How the Pandemic Redefined Truist's Philanthropic Priorities
By Allissa Kline, American Banker
Originally posted on American Banker
Ahead of the merger of BB&T and SunTrust Banks, executives spent months fine-tuning the scope and details of an endowed foundation that would blend the two banks’ charitable missions.
But nine days after the March 2 launch of the Truist Foundation — one of the many outcomes of the December megamerger that created Truist Financial in Charlotte, N.C. — the World Health Organization declared the fast-spreading novel coronavirus a pandemic. It quickly became clear that the new foundation, with $600 million in assets, would need to shift gears to help the company respond to the health crisis.
"One of the things I think that’s unique to us at Truist Foundation is that, unlike some of the other large [financial] institutions, we’re in both rural and urban markets and that means there are going to be diverse needs to be met," says Lynette Bell, the foundation's president.
