If you want to survive in the ever-changing world of the coronavirus, it’s vital to be nimble and shift where there are opportunities — especially when it comes to banking.
While you may have an idea of the best route to take either for your individual needs, company needs or both, having a trusted banking adviser to consult with may help you better navigate the road ahead.
That’s where Truist comes in. Truist has positioned itself in Greater Cleveland as a banking company built on its values of being trustworthy, caring, successful, happy and working together as one team. Its purpose to “inspire and build better lives and communities” provides continual inspiration to Jim Geuther, market president of Northern Ohio/Sun Trust, which is now Truist. The name change is reflective of a merger that took place last year.
“I am energized by our company’s purpose, which is simple and personal,” Geuther says “There are a lot of people struggling right now, and we are there to help those people in our communities.”
Take, for example, a client Geuther recently assisted in the Cleveland area. The client wanted to grow his business through an acquisition. Geuther provided buy-side ideas with others in his client’s industry, but when he presented the ideas to his client, the client rethought his plan. He wondered if another company could be sold for a fairly high asking price, why couldn’t he do the same?
As a result, Geuther’s client shifted from the buying side to the selling side. A value for his business was constructed and presented. The client pivoted once again and found another business to buy while Truist assisted with the financing.
“The ability to pivot, whether it’s a buy, sell or general advising, is one of our strengths,” Geuther says. “When you have that ability to pivot, it brings in more business.”
In a world where banking is often commoditized, Geuther has found Truist separates itself from other banks by working from an advisory perspective. Through its deep understanding of various industries, Truist is equipped to offer innovative ideas its clients may not have considered.
“We understand your industry, and we understand your movements,” Geuther says. “When you understand the way someone conducts business, it gets their attention.
“I leverage the power of the experts we have in our investment banking side that most banks don’t have. That gives me an advantage with middle-market businesses.”
During the pandemic, Geuther’s primary advice to clients is to understand and address their liquidity requirements. To avoid becoming insolvent, a customer must understand its cash needs.
Secondly, Geuther encourages his clients to map out contingency plans. He helps clients understand their liquidity needs so they can survive trying times, including a pandemic.
“This is a once-in-a-lifetime sector shift,” Geuther says. “Who has experienced a COVID-19 pandemic? In business, you have to learn to be resilient and adaptive, whether it’s working remotely and connecting with people through Zoom calls or adapting and shifting to sectors that will succeed.
“The only constant is change. You just have to acclimate. You have to be a leader and an effective employee.”
Despite the pandemic, Geuther remains optimistic about the future of businesses in Greater Cleveland.
“We have a lot of opportunities to make a difference,” Geuther says. “There are so many businesses we can help on an individual level, corporate level and community level. As we continue to grow, our impact will be greater reflected in the community.”
Geuther, a Cleveland native, says the power of local presence with clients who truly care about Greater Cleveland, married with deep industry experience, is what sets Truist apart.
“The Cleveland market is a Greenfield operation for Truist,” Geuther says. “As we continue to build our presence, the more resources we will have to give back to our community.”
Truist is committed to giving back through its $50 million philanthropic pledge as part of its Truist Cares initiative, which supports COVID-19 relief efforts. Truist Cares, launched in March 2020, was set up to meet the immediate and long-term needs of communities, clients and Truist employees. Funding supports basic needs, medical supplies and financial hardship across the nation.
Truist Chairman and CEO Kelly S. King, explains his company’s commitment to helping the country come together through challenging circumstances.
“Our comprehensive philanthropic approach, along with the client relief measures we’re putting into place, aligns with our purpose to inspire and build better lives and communities,” he says. “Truist cares, and we understand our communities, clients and teammates all need immediate help in this growing crisis. We’re also looking forward to the recovery stages of this pandemic to ensure the nonprofit organizations our communities count on have the funding they need to help our neighbors get back on solid footing.”
In the future, Geuther says he is confident Truist’s financial commitment will continue to not only grow on a national level, but also on a local level.
“We are committed to the community,” Geuther says. “We’ve already outkicked our coverage from what we’ve committed. We have been here from day one, and we will continue to be here for future generations.”
Truist is a merger of BB&T Corp. and SunTruist Banks, which was effective December 2019. According to the company, Truist is the sixth-largest U.S. commercial bank, serving approximately 12 million consumer households and a full range of business clients, with leading market share in several high-growth markets in the country. Truist’s Cleveland office has 13 teammates on commercial and private wealth and client advisers.
The company, with total assets of $504 billion as of June 30, 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.