Beau Cummins, vice chair of Truist Financial, will assume the role of chief operating officer immediately. In addition, Truist named Dontá Wilson chief consumer and small business banking officer and hired Kristin Lesher as chief wholesale banking officer.
Cleveland-Cliffs amended and extended its asset-based lending credit facility. The amendment extends the maturity date of the facility to June 9, 2028, and transitions the benchmark interest rate from LIBOR to SOFR. BofA Securities served as lead arranger for the ABL facility.
Channel, a provider of equipment financing and working capital solutions, entered into a new $75 million credit facility with Truist. The $75 million commitment provides financing for both working capital and equipment finance originations.
Truist completed its previously announced sale of a 20% stake in Truist Insurance Holdings, a subsidiary of Truist, to funds managed by Stone Point Capital, a private equity firm focused on the global financial services industry, for $1.95 billion, representing an aggregate value of $14.75 billion.
Last week, 11 banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, combined to make $30 billion in uninsured deposits in First Republic Bank to display confidence in the U.S. banking system following the collapse of Silicon Valley Bank.
Truist agreed to sell a 20% stake in Truist Insurance Holdings to funds managed by private equity firm Stone Point Capital for $1.95 billion.
The Truist Foundation is donating $1 million to support relief and recovery efforts for communities impacted by Hurricane Ian in Florida.
Mike Maguire, Truist’s chief consumer finance and payments officer, has been named chief financial officer effective Sept. 15. Maguire succeeds current Truist CFO Daryl Bible, whose retirement was announced in May and who will remain at Truist during a transition period.
Dominica Groom Williams joined Truist as head of diversity, equity and inclusion. Groom Williams will be responsible for leading bank-wide strategic inclusion and diversity initiatives, reporting to Kimberly Moore-Wright, chief teammate officer and head of enterprise diversity.
Daryl Bible, CFO of Truist Financial, will retire after a 38-year career, including more than 14 years at Truist. As Truist conducts the search for its new CFO, Bible will continue to serve in his current role to support the transition.