Sheffield Financial is now a division of Truist Bank, the new entity formed following the merger of SunTrust Bank and BB&T Bank, Powersports Finance has learned.
Sheffield was previously a division of BB&T. Following the merger, the lender is “front and center in Truist’s National Consumer Finance and Payments Group,” a Truist spokesman told PSF. “This will optimize Sheffield’s ability to leverage the full complement of Truist’s technology and balance sheet strength to continue to serve our OEMs’ dealers and customers with simple, easy and fast service,” he said, adding that the lender will also leverage new technology to better serve its client base.
There have been no leadership changes at Sheffield. Jeffrey McKay remains the chief executive after assuming the role in April.
Sheffield will continue to support more than 180 manufacturers with full-spectrum, point of sale promotional financing. The lender is “very complementary” with SunTrust’s portfolio, and “we expect Sheffield to be even better positioned to be the premier lender in the space,” the spokesman said.
The SunTrust-BB&T merger was officially completed on Dec. 6 and propelled the once-regional lenders among the top-20 auto financiers with a $16.7 billion operation, according to Auto Finance News.
