Suntrust to move it's mortage leadership team from Richmond to Greensboro following BB&T merger. (Charlotte: leases, insurance)
Greensboro, Winston-Salem, High PointThe Triad Area
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"Some SunTrust mortgage operations are headed to Greensboro, as BB&T Corp. (NYSE: BBT) and SunTrust Banks (NYSE: STI) move toward completing a $66 billion merger, resulting in the loss of BB&T's headquarters in Winston-Salem.
A SunTrust spokesperson confirmed to Triad Business Journal that its mortgage leadership team in Richmond will move to Greensboro. Between 2 to 3 dozen members of SunTrust's mortgage team will move to Greensboro over the next two years, the company said.
SunTrust has a large mortgage and banking operation in Richmond, Virginia, spanning 480,000 square feet at its main campus with about 3,800 employees in the area.
According to Richmond BizSense, the mortgage team will not move until after the merger, which expected to close in the fourth quarter. SunTrust told Richmond BizSense that Greensboro is a central location between SunTrust's and BB&T's main mortgage operations in Richmond and Greenville, South Carolina.
"The combined mortgage business will continue to have a significant presence in Richmond, Virginia, and Greenville, South Carolina," the company said.
The merger was announced Feb. 7.
The combined bank will operate under a new name and will establish a combined corporate headquarters in Charlotte. Both Winston-Salem and Atlanta will maintain community banking centers."
The bank said its top mortgage leader, Todd Chamberlain, who is based here, would be included in that group. The move will occur after the BB&T deal closes, expected in the fourth quarter.
This screams to me of a new Suntrust/BB&T mortage spinoff company in the works that will be based in Greensboro and probably Announced after the merger is complete in Q4.
Also the fact that they are moving higher ups from one hub to a place that does not have a hub.
Thoughts?
My thoughts are, Greensboro has a pretty significant insurance presense in the central buisness district, with big companies like Arch Mortage Insurance and Lincoln Financial Group basing opperations downtown where the closest suntrust is a small community bank on lower elm eugene. This is all very interesting indeed.
"Some SunTrust mortgage operations are headed to Greensboro, as BB&T Corp. (NYSE: BBT) and SunTrust Banks (NYSE: STI) move toward completing a $66 billion merger, resulting in the loss of BB&T's headquarters in Winston-Salem.
A SunTrust spokesperson confirmed to Triad Business Journal that its mortgage leadership team in Richmond will move to Greensboro. Between 2 to 3 dozen members of SunTrust's mortgage team will move to Greensboro over the next two years, the company said.
SunTrust has a large mortgage and banking operation in Richmond, Virginia, spanning 480,000 square feet at its main campus with about 3,800 employees in the area.
According to Richmond BizSense, the mortgage team will not move until after the merger, which expected to close in the fourth quarter. SunTrust told Richmond BizSense that Greensboro is a central location between SunTrust's and BB&T's main mortgage operations in Richmond and Greenville, South Carolina.
"The combined mortgage business will continue to have a significant presence in Richmond, Virginia, and Greenville, South Carolina," the company said.
The merger was announced Feb. 7.
The combined bank will operate under a new name and will establish a combined corporate headquarters in Charlotte. Both Winston-Salem and Atlanta will maintain community banking centers."
The bank said its top mortgage leader, Todd Chamberlain, who is based here, would be included in that group. The move will occur after the BB&T deal closes, expected in the fourth quarter.
This screams to me of a new Suntrust/BB&T mortage spinoff company in the works that will be based in Greensboro and probably Announced after the merger is complete in Q4.
Also the fact that they are moving higher ups from one hub to a place that does not have a hub.
Thoughts?
Atlanta & Winston will maintain community banking centers? Aka bank branches?
Greensboro has always had a presence in insurance. From Jefferson-Pilot, which the city now has the insurance headquarters division of Lincoln Financial, and now has the headquarters for Arch Capital Mortgage Insurance which is the largest mortgage insurance company in the United States. This news just builds on to that and its Greensboro's best chance of landing white collar jobs.
This sounds like to me that Greensboro just might land the insurance division headquarters of the future bank that will be based in Charlotte. The fact that its moving its mortgage leadership team to Greensboro spells that out.
Oh I wasn't about to scream new tower lol. But maybe they could lease some space in Carroll's proposed tower by the ballpark lol. I do see a downtown location though because that's where Greensboro's insurance companies are based. That's one sector that has chosen downtown over the suburbs.
Most likely they'll use their very large office building by the airport.
there is a chance they could move downtown, seeing as that seems to be prefered location for office use, as companies slowly gravitate from the airport area.
Let Charlotte have the banks. I think Greensboro can cut its own niche in becoming a powerhouse in the insurance sector. This is how Greensboro will land white collar jobs. Who wants to bet Roy Carroll will be trying to lure this mortgage insurance division to his planned office tower?
As for choosing Greensboro as the new hub for the combined company’s mortgage operations, SunTrust said it was seen as a central site between the home bases of two banks’ respective mortgage arms.
“Greensboro is centrally situated relative to our companies’ respective primary operating and servicing hubs in Richmond, VA, and Greenville, SC, and close to the proposed combined company’s headquarters in Charlotte,” SunTrust said in its email.
The article is saying point blank the combined banks mortgage insurance company will be based here. Keep in mind the current SunTrust Mortgage insurance headquarters in Richmond leases about 400,000 square feet of office space. A bigger mortgage insurance company would likely need as much or more space. Look at Lincoln Financial in downtown Greensboro, another insurance branch of a major bank. This obviously will be a transitional move though.
Looks like there is a silver lining in the Triad's loss of BB&T.
Last edited by gsoboi78; 05-23-2019 at 08:50 PM..
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