Truliant Federal Credit Union has filed a federal trademark-infringement lawsuit over Truist, the name of BB&T and SunTrust’s new merged company, which will be headquartered in Charlotte (they should have gone with the name most Charlotte residents voted on).
Truliant is arguing that, since they have 13 branches around Charlotte, the similar-sounding name would potentially cause confusion for their customers.
“This is a clear infringement on our name, and their proximity to our main business region will confuse consumers and undermine the trust we have built in our institution,” said Truliant President Todd Hall.
BB&T and SunTrust still need final regulatory approval before they complete their merger, which would become the largest financial institution merger since 2008.
The new bank plans to build its headquarters in Uptown Charlotte’s Hearst Tower. The former community banking centers of both companies will remain in operation in Winston-Salem and Atlanta.
The board of the new company will be comprised of an equal number of executives from both companies.
“This is a true merger of equals, combining the best of both companies to create the premier financial institution of the future,” said BB&T Chairman and Chief Executive Officer Kelly S. King.
The new bank will add $442 billion in banking assets to Charlotte, bringing us one step closer to regaining the title of “second biggest banking city in America“.