Truist Financial Corporation, the third-largest bank in the D.C. region by local deposits, is embarking on a major retail bank expansion in the D.C. region and seven other high growth markets.
Charlotte, North Carolina-based Truist said over the next five years, it will open 100 new branches, and renovate more than 300 existing branches, in D.C., as well as Atlanta, Charlotte, Austin, Dallas, Miami, Orlando and Philadelphia. It did not break out the total number of new or renovated branches in each market.
The expansion will include a broadened focus on retail wealth investor clients.
“This significant investment demonstrates Truist’s continued commitment to grow with our clients at every step of their financial journeys and to strengthen market share in some of the most dynamic areas in the country,” said Chairman and CEO Bill Rogers.
The bank did not say how much it is investing in expansion, but said it will include hiring more financial advisers and enhancing digital banking tools.
Truist was formed by the 2019 merger of two Charlotte-based banking giants, BB&T and SunTrust. In the D.C. market, it currently has about 170 branches. It ranks No. 3 here, behind Capital One Financial and Bank of America.
The local expansion comes at the same time both Chase Bank and Bank of America plot larger footprints through retail expansion in the D.C. region. Nationally, Truist is now the 9th-largest bank by customer deposits. It has total assets of $544 billion.
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