0000092230FALSE00000922302022-09-072022-09-070000092230us-gaap:CommonStockMember2022-09-072022-09-070000092230tfc:SeriesIPreferredStockMember2022-09-072022-09-070000092230tfc:SeriesJPreferredStockMember2022-09-072022-09-070000092230tfc:SeriesOPreferredStockMember2022-09-072022-09-070000092230tfc:SeriesRPreferredStockMember2022-09-072022-09-07
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
September 7, 2022
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 1/4,000th 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 |
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock | | TFC.PR | | 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 7, 2022, Truist Financial Corporation (“Truist”) announced that Michael B. Maguire has been appointed as Chief Financial Officer of Truist, effective as of September 15, 2022. Mr. Maguire, age 44, will succeed Daryl N. Bible, who announced in May 2022 that he planned to retire from Truist upon the naming and transition of his successor.
Since December 2019, Mr. Maguire has served as Chief Consumer Finance and Payments Officer of Truist, leading the company’s consumer finance businesses, including LightStream, Service Finance, Sheffield Financial, Dealer Retail Services, and Truist’s student loan unit. In this role, he has also been responsible for Truist’s enterprise payments strategy group and for Truist’s wholesale payments businesses, including treasury solutions, merchant services, and commercial card. Prior to this role, Mr. Maguire served as Enterprise Partnerships and Investments Executive for Truist predecessor, SunTrust Banks, Inc., from September 2018 to December 2019 where he led the sourcing, execution, and management of strategic equity investments in the financial technology sector. Before serving in this position, Mr. Maguire spent 16 years as an investment banker at Truist Securities, Inc. (then known as SunTrust Robinson Humphrey, Inc.) where he most recently led the company’s technology and services investment banking group.
The Compensation and Human Capital Committee of the Board of Directors of Truist will review Mr. Maguire’s compensation in connection with his new role at its upcoming meeting and will consider appropriate adjustments.
ITEM 7.01 Regulation FD Disclosure.
A copy of the news release issued by Truist announcing Mr. Maguire’s appointment, dated September 7, 2022, is furnished as Exhibit 99.1. The news release at Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits | | | | | | | | |
Exhibit No. | | Description of Exhibit |
| | News release dated September 7, 2022. |
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: September 7, 2022