HOW TO SERVE LEGAL PAPERS ON BRANCH BANKING AND TRUIST COMPANY

Branch Banking and Truist Business (BB&T) and SunTrust Banks merged, resulting in the creation of a new company altogether; Trust Financial Corporation. The headquarters of Truist Financial Corporation is in Charlotte, North Carolina. 

The entity has branches in multiple states and Washington, D.C., which provide consumer and business banking, securities brokerage, asset management, mortgages, and insurance services to its customers. They also run these branches. According to assets, it is among the top ten biggest banks in the United States, with close to five hundred billion dollars in assets as of June 2021.

BACKGROUND ON BRANCH BANKING AND TRUIST COMPANY

How did Truist Financial Corporation come into being? Southern National Bank, another bank based out of the eastern portion of the state, merged with BB&T in 1995. BB&T now amassed over five hundred locations in towns and communities throughout the Carolinas and Virginia. The combined firm was renamed, Southern National Corp. 

Despite this new christening,  the BB&T brand was used by all of its banking operations. BB&T had the largest deposits and branches in North Carolina, with a combined value of twenty billion dollars. Executives at both Southern National and BB& T said the combination likely produced a bank too wealthy to be taken over by an out-of-state competitor. BB& T Financial Center in Winston-Salem, North Carolina became the company’s new headquarters.

During the merger, Southern National Corp. paid nine hundred million dollars in November 1996 to acquire United Carolina Bank, an eastern North Carolina bank. The transaction closed in 1997. Southern National Corp. changed its name to BB&T Corp. on May 19, 1997, and its ticker symbol from SN to BBT was adopted as a result.

After acquiring Fidelity Financial Bankshares, First Financial of Petersburg, Maryland, Maryland Federal Bancorp, and Franklin Bancorporation in the 1990s, the bank kept growing throughout the country. It extended into Georgia and West Virginia after buying First Liberty of Macon, Georgia, and Matewan Bancshares in 1998 and then MainStreet Financial and Mason-Dixon Bancshares in Westminster, Maryland in 1999.

BB&T acquired One Valley Bancorp in 2000, a West Virginia-based community bank conglomerate. As a result of this acquisition, BB&T now has the biggest footprint in the state of West Virginia. Bank of Louisville and AREA Bancshares Corporation, both based in Owensboro, Kentucky, were acquired by BB&T in 2002. BB&T bought the company of First Virginia Banks in 2003. 

Towards the end of 2008, the bank received a bailout of three billion dollars from the Treasury’s Troubled Asset Relief Program by selling preferred shares. The bank repurchased the shares in question in June 2009 for a total of USD 2 billion.  BB&T Bank is now considered to be one of the largest financial services companies in the U.S.  From its beginning as a small bank in 1872, the bank now has more than two hundred billion dollars in assets.

In 2019 BB&T merged with SunTrust, another southeastern regional bank. This merger of equals created the seventh-largest commercial bank in the U.S. The banks are in the process of integrating their systems and renaming themselves Trust Bank. 

Over three hundred branches in Alabama, Florida, Georgia, Nevada, and Texas were added as well as more than twenty billion dollars in assets via this purchase. In January 2010, BB&T sold its Nevada branch to U.S. Bancorp.

BRANCH BANKING AND TRUIST AND ITS INSURANCE SERVICES

Since 1922, BB&T has been involved in the insurance industry. The division was in the red in the late 1980s and early 1990s.  In 1995, the insurance services division acquired six North Carolina-based insurance businesses. With a billion dollars in yearly sales, BB&T’s insurance business has become the sixth-largest brokerage in the United States and the seventh-largest worldwide by 2010. 

A California-based insurance firm, Liberty Benefit Insurance Services, was purchased in September 2011. Since then, the division has purchased Crump Group’s property and casualty/life insurance businesses. The Insurance Services division bought Woodbury & Co., a North Carolina-based insurance brokerage, in March 2014. At the beginning of 2014, Caledonian Insurance Group was an aviation insurance brokerage firm. CRC Insurance Services, a broker of catastrophic business insurance, was purchased by BB&T’s subsidiary in April 2015. 

American Coastal Insurance was also included in the purchase in 2015, increasing BB&T’s stake in AMRisc. Management of AmRisc retained a minority interest in the company and continues to strategically grow and manage the business. Amish has grown into a leading managing general underwriter (MGU). As an MGU, AmRisc did not assume any underwriting risk and represents an attractive fee income business for BB&T that is highly complementary and strategically important to BB&T Insurance Holdings.

Regional Insurance Group was a subsidiary of Regions Financial Corporation and was acquired by the insurance service division in July 2018 for an undisclosed sum. Founded in Memphis, Tennessee, the company has offices in ten different states. The insurance division’s retail and overall lines of business have grown substantially as a result of this purchase. BB&T Insurance Services now has 60,000 more customers spread across several states thanks to the purchase.

To better reflect its new name and location in Charlotte, Truist Insurance Holdings was the relaunch for BB&T Insurance Holdings in June 2020, wherein it relocated its corporate offices there, within the Truist Center, in Charlotte, North Carolina. Trust’s Insurance Services division grew rapidly. The division will complete five acquisitions worth $100 million before the end of 2020. 

The division has now acquired approximately a hundred insurance companies as a result of these transactions. The insurance division announced in May 2021 that it will buy Constellation Affiliated Partners in the third quarter. Constellation Affiliated Partners’ 475 workers will be retained by the insurance business and merged into CRC. Trust Insurance Holdings will see an increase in revenue of over a hundred and fifty million dollars as a result of the purchase. Insurance premium financing, retail, and wholesale are the three major sectors of Trust.

SUBSIDIARIES OF TRUIST BANK

HOW TO SERVE LEGAL PAPERS ON BRANCH BANKING AND TRUIST COMPANY OF VIRGINIA

The Branch Banking and Truist Company was established on 28th December 2006 as a foreign corporation for purposes of North Carolina Process Service. The entity is currently under Virginia jurisdiction. The company is currently not functional and has been withdrawn by merger to form Trust Bank. 

HOW TO SERVE LEGAL PAPERS ON BRANCH BANKING AND TRUIST COMPANY OF SOUTH CAROLINA

Branch Banking and Truist Company of South Carolina is a foreign corporation for purposes of North Carolina Process Service. Currently, this entity is not functional and has been withdrawn by merger when the entity became Truist Bank.

HOW TO SERVE LEGAL PAPERS ON TRUIST BANK

Truist Bank, earlier registered under the names Branch Banking and Trust Company and Wilson County Bank and Trust Company is an active entity available to accept North Carolina Process Service. Unlike its predecessors, the Truist Bank is a domestic company that entirely falls within North Carolina jurisdiction for North Carolina Process Service. The entity was formed on 1st March 1974. 

All domestic corporations (those chartered in North Carolina) and all foreign corporations which are doing business in North Carolina must file an annual franchise and income tax return using the name reflected on the corporate charter if incorporated in North Carolina. If the entity was incorporated outside North Carolina, the return must reflect the name on the certificate of authority if incorporated outside this State. A franchise tax is imposed on corporations for the privilege of doing business in this State even if the activities are exempt from income tax. 

The entity can be provided North Carolina Process Service via mailing or personal service. The principal office of Trust Bank is in Charlotte, North Carolina. However, the entity also retains an office in Raleigh for purposes of North Carolina Process Service. The registered agent for Truist Bank to accept  North Carolina Process Service is upon Corporation Service Company

HOW TO SERVE LEGAL PAPERS ON TRUIST ADVISORY SERVICES, INC.

Truist Advisory Services Inc is an active Foreign corporation in North Carolina. The entity was earlier known as Suntrust Advisory Services, Inc. Truist Advisory Services Inc was incorporated on 13th August 2019 in North Carolina through the entity has jurisdiction stemming from the state of Delaware. The annual report from the company is due every April 15th. 

Currently, the registered agent for North Carolina Process Service is the Corporation Service Company. However, the entity retains an office for registration in Raleigh, though its principal office is in Georgia. Consequently, Truist Advisory Services, Inc. may be served physically upon its principal office or via mailing. It is also allowed to accept North Carolina Process Service as adequately done upon its higher authorized officers, including the CEO or Secretary of the company. 

HOW TO SERVE LEGAL PAPERS ON TRUIST EQUIPMENT FINANCE CORP

Trust Equipment Finance Corp., erstwhile  SunTrust Equipment Finance & Leasing Corp. was established on 6th February 2018. The entity is a foreign corporation incorporated in the state of Georgia with Corporation Service Company as the registered agent for North Carolina Process Service.  North Carolina Process Service may also be served upon the higher officers of the corporation.  

A Certificate of Authority is the legal authority that a foreign entity must obtain in order to be able to conduct its affairs in this state. An entity may not have to file an application for a Certificate of Authority if they qualify for one or more exceptions for filing.

If the entity does not qualify for an exception, the business entity must complete and submit one executed original application for a Certificate of Authority, specific to its entity type, to the NC Department of the Secretary of State Business Registration Division.

Documents are submitted to the Secretary of State’s Office electronically, by mail or courier, and at the Secretary of State’s Office

HOW TO SERVE LEGAL PAPERS ON TRUIST CIG LLC

Truist CIG LLC is a domestic limited liability company formed in North Carolina and registered on 25th March 2020, requiring an annual report due by April 15th of every year to comply with North Carolina Process Service. Previously, the entity has been registered under different legal names including  Truist IB LLC and Truist Securities IB LLC

The entity retains Corporation Service Company as a registered agent for North Carolina Process Service. However, Truist CIG LLC retains a principal office for North Carolina Process Service in Charlotte, North Carolina as well as an office in Raleigh. All LLCs are managed by their managers pursuant to N.C.G.S. 57D-3-20. The managing member for Truist CIG LLC is Trust Bank.

HOW TO SERVE LEGAL PAPERS ONTRUIST COMMUNITY CAPITAL, LLC

Truist Community Capital, LLC was earlier  SunTrust CDC, LLC and previously recognized under the legal name  Suntrust Community Capital, LLC. The entity is a foreign corporation registered on 26th February 2007, although it was incorporated and retains jurisdiction in Georgia. The registered agent for North Carolina Process Service is a Corporation Service Company although it retains offices in Georgia and Raleigh. 

All LLCs are managed by their managers specifically designated as such for North Carolina Process Service. The managers for Truist Community Capital, LLC are officers of the entity. 

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Sources

1. Trust Insurance Holdings has yearly revenue of USD 2.27 billion as of January 2021, making it the world’s seventh-largest insurance broker

2. UCB’s assets totaled $4.5 billion. The municipality of Whiteville had 400 workers when BB&T closed its headquarters, but it would ultimately have 500 working at a 250-person contact center and other BB&T activities after the company closed its doors. A total of 91 United Commercial Bank sites changed over to BB&T on September 22, 1997. In addition to these closures, there were 67 additional UCB stores that closed in October because they were too near to other BB&T branches.

3. The bank paid $622 million for Main Street Banks of metro Atlanta in 2005. The bank bought Myrtle Beach, South Carolina-based Coastal Federal Bank in 2006.

4.“Troubled Assets Relief Program (Tarp).” U.S. Department of the Treasury, 9 Mar. 2021, https://home.treasury.gov/data/troubled-assets-relief-program. 

5. BB&T’s branch manager Wade Reece and Henry William met in 1990 to talk about how the company might become lucrative again.

6. Insurance services had purchased 24 businesses in North Carolina, 15 in Virginia, 3 in South Carolina, and 1 in Georgia by the end of July 1999, according to the company.

7. Since 1999, the division has successfully completed sixty acquisitions. CRC, a company with specialized and high-risk customers, was purchased in 2002. Additionally, CRC absorbed TAPCO and Southern Cross. Burkey Risk Services was purchased by the division in February 2008 for an undisclosed sum. It was purchased by UnionBanc Insurance Services in April of that year. Oswald Trippe was purchased by the division in November 2009

8. Trust Insurance’s CEO, John Howard, said this about the division’s strategy: “We are normally working on acquisition opportunities. We’re in an industry that is consolidating, and we have a really good track record, I really think diversification is attractive, and we’re already the most diversified insurance broker, so I want to continue to build on that. And for Trust overall, we provide diversification away from…credit businesses, so that we perform well throughout a variety of market cycles..”

9.  For a corporation that is subject to both income tax and franchise tax, its apportionment factor is the same for both taxes. For a corporation that is subject to franchise tax but not income tax, its apportionment factor for computing the amount of franchise tax due is the same factor that would be used in its activities that are protected by P.L. 86-272 were subject to income tax in this State.

10. Reg Mailing
2626 Glenwood Ave Ste 550
Raleigh, NC 27608

Mailing
c/o Hasana Stanberry, 214 North Tryon St., Fl. 44
Charlotte, NC 28202

11. Principal Office
214 North Tryon Street
Charlotte, NC 28202

12. Reg Office
2626 Glenwood Ave Ste 550
Raleigh, NC 27608

13. Reg Office
2626 Glenwood Ave Ste 550
Raleigh, NC 27608

Reg Mailing
2626 Glenwood Ave Ste 550
Raleigh, NC 27608

14.Principal Office
303 Peachtree Center Avenue, Suite 140
Atlanta, GA 30303

15. Mailing
303 Peachtree Center Avenue, Suite 140
Atlanta, GA 30303

16. Secretary

Charles F McCallum

303 Peachtree Street, NE, GA-Atlanta-0219

Atlanta GA 30308

Treasurer

Sarah Rich

303 Peachtree Street NE

Atlanta GA 30308

Assistant Secretary

Hasana Stanberry

303 Peachtree Street NE GA-Atlanta-0643

Atlanta GA 30308

President

Joseph Thompson

303 Peachtree Street, N.E., GA-Atlanta-0219

Atlanta GA 30308

17. 3333 Peachtree Road NE, 4th Floor
Atlanta, GA 30326

Principal Office
3333 Peachtree Road NE, 4th Floor
Atlanta, GA 30326

18. President

George C. Badger

3333 Peachtree Road, NE 4th Floor

Atlanta GA 30326-1070

Secretary

Lawrence D Cooper

3333 Peachtree Road, NE 4th Floor

Atlanta GA 30326-1070

Treasurer

Kathy K. Lieu

3333 Peachtree Road NE, 4th Floor

Atlanta GA 30326

19. Addresses

Principal Office
214 North Tryon Street
Charlotte, NC 28202

20. Reg Office
2626 Glenwood Ave Ste 550
Raleigh, NC 27608

Reg Mailing
2626 Glenwood Ave Ste 550
Raleigh, NC 27608

Mailing
c/o Hasana Stanberry, 214 North Tryon Street, FL 44
Charlotte, NC 28202

21 § 57D-3-20.  Management; managers.

(a)The management of an LLC and its business is vested in the managers.

(b)Each manager has equal rights to participate in the management of the LLC and its business.  Management decisions approved by a majority of the managers are controlled.  The managers may make management decisions without a meeting and without notice.

(c)Subject to the direction and control of a majority of the managers as provided in G.S.  57D-3-20(b),  each manager may act on behalf of the  LLC  in the ordinary course of the LLC’s business.

(d)All members by virtue of their status as members are managers of the LLC, together with any other person or persons who may be designated as a  manager in,  or in the manner provided in,  the operating agreement.  

If the operating agreement provides or otherwise contemplates that members are not necessarily managers by virtue of their status as members, then those persons designated as managers in, or in the manner provided in,  the operating agreement will be managers.  The operating agreement may provide that the  LLC  is to be managed by one or more company officials who are not designated as managers. All members will be managers for any period during which the LLC would otherwise not have any managers or other company officials.

(e)A  person shall continue to serve as a  manager until the earliest of the following occurs: (i) the person’s resignation as a manager; (ii) any event described in G.S. 57D-3-02(a) with respect to the person, substituting therein the term “manager” in lieu of the term “member” for purposes of this subsection; or (iii) that person, or the member or all of a class or group of less than all of the members who appointed the person to be a manager, ceases to be a member. (2013-157, s. 2.)

22. 214 North Tryon Street, Fl. 44
Charlotte NC 28202

23. Mailing
303 Peachtree ST NE
Atlanta, GA 30308

Principal Office
303 Peachtree ST NE
Atlanta, GA 30308

24. Reg Office
2626 Glenwood Avenue, Suite 550
Raleigh, NC 27608

Reg Mailing
2626 Glenwood Avenue, Suite 550
Raleigh, NC 27608

25. Kathleen S. Farrell

303 Peachtree St., NE

Atlanta GA 30308

Manager

G. Kelli King

303 PEACHTREE ST NE

Atlanta GA 30308

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