8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

Form 8-K

Current Report

_____________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

June 30, 2020

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________

North Carolina	1-10853	56-0939887
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

214 North Tryon Street
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)

(336) 733-2000

(Registrant's telephone number, including area code)

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $5 par value	TFC	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock	TFC.PF	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock	TFC.PG	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock	TFC.PH	New York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock	TFC.PI	New York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock	TFC.PJ	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock	TFC.PO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 8.01 Other Events.

On June 30, 2020, Truist Financial Corporation ("Truist") released the results of its annual company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and made certain other announcements in connection with the 2020 Comprehensive Capital Analysis and Review, including receipt of a preliminary Stress Capital Buffer calculation from the Federal Reserve.

A copy of the news release is attached hereto as Exhibit 99.1 and incorporated by reference into this Item 8.01.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press release dated June 30, 2020.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TRUIST FINANCIAL CORPORATION
	(Registrant)
By:	/s/ Cynthia B. Powell
	Cynthia B. Powell
	Executive Vice President and Corporate Controller
	(Principal Accounting Officer)

Date: June 30, 2020

EX-99.1

		News Release
Contacts:
Investors:	Ryan Richards 980.465.5000 | investors@truist.com	Aaron Reeves 336.733.2874 | investors@truist.com
Media:	Kyle Tarrance 469.396.3555 | media@truist.com

Truist Releases Results of its Company-Run DFAST Stress Test, Receives Preliminary Stress Capital Buffer

CHARLOTTE, N.C., (June 30, 2020) — Truist Financial Corporation (NYSE: TFC) (“Truist” or “the Company”) today released the results of its annual company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Federal Deposit Insurance Corporation under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The results of Truist’s annual company-run stress test are available at https://IR.Truist.com/other-filings.

Truist has reviewed the results of the 2020 Comprehensive Capital Analysis and Review (“CCAR”) supervisory stress test and noted that the modeled outcomes shown by the Federal Reserve differ from those calculated by the Company. Truist believes those differences are attributable to the application of purchase accounting associated with the Company’s 2019 merger of equals. Purchase accounting adjustments could result in a reduction in provision expense and an increase in pre-provision net revenue. These differences could result in higher capital ratios than were reflected in the CCAR results.

The Truist capital plan submitted in connection with the 2020 CCAR includes a third quarter dividend of $0.45 per share. Truist’s dividends are subject to approval by its Board of Directors, and the third quarter dividend will be considered by the Truist Board at its upcoming meeting. Consistent with the Federal Reserve’s mandate across the industry, Truist will be required to update and resubmit its capital plan later this year to reflect changes in financial markets and the macroeconomic outlook.

The Federal Reserve provided Truist with a preliminary Stress Capital Buffer (“SCB”) of 2.7% on June 25, 2020 and will provide the Final SCB by August 31, 2020.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $506 billion as of March 31, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of Truist, including under hypothetical regulatory stress testing scenarios. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “could,” “may,” “should,” “will” or other similar words or expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Truist’s current expectations and assumptions regarding Truist’s businesses, the economy, and other future conditions or reflect theoretical performance under prescribed hypothetical scenarios and the regulatory stress testing rules. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Many possible events or factors could affect Truist’s future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. Except to the extent required by applicable law or regulation, Truist disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding Truist and factors which could affect the forward-looking statements contained herein can be found in Truist’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by its Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

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XML

Cover	Jun. 30, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	Truist Financial Corporation
Entity Address, Address Line One	214 North Tryon Street
Entity Incorporation, State or Country Code	NC
Entity File Number	1-10853
City Area Code	336
Local Phone Number	733-2000
Entity Tax Identification Number	56-0939887
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
Written Communications	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Pre-commencement Issuer Tender Offer	false
Entity Central Index Key	0000092230
Amendment Flag	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $5 par value
Series F Preferred Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC.PF
Security Exchange Name	NYSE
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock
Series G Preferred Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC.PG
Security Exchange Name	NYSE
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock
Series H Preferred Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC.PH
Security Exchange Name	NYSE
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock
Series I Preferred Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC.PI
Security Exchange Name	NYSE
Title of 12(b) Security	Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock
Series J Preferred Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC.PJ
Security Exchange Name	NYSE
Title of 12(b) Security	5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock
Series O Preferred Stock [Member]
Entity Information [Line Items]
Trading Symbol	TFC.PO
Security Exchange Name	NYSE
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock