workers laid off, conversion costs, marketing and professional fees. However, through the merger the bank estimates that $1.6 billion in net cost savings will be achieved by the end of 2022. Part of this savings would be fewer branches. Truist intended to close 800 branches by the first quarter of 2022, and office consolidation would reduce space by 4.8 million square feet. On September 5, 2021, former SunTrust Banks CEO Bill Rogers became chief executive officer of Truist Financial Corporation. Truist said it had completed changing signs on branches February 22, 2022. At that time former SunTrust customers had difficulty using debit cards. Slavery In 2020, Truist Financial acknowledged and apologized for the company's historical connections to slavery. Kelly King, chairman and chief executive of Truist, issued an employee memo addressing BB&T's slavery ties, but did not mention BB&T's founders Alpheus Branch and Thomas Hadley by name. Prior to the Civil War, Alpheus Branch's father Samuel owned 58 slaves. Thomas Hadley's father owned 37 slaves. The memo stated that "we must consider our own past and acknowledge the role our heritage companies played over 100 years ago to perpetuate the atrocity of slavery and the repression of enslaved people, leading to systemic disadvantages their descendants have endured for generations...We deeply regret and denounce these shameful aspects of our history, both known and unknown." According to the book "Genealogy of American Finance", the economic roots of BB&T can be traced back to 1805, even though BB&T was founded in 1872, nearly a decade after slavery was abolished. Both founders of the bank served in the Confederate Army. Post-merger deals On December 10, 2020 Truist Insurance Holdings announced it will acquire 5 companies in the fourth quarter. Those include: W. Brown & Associates Property & Casualty, Specialty Risk Associates, Program Insurance Management of Sarasota, Wellington Risk Holdings Inc. and Fidelis Group Holdings. These companies will add $100 million in revenue. In May 2021 Truist Insurance Holdings announced it will acquire Constellation Affiliated Partners in the third quarter. The insurance division plans to keep Constellation Affiliated Partners 475 employees and merge them into CRC. The acquisition will add $160 million in revenue to Truist Insurance Holdings current revenue of $2.3 billion. Truist Insurance has three main segments: retail, insurance premium finance and wholesale. John Howard, CEO of Truist Insurance, stated this about the division's approach "We are normally working on acquisition opportunities. We're