Truist is the sixth-largest bank in the United States by assets
Truist Bank holds roughly $535 billion in total assets, making it one of the largest financial institutions in the country. The bank was formed in 2019 when BB&T Corporation and SunTrust Banks merged, combining two regional powerhouses into a single national operation. That size puts Truist behind only JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs in terms of assets held.
For a homeowner or borrower, bank size matters because it affects how your account is handled, what services are available to you, and how stable your lender is. Larger banks typically have more branches, more online tools, and more lending capacity. They also face stricter federal oversight, which can mean more consumer protections but sometimes also slower customer service.
Key Takeaways
- Truist holds approximately $535 billion in assets and ranks as the sixth-largest U.S. bank by size.
- The bank operates over 2,700 branches across 17 states and Washington, D.C., primarily in the Southeast and Mid-Atlantic regions.
- Truist is a national mortgage lender and services mortgages for borrowers across the country, not just in states where it has physical branches.
- As a large bank, Truist is subject to federal regulation and deposit insurance through the FDIC, which protects deposits up to $250,000 per account.
Where Truist operates and how many customers it serves
Truist operates more than 2,700 branches across 17 states plus Washington, D.C. The bank's footprint is strongest in the Southeast and Mid-Atlantic, with major presence in North Carolina, South Carolina, Virginia, Maryland, and Florida. If you live outside these regions, you may not have a Truist branch nearby, but you can still bank with them online or by phone.
The bank serves roughly 17 million customers. That customer base includes retail banking customers (people with checking and savings accounts), small business owners, and large commercial clients. For mortgage borrowers specifically, Truist is a national lender — you can get a mortgage from Truist even if you live in a state where the bank has no branches.
What Truist's size means for mortgage borrowers
If you have a mortgage with Truist or are considering one, the bank's size affects your experience in several concrete ways. Truist has the lending capacity to approve large mortgages and to fund loans quickly, since it does not need to sell every loan to another investor. The bank also has the technology infrastructure to offer online account access, mobile apps, and automated payment systems that smaller lenders may not provide.
On the other hand, large banks sometimes have longer hold times for customer service and more bureaucratic processes for loan modifications or dispute resolution. If you need to speak to a human, you may wait longer than you would at a smaller, regional bank. Truist does offer phone support and online chat, but response times can vary depending on call volume.
How Truist compares to other major banks
Truist is smaller than the "Big Four" banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup — but larger than most regional and community banks. This middle-to-upper tier position means Truist has significant resources and stability but is not so large that it dominates every market. In mortgage lending specifically, Truist is a top-20 lender by volume but does not originate as many mortgages as JPMorgan Chase or Bank of America.
Compared to other Southeast-focused banks, Truist is by far the largest. Its nearest regional competitor in terms of assets would be banks like BB&T's former peer institutions, but Truist's 2019 merger made it the clear leader in its home region. That regional dominance can mean better local knowledge of property values and lending practices, but it can also mean less competition for your business in some markets.
Truist's regulatory standing and what it means for your deposits
As a bank holding company with over $100 billion in assets, Truist is classified as a "systemically important financial institution" by federal regulators. This means the bank faces heightened oversight from the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC). That oversight exists to prevent the bank from failing and to protect the broader financial system.
Your deposits at Truist are insured by the FDIC up to $250,000 per depositor, per account type, per bank. This means if Truist were to fail, the FDIC would reimburse you for deposits up to that limit. In practice, large banks like Truist rarely fail, and no depositor has lost FDIC-insured funds since the insurance program began in 1933. The heightened regulation that comes with Truist's size actually reduces the risk that something will go wrong with your money.
How Truist's size affects mortgage servicing
Truist services mortgages for borrowers across the country, meaning the bank collects your monthly payments, manages your escrow account, and handles customer service for your loan. Because Truist is large, it has the systems in place to handle millions of loan accounts and to process payments reliably. The bank also has dedicated departments for loan modifications, forbearance requests, and other customer needs.
However, mortgage servicing at large banks can sometimes feel impersonal. Your loan may be transferred between departments or handled by different staff members depending on your request. If you need to dispute a payment or request a loan change, you may need to provide documentation multiple times or navigate a more formal process than you would with a smaller servicer. Truist does have a customer advocate program and a formal complaint process if you believe you have been treated unfairly.
Truist's financial stability and what recent changes mean
Truist has faced some challenges in recent years, including a significant decline in its stock price and changes in leadership. In 2023, the bank announced cost-cutting measures and branch closures as it worked to improve profitability. These changes do not affect the safety of your deposits or the bank's ability to service loans, but they do reflect the competitive pressure that even large banks face.
The bank remains well-capitalized and passes federal stress tests, which means regulators believe Truist can survive a severe economic downturn. If you are considering Truist for a mortgage or deposit account, the bank's size and regulatory standing mean it is a stable choice. The recent restructuring is actually a sign that the bank is taking steps to remain competitive and profitable over the long term.
Frequently Asked Questions
Is Truist too big to fail?
No bank is literally too big to fail, but Truist's size and regulatory oversight make failure extremely unlikely. The bank is subject to federal stress tests and capital requirements designed to prevent failure. If Truist were to fail, the FDIC would step in to protect depositors and maintain financial stability.
Can I bank with Truist if I don't live near a branch?
Yes. Truist offers full online and mobile banking, and you can open accounts, apply for mortgages, and manage your money entirely online or by phone. You can also deposit checks using mobile deposit or ATM deposit, and Truist participates in ATM networks that give you access to thousands of machines nationwide.
Does Truist's size mean better rates and terms?
Not necessarily. Large banks like Truist have the capacity to offer competitive rates, but rates depend on market conditions, your credit score, and the loan type. You should compare Truist's rates to other lenders before deciding. Size gives Truist the ability to offer good terms, but it does not may provide they will be the best available.
What happens if Truist closes a branch near me?
You can continue banking online, by phone, or by mail. Truist will notify you in advance of any branch closure and direct you to the nearest remaining branch or ATM. Your accounts remain active and fully functional even if your local branch closes.
Is my mortgage safer with a large bank like Truist?
Your mortgage is not safer or less safe based on lender size. What matters is that the lender is licensed, regulated, and properly services your loan. Truist's size means it has resources to handle your account reliably, but smaller lenders can also be stable and well-managed. Your real protection comes from the loan documents themselves and your legal rights as a borrower.