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Trust Insurance Holdings further strengthens its premium finance business with the acquisition of BankDirect Capital Finance.

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Charlotte, North Carolina, September 6, 2022 Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation (NYSE: TFC) and the sixth largest insurance brokerage in the United States, today entered into a definitive agreement to acquire BankDirect Capital Finance, a national premium finance company. announced that it has been concluded. From Texas Capital Bancshares, Inc. (NASDAQ: TCBI).

Following closing, BankDirect will operate as a division of AFCO Credit Corporation and become Trust Insurance Holdings’ existing premium finance business in the United States.

transaction is added $3 billion We extended our business into life insurance by financing the Premium Finance business of Trust Insurance Holdings, which also includes its Canadian business, CAFO Inc. The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions.

Truist’s Chairman and CEO said: Bill RogersThe addition of BankDirect expands our team and further diversifies the risk management solutions we can offer our clients, as well as new opportunities to achieve our purpose of inspiring and building better lives and communities. is born. “

BankDirect Capital Finance was founded in 2005 and has grown through four acquisitions over the past 17 years. The company has a balanced portfolio of both property and casualty and life insurance across a diverse national geographic footprint. BankDirect has his 122 employees and operates from his five offices across the United States.

Truist Chief Insurance Officer said: John Howard“With this acquisition, we will expand our business into life insurance and expand our geographic reach, especially on the West Coast, as well as a growing market for premium finance. Our focus on digitalization reflects our strategy, an initiative of Truist Insurance Holdings, and further demonstrates how well our businesses work together. , this is a significant acquisition for our premium finance business and we are pleased to welcome BankDirect customers and employees to Truist.”

RBC Capital Markets and Trust Securities acted as financial advisors, Wilkie Farr & Gallagher LLP acted as legal counsel to Truist Insurance Holdings in this transaction. Morgan Stanley & Co. LLC and Texas Capital Securities acted as financial advisors in this transaction, and Cravath, Swaine & Moore acted as legal advisors to Texas Capital Bancshares.

About Trust Insurance Holdings
Truist Insurance Holdings, Inc. is the sixth largest insurance broker in the United States and the seventh largest in the world and a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, North Carolina, Trust Insurance Holdings operates more than 240 of his offices through subsidiaries. CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and its insurance services companies (AFCO Credit Corporation, CAFO Inc., and Kensington Vanguard Land Services, LLC). For more information, please visit www.truistinsurance.com.

About AFCO
A pioneering leader in premium finance for over 65 years, AFCO Credit Corporation has worked with insurance agents to provide policyholders with customized premium finance solutions aimed at improving cash flow and working capital. increase. AFCO Transforms Business with Digitalized Dual Premium Collection and Financing Products Featuring New Digital Portal Designed to Simplify How Clients Make Premium Financing and Improve Overall Client Experience doing.

Forward-Looking Statements
This notice 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 Financial Corporation or its subsidiaries (collectively, “Truist”). description” is included. “predict”, “believe”, “estimate”, “anticipate”, “anticipate”, “intend”, “opportunity”, “plan”, “plan”, “could”, Words such as “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Truist’s current expectations and assumptions regarding its business, economic and other future conditions. Forward-looking statements relate to future results and events and are therefore subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. A number of possible events or factors could affect Truist’s future financial results and performance, which could cause actual results or performance to differ materially from the anticipated results or performance. Except to the extent required by applicable law or regulation, Trust does not undertake any obligation to update such elements or any forward-looking statements contained herein to reflect future events or developments. disclaims any obligation to publicly announce the results of revisions to More information about Truist and the factors that may affect the forward-looking statements contained herein can be found in Truist’s annual report on Form 10-K for the year ended. December 31, 2021its Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission.

SOURCE Trust Financial Corporation

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