What's a Truist?

By Stephanie Walker Stradford and Eric Stradford, U.S. Marine Corps, Retired

AMWS, July 6, 2019, Atlanta -- Oh say! Can you see…by the dawn’s early light?  It’s the morning after a national celebration of independence.  Here at home, that ever-present cloud of uncertainty looms just beyond a cycle of spending and debt.  Some of our friends at Atlanta-based SunTrust Bank have been busy reacting to the merger with North Carolina–based BB&T.  Some have been too busy “treading water” to discover their own value in the emerging new company.

Today, being the first day of the rest of your temporal economy, may be the time for a serious self-assessment.  As a small business client, we’re looking for value in our bank’s vision of the future.  

We’re reaching out to folks at the bank for clarity.  Inquiring minds want to know, what exactly is a Truist?  And, is there value in becoming a Truist?  According to initial public response, there are mixed views.

An evolution of change spanning a 100-year history of bank mergers in the United States integrates a little science, a little art, and a whole lot of collaboration to stand for better.  Building a brand is about more than just a new name.  The Truist brand, perhaps inspired by an ageless concept of altruism, reflects corporate values and common vision for the 6th largest bank in the United States.  Building a better future for some 10-million households calls for a shared commitment to inclusive community reinvestment.

The SunTrust and BB&T corporate commitment to a $10-million investment in technology sets in motion a vision for sustained operations.  This decision appears to be an unprecedented approach to financial asset management.  The investment addresses typical corporate challenges to include hardware, software, connectivity and security.  But, the greatest return on technology investment will be its impact on human life…the end-user.

An immediate opportunity exists to engage a diverse community of nonprofit clients, prospective displaced employees, veteran entrepreneurs and youth to include low to moderate income beneficiaries.  

Existing SunTrust and BB&T employees are invited to learn more about Community Asset Management contracts with NATIONAL LEARN-2-EARN.

THE NATIONAL LEARN-2-EARN PARTNERSHIP

 

Youth Achievers USA Institute (YouthUSA) is seeking technical support toward its efforts to demonstrate economic inclusion for LMI individuals or communities.  Immediate assistance is needed to cooperatively develop and submit a win-win application to SunTrust Foundation.

This project builds on an existing application submitted Wed, April 10, 2019 11:41 to SunTrust Foundation titled, Learning Journey MISSION LJ7. 

A $100K reserve account has been established at SunTrust to leverage equity through Individual Development Accounts (IDAs) for YouthUSA Economic Beneficiaries.  This fund honors a legacy of altruistic community reinvestment demonstrated by J.D. and Laurena Walker.

As the applicant, YouthUSA seeks to qualify a minimum of two (2) SunTrust, BB&T, or Truist professionals as elected directors for the Youth Achievers USA Institute Board of Directors.

A total of 10 banking professionals are also needed for leveraged volunteer positions.  Each leveraged volunteer serves as the Community Asset Manager (CAM) for one of 10 qualifying 501c3 public charities.

Charities qualify for consideration through applications submitted to THE ANNUAL YOUTH ACHIEVEMENT AWARDS of YouthUSA by April 15, 2020. 

     The ten qualifying charities collaborate on projects funded from a $10-million shared endowment.  Charitable partners develop programs, projects and operating budgets based on resulting investment income.  Compounded by collective work and responsibility among beneficiaries and stakeholders, charities may indefinitely sustain their related missions.

      

     Organizations which provide initial capital for small businesses

·      Training efforts for the effective financial management and creation of small businesses

A Georgia for profit limited liability company, incubated through the YouthUSA social enterprise program, has been established to administer contracts for qualifying Community Asset Managers (CAMs).  Contracting of leveraged volunteers as prospective Community Asset Managers (CAMs) establishes a transition from bank employee to community stakeholder.

Revenue sharing is supported through LLC member shares.  51% of 100,000 LLC member shares (51,000) are reserved for veterans of the U.S. Armed Forces, establishing the Georgia LLC as a veteran-owned business.  49% of 100,000-member shares (49,000) are available to non-veterans.

Distribution of member shares at $10 par, establishes a $1 million value for the member-owned LLC from which operating budgets support sustainable economic inclusion.