Truist Bank runs consumer and commercial banking for households, small businesses, and larger companies across the United States. Its services connect everyday accounts and borrowing with business cash management and wealth planning through the wider Truist group. Customers manage money through branches and digital banking, while businesses use the bank to collect payments, move funds, and finance operations. It earns interest on loans and fees for banking and trust services, with brokerage and investment advice handled by separate affiliates. The Truist brand emerged from the BB&T and SunTrust merger in 2019, and the bank is headquartered in Charlotte, North Carolina.
Company Size
10,001+
Company Stage
IPO
Headquarters
Washington DC, District of Columbia
Founded
2019
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Truist consumer and small business banking chief Dontá Wilson is leaving the bank, six weeks into Mike Lyons' tenure as chief executive officer. Wilson was the last executive remaining from the 2019 SunTrust-BB&T merger that created Truist. Shimna Sameer, hired in July to lead wealth management, will take over consumer banking. Jeff Warner, a 25-year PNC veteran, joins as chief small business banking officer, and D. Steve Boland, a former Bank of America executive, becomes vice chair. All three report to Lyons. Truist also agreed to sell $7.7 billion of LightStream loans to Carlyle, expected to generate $7.2 billion in net proceeds. The deal should close in the fourth quarter and exits a non-core business, the bank said.
Shamin lining up financing for Midtown64 hotel that'll include new-to-market Tempo by Hilton. A dual-brand Tempo by Hilton and Homewood Suites in downtown Raleigh, North Carolina. (Image courtesy Hilton Raleigh Downtown) Shamin Hotels is planning to tap the bond market to help finance its part of Midtown64, the massive redevelopment of the former Genworth Financial campus in Henrico that's to include a dual-brand Hilton, part of which will be new to the Richmond market. The Chesterfield-based hotelier is planning a Tempo by Hilton and Homewood Suites hybrid at the 45-acre project across from Reynolds Crossing that it's working on with Greenberg Gibbons, a development firm out of Baltimore. The five-story, 226-room hotel - with 124 rooms under the Tempo brand and 102 under Homewood Suites - is planned to rise beside Interstate 64 adjacent to the northbound Broad Street on-ramp. Shamin purchased the nearly 3-acre parcel from Greenberg Gibbons last December for $1 million. The Tempo hotel would be one of only a handful that have opened since Hilton launched the brand in 2020. Its other locations currently include New York's Times Square; Nashville, Tennessee; and in Savannah, Georgia's historic district. Over 70 more are in development, according to Hilton's website. Shamin CEO Neil Amin said the goal at Midtown64 was to bring a new brand to the Richmond market coupled with an extended-stay brand. He described Tempo as an "upscale lifestyle" brand, while Homewood Suites is targeted for longer-term stays. "One of the things that the county really wanted is something that is obviously unique for this high-profile location," Amin said. "Tempo, there's only six hotels open, and they're open in iconic neighborhoods. It caters to people who want that authentic, neighborhood experience." With Homewood Suites, Amin added, noting the mix of commercial and residential buildings that are also planned at Midtown64, "This is going to be a lifestyle center, so (for) people who want to maybe stay there for an extended period of time, utilize the restaurants, the retailers, we feel like there's definitely a need for an extended-stay product as well." To help finance the hotel, Shamin is looking to tap the bond market via the Henrico Economic Development Authority, which it's asking to issue up to $26 million in municipal revenue bonds to support the project. An overall cost estimate for the hotel has not been disclosed. The tax-exempt, non-recourse bonds would be similar to the $150 million in revenue bonds that Shamin arranged for the 12-story Hilton it's developing at the Springline at District 60 project in Chesterfield. Those bonds were issued through the EDA for neighboring Powhatan County, while the project was structured through a performance agreement between Shamin and the Chesterfield EDA. The bonds to be issued by the Henrico EDA would likewise adhere to related agreements between the parties. The bonds would provide financing for acquiring, constructing and furnishing the Midtown64 hotel, according to a resolution to be considered by the EDA. Unlike general obligation bonds that are repaid by the county, the debt on the revenue bonds would be repaid from revenues generated from Shamin's Midtown64 hotel. The bonds would be repaid over the course of 40 years, with Shamin responsible for satisfying the debt. Shamin has selected Truist Securities as the underwriter for the bonds. McGuireWoods is Shamin's bond counsel. Amin said the bond amount makes up a portion of the project. He said an overall cost projection has not been finalized. The hotel is planned to include a rooftop cocktail bar and terrace, among other amenities. Amin said construction is targeted to start by the end of this year and would last up to 22 months. Thomas Builders is signed on as the general contractor, and Nitin Kulkarni, an architect out of Leesburg, is designing the hotel. Amin said Atlantic Union Bank is handling initial financing for the project. The Henrico EDA is set to consider the bond issuance at its regular meeting Thursday. Meanwhile, work is well underway at the Midtown64 site, where demolition of parts of the Genworth campus started earlier this year. Once completed, the half-billion-dollar project will include four apartment buildings with about 1,000 units, nearly 200 for-sale townhomes, a second hotel in a later phase, and hundreds of thousands of square feet of retail and office space, including a Trader Joe's grocery store.
Nova Capital acquires BMP Group and RB Medical from Andrew Industries. Nova Capital Management, a private equity firm focused on industrial and specialized manufacturing businesses, has acquired BMP Group and RB Medical from Andrew Industries. The acquired companies will retain their existing management structures, while Nova plans to provide strategic, financial and operational support aimed at investment, operational improvement, product development and growth. BMP Group manufactures industrial consumable parts and sub-assemblies for applications spanning office automation, filtration, automotive, domestic appliances, sustainable tree protection and renewable energy. RB Medical is a specialized healthcare products business serving the U.K. medical sector. Nova plans to work with the existing management teams on strategy, performance and investment, with Omiros Millas, a partner at Nova, and Carl Francis, a Nova operating partner, jointly responsible for BMP Group and RB Medical on the firm's behalf. The acquisition expands Nova's portfolio of specialized industrial and manufacturing businesses, while Andrew Industries exits its ownership of the companies. William Blair Appoints Emanuela Branchetti to Expand Biopharma Investment Banking Team Branchetti joins from Truist Securities, where she served as managing director and head of scientific affairs. To read the entire story, you must be logged in. Gridiron Capital Invests in Lawn Care Franchisor Weed Man Weed Man provides residential lawn care programs centered on fertilization and weed control, along with additional lawn care services. To read the entire story, you must be logged in. Houlihan Lokey Adds Jane Ma as Managing Director in Financial Services Group Ma joins the global investment bank after 16 years at Moelis. To read the entire story, you must be logged in. FVLCRUM Funds Purchases Fidelity Technology Services Fidelity Technology Services is a provider of military simulation training systems and services. To read the entire story, you must be logged in.
NETSTREIT Corp. announced the closing of $550.0 million in additional financing commitments and amendments to its existing credit facilities agented by PNC Bank, National Association , Wells Fargo...
Carriage Services has closed a new $300 million senior secured revolving credit facility, replacing its previous $250 million facility and increasing borrowing capacity by $50 million. The new facility matures on 30 September 2031 and is expected to reduce the effective borrowing margin by approximately 50 basis points as leverage declines below 4.0x. The Houston-based funeral and cemetery services provider said the facility will support working capital, capital expenditures, strategic acquisitions and refinancing activities. Borrowings bear interest at the Term Secured Overnight Financing Rate plus 1.25% to 2.00%, depending on the company's leverage ratio. JPMorgan Chase Bank serves as administrative agent and lead arranger, with Truist Bank and Regions Bank as joint bookrunners. As of 30 June 2026, Carriage operates 155 funeral homes across 24 states and 28 cemeteries in nine states.