a4a1ada
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-016507.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001193125-23-016507

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUIST FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000092230
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 560939887
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10853
- **FILM NUMBER:** 23559164

**BUSINESS ADDRESS:**
- **STREET 1:** 214 NORTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 3367332000

**MAIL ADDRESS:**
- **STREET 1:** 214 NORTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BB&T CORP
- **DATE OF NAME CHANGE:** 19970527

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHERN NATIONAL CORP /NC/
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### Form 8-K

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#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### January 26, 2023

#### Date of Report (Date of earliest event reported)

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## Truist Financial Corporation

#### (Exact name of registrant as specified in its charter)

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#### Commission file number: 1-10853

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| | |
|:---|:---|
| **North Carolina** | **56-0939887** |
| **(State or other jurisdiction<br>of incorporation)** | **(I.R.S. Employer<br>Identification No.)** |

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| | |
|:---|:---|
| **214 North Tryon Street**<br> **Charlotte, North Carolina** | **28202** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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(336) 733-2000

#### (Registrant's telephone number, including area code)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $5 par value | TFC | New York Stock Exchange |
| Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock | TFC.PI | New York Stock Exchange |
| 5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock | TFC.PJ | New York Stock Exchange |
| Depositary shares, each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock | TFC.PO | New York Stock Exchange |
| Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock | TFC.PR | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

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On January 26, 2023, Truist Financial Corporation (the "Company") issued and sold $1,500,000,000 aggregate principal amount of its 4.873% Fixed-to-Floating Rate Medium-Term Notes, Series G (Senior), due January 26, 2029 (the "2029 Notes"), and $1,500,000,000 aggregate principal amount of its 5.122% Fixed-to-Floating Rate Medium-Term Notes, Series G (Senior), due January 26, 2034 (the "2034 Notes" and together with the 2029 Notes, the "Notes"). The Notes were registered under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-3 (File No. 333-261845) filed by the Company with the Securities and Exchange Commission (the "Registration Statement"). In connection with the issuance and sale of the Notes, the following documents are filed with this Current Report on Form 8-K and shall be incorporated by reference into the Registration Statement: (i) the legal opinion of Squire Patton Boggs (US) LLP, as counsel to the Company, regarding the issuance and sale of the Notes, and (ii) the legal opinion of Ellen M. Fitzsimmons, Senior Executive Vice President, Chief Legal Officer, Head of Public Affairs, and Corporate Secretary and Michael J. Shumaker, Senior Vice President and Associate General Counsel of the Company.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 5.1 | [Opinion of Squire Patton Boggs (US) LLP as to the validity of the Notes.](d412304dex51.htm) |
| 5.2 | [Opinion of Ellen M. Fitzsimmons and Michael J. Shumaker as to the validity of the Notes.](d412304dex52.htm) |
| 23.1 | [Consent of Squire Patton Boggs (US) LLP (included in Exhibit 5.1).](d412304dex51.htm) |
| 23.2 | [Consent of Ellen M. Fitzsimmons and Michael J. Shumaker (included in Exhibit 5.2).](d412304dex52.htm) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| TRUIST FINANCIAL CORPORATION | TRUIST FINANCIAL CORPORATION |
| (Registrant) | (Registrant) |
| By: | /s/ Cynthia B. Powell |
| Name: | Cynthia B. Powell |
| Title: | Executive Vice President and Corporate Controller (Principal Accounting Officer) |

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Date: January 26, 2023

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g412304g0126195724981.jpg)

January 26, 2023

Truist Financial Corporation

214 N. Tryon Street

Charlotte, North Carolina 28202

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| | |
|:---|:---|
| **Re:** | **$1,500,000,000 4.873% Fixed-to-Floating Rate Medium-Term Notes, Series G (Senior), due January 26, 2029 (the "2029 Senior Notes") and $1,500,000,000 5.122% Fixed-to-Floating Rate Medium-Term Notes, Series G (Senior), due January 26, 2034 (the "2034 Senior Notes" and together with the 2029 Senior Notes, the "Notes")**  |

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Ladies and Gentlemen:

We have acted as counsel to Truist Financial Corporation, a North Carolina corporation (the "Corporation"), in connection with a Registration Statement on Form S-3 (File No. 333-261845) filed on December 22, 2021 (the "Registration Statement") with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), and the issuance and sale of the above-referenced Notes pursuant to a Syndicated Underwriting Agreement, dated January 23, 2023 (the "Syndicated Underwriting Agreement"), between the Corporation, on the one hand, and Truist Securities, Inc., Barclays Capital Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named therein, on the other hand, which Syndicated Underwriting Agreement is delivered pursuant to the Distribution Agreement, dated as of June 30, 2017 (the "Distribution Agreement"), between the Corporation and the agents listed on Schedule A thereto. The Notes are being issued under that certain Indenture Regarding Senior Securities, dated as of May 24, 1996, as amended by the First Supplemental Indenture, dated as of May 4, 2009, and the Second Supplemental Indenture, dated as of June 6, 2022 (as so amended, the "Indenture"), between the Corporation and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association, a national banking association and successor to the corporate trust business of State Street Bank and Trust Company), as trustee (the "Trustee"), copies of which are incorporated by reference to Exhibit 4.1 of the Corporation's Quarterly Report on Form 10-Q, filed with the Commission on August 14, 1996, Exhibit 4.2 of the Corporation's Current Report on Form 8-K, filed with the Commission on May 4, 2009, and Exhibit 4.1 of the Corporation's Current Report on Form 8-K, filed with the Commission on June 6, 2022, respectively.

We have examined the Registration Statement, the Syndicated Underwriting Agreement, the Distribution Agreement, the Indenture and duplicates of the global notes representing the Notes. We are familiar with the corporate proceedings of the Corporation to date with respect to the issuance and sale of the Notes, and we have examined such corporate records of the Corporation and such other documents and certificates as we have deemed necessary as a basis for the opinions hereinafter expressed. In rendering this opinion, we have assumed, without any independent

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Truist Financial Corporation

214 N. Tryon Street

Charlotte, North Carolina 28202

January 26, 2023

investigation, that (i) all documents that have been submitted to us as originals are authentic, and that all documents that have been submitted to us as copies conform to authentic, original documents; and (ii) all persons executing agreements, instruments or documents examined or relied upon by us had the capacity to sign such agreements, instruments or documents, and all such signatures are genuine.

We have assumed that each of the documents has been duly authorized, executed and delivered by each of the parties thereto other than the Corporation and constitutes valid and legally binding obligations of such parties enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, arrangement, fraudulent transfer, moratorium or other laws relating to or affecting creditors' rights generally and general principles of equity, constitutional rights and public policy, regardless of whether enforceability is considered in a proceeding at law or in equity. We have also assumed that that (i) the Corporation is validly existing as a corporation in good standing under the laws of the State of North Carolina, (ii) the Corporation has the corporate power and authority to execute, deliver and perform the Notes, and (iii) the Notes have been duly and validly authorized by the Corporation.

Based on the foregoing, and having regard for such legal considerations as we have deemed relevant, we are of the opinion that the Notes have been duly and validly authorized by the Corporation and constitute valid and legally binding obligations of the Corporation, enforceable against the Corporation in accordance with their terms.

The opinion set forth above regarding the enforceability of the Notes is subject to (i) bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium and other similar laws relating to or affecting the enforcement of creditors' rights generally, (ii) general equitable principles (regardless of whether enforcement is considered in a proceeding in equity or at law), and (iii) an implied covenant of good faith and fair dealing.

This opinion is given on the basis of the law and the facts existing as of the date hereof. We assume no obligation to advise you of changes in matters of fact or law which may thereafter occur. Our opinion is based on statutory laws and judicial decisions that are in effect on the date hereof, and we do not opine with respect to any law, regulation, rule or governmental policy which may be enacted or adopted after the date hereof.

We are licensed to practice law in the State of New York and, accordingly, we do not express any opinion concerning any law other than the laws of the State of New York and applicable federal laws of the United States of America. We do not express any opinion on any issue not expressly addressed above.

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Truist Financial Corporation

214 N. Tryon Street

Charlotte, North Carolina 28202

January 26, 2023

We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K of the Corporation filed with the Commission on January 26, 2023 and thereby incorporated by reference into the Registration Statement, and to the reference to our firm contained therein.

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| |
|:---|
|  Respectfully submitted, |
|  /s/ Squire Patton Boggs (US) LLP |

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## Exhibit 5.2

**Exhibit 5.2**![LOGO](g412304g0126195740425.jpg)

January 26, 2023

Truist Financial Corporation

214 N. Tryon Street

Charlotte, North Carolina 28202

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| | |
|:---|:---|
| **Re:** | **$1,500,000,000 4.873% Fixed-to-Floating Rate Medium-Term Notes, Series G (Senior), due January 26, 2029 (the "2029 Senior Notes") and $1,500,000,000 5.122% Fixed-to-Floating Rate Medium-Term Notes, Series G (Senior), due January 26, 2034 (the "2034 Senior Notes" and together with the 2029 Senior Notes, the "Notes")**  |

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Ladies and Gentlemen:

We are the Senior Executive Vice President, Chief Legal Officer, Head of Public Affairs, and Corporate Secretary and the Senior Vice President and Associate General Counsel, respectively, of Truist Financial Corporation, a North Carolina corporation (the "<u>Company</u>"). Our opinion has been requested in connection with the issuance and sale of the above-referenced Notes pursuant to the Company's Registration Statement on Form S-3 (File No. 333-261845) filed on December 22, 2021 (the "<u>Registration Statement</u>") with the Securities and Exchange Commission (the "<u>Commission</u>") pursuant to the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), a final prospectus supplement (including base prospectus), dated March 11, 2022, as further supplemented by, a final Pricing Supplement No. 6, dated January 23, 2023, and a final Pricing Supplement No. 7, dated January 23, 2023 (collectively, the "<u>Prospectuses</u>"), the Syndicated Underwriting Agreement, dated January 23, 2023 (the "<u>Syndicated Underwriting Agreement</u>"), between the Company, on one hand, and Truist Securities, Inc., Barclays Capital Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters, on the other hand, which Syndicated Underwriting Agreement is delivered pursuant to the Distribution Agreement, dated as of June 30, 2017 (the "<u>Distribution Agreement</u>"), between the Company and the agents listed on Schedule A thereto.

The Notes are being issued under that certain Indenture Regarding Senior Securities, dated as of May 24, 1996, as amended by the First Supplemental Indenture, dated as of May 4, 2009, and the Second Supplemental Indenture, dated as of June 6, 2022 (as so amended, the "<u>Indenture</u>"), between the Company and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association, a national banking association and successor to the corporate trust business of State Street Bank and Trust Company), as trustee (the "<u>Trustee</u>"), copies of which are incorporated by reference to Exhibit 4.1 of the Company's Quarterly Report on Form 10-Q, filed with the Commission on August 14, 1996, Exhibit 4.2 of the Company's Current Report on Form 8-K, filed with the Commission on May 4, 2009, and Exhibit 4.1 of the Corporation's Current Report on Form 8-K, filed with the Commission on June 6, 2022, respectively.

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Truist Financial Corporation

January 26, 2023

Page 2 of 4

We, or others who report to either of us, have examined (i) the Articles of Incorporation of the Company, as may have been, from time to time, amended and restated, and the Bylaws of the Company, as amended and restated; (ii) the Registration Statement and the Prospectuses; (iii) the Syndicated Underwriting Agreement; (iv) the Distribution Agreement; (v) the Indenture; and (vi) duplicates of the global notes representing the Notes.

We are familiar with the corporate proceedings of the Company to date with respect to the issuance and sale of the Notes, and we have examined such corporate records of the Company and such other documents and certificates as we have deemed necessary as a basis for the opinions hereinafter expressed. In rendering this opinion, we have assumed, without any independent investigation, that (i) all documents that have been submitted to us as originals are authentic, and that all documents that have been submitted to us as copies conform to authentic, original documents; and (ii) all persons executing agreements, instruments or documents examined or relied upon by us had the capacity to sign such agreements, instruments or documents, and all such signatures are genuine. We have also relied upon certificates of public officials and officers of the Company with respect to the accuracy of the factual matters contained in such certificates.

We have assumed that each of the documents has been duly authorized, executed and delivered by each of the parties thereto other than the Company and that each of the documents constitutes valid and legally binding obligations of such parties enforceable in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, arrangement, fraudulent transfer, moratorium or other laws relating to or affecting creditors' rights generally and general principles of equity, constitutional rights and public policy, regardless of whether enforceability is considered in a proceeding at law or in equity.

Based on the foregoing, and having regard for such legal considerations as we have deemed relevant, we are of the opinion that (i) the Company is validly existing as a corporation under the laws of the State of North Carolina; (ii) the Company has the corporate power and authority to execute, deliver and perform the Notes; and (iii) the Notes have been duly and validly authorized by the Company.

The Chief Legal Officer of the Company is a member of the Bar of the Commonwealth of Virginia, and the Associate General Counsel of the Company is a member of the Bar of the State of North Carolina. We express no opinion in this letter other than as to the federal law of the United States of America and the laws of the State of North Carolina, each as in effect on the date hereof. For purposes of the opinions expressed above, all matters of North Carolina law have been passed upon solely by the Associate General Counsel of the Company, and all matters as to the federal law of the United States of America have been passed upon solely by the Chief Legal Officer of the Company in reliance upon the matters of North Carolina law passed upon by the Associate General Counsel of the Company. This opinion is limited to the laws of the State of North Carolina, excluding local laws of the State of North Carolina (i.e., the statutes and

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Truist Financial Corporation

January 26, 2023

Page 3 of 4

ordinances, the administrative decisions and the rules and regulations of counties, towns, municipalities and special political subdivisions of, or authorities or quasi-governmental bodies constituted under the laws of, the State of North Carolina and judicial decisions to the extent they deal with any of the foregoing) and the laws of the United States of America that are, in each of our experience, normally applicable to the transactions of the type provided for in the Registration Statement, and we are expressing no opinion as to the effect of the laws of any other jurisdiction. Notwithstanding the foregoing, we are not rendering any opinion with respect to North Carolina state securities or blue sky laws. To the extent any of the opinions above implicate the laws of the State of New York, we have relied on Squire Patton Boggs (US) LLP, special counsel to the Company, for such opinions concerning matters of New York law.

This opinion is delivered as of the date hereof, and we undertake no obligation to advise you of any changes in applicable law or any other matters that may come to our attention after the date hereof.

We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K of the Company filed with the Commission on January 26, 2023, and thereby incorporated by reference into the Registration Statement, and to the use of our names in the Prospectuses under the caption "Legal Matters." In giving this consent, we do not admit that either of us is within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder.

*[Remainder of page intentionally left blank]* 

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| |
|:---|
| Very truly yours, |
| /s/ Ellen M. Fitzsimmons |
| Ellen M. Fitzsimmons |
| Senior Executive Vice President, Chief Legal Officer, Head of Public Affairs, and Corporate Secretary |
| /s/ Michael J. Shumaker |
| Michael J. Shumaker |
| Senior Vice President and Associate General Counsel |

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