There’s a new flag flying at dozens of bank branches around the Richmond region, while the lights have gone out at others.
Truist Bank over the weekend hoisted its brand on the signage of all its branches in the local market, the most visible ripple effect to date of the 2019 marriage of Southeastern banking giants SunTrust and BB&T.
With that progress also comes continued consolidation. Truist said it has closed or will close in the next few weeks around three dozen branches statewide, including 10 in the Richmond region:
- • 1 Richard E. Byrd Terminal Drive, Henrico (inside RIC)
- • 901 E. Byrd St., Richmond
- • 3214 Skipwith Road, Henrico
- • 200 E. Belt Blvd., Richmond
- • 1340 W. Washington St., Petersburg
- • 13001 Hull Street Road, Chesterfield
- • 1400 Mahone Ave., Fort Lee
- • 8028 Mechanicsville Turnpike, Hanover
- • 2609 Boulevard, Colonial Heights
- • 9707 Sliding Hill Road, Ashland
Those 10 local branches house more than $2 billion in deposits, all of which will be consolidated into nearby branches. The bank had nearly $13 billion in local deposits as of June 30, the most recent figures available from the FDIC.
These latest closures follow previous waves of Truist branch consolidations in Virginia and elsewhere. The bank closed 28 Virginia branches in December 2020 and another 41 in 2021. That included 10 in the Richmond market.
The company said there are no job losses related to this latest round of consolidation, as all employees from the closed branches are being offered roles at other nearby branches.
The bank will be down to 48 retail branches around metro Richmond, compared to 71 when the merger first took place.
At that time, the two banks had 3,100 branches across their entire footprint. It said at the time of the deal it planned to close around 800 branches in all.
Last year it began to operate “blended branches,” which combined SunTrust and BB&T operations in the interim while Truist was continuing to be rolled out and the decisions were made on which locations would be closed.
The company said the transition to Truist involved changing out more than 6,000 signs over the weekend across all states it operates in.
“We’re on track to complete the final part of our core bank conversion and, this morning, all of our branches and offices are open to clients as Truist,” the company said in an emailed statement on Tuesday.
The company also recently added the Truist name to the downtown Richmond skyline. The office tower at 919 E. Main St., long known as SunTrust Center, is now Truist Center with the Truist brand lighting atop the building.
The Truist brand has not been installed atop the nearby Riverfront Plaza office tower, where BB&T had resided until its removal. The BB&T retail branch inside Riverfront is among those on this latest closure list.