Truist Financial closed its acquisition of finance company BankDirect Capital Finance in the fourth quarter of 2022.

The deal for the finance company to operate under the bank’s Truist Insurance Holdings arm was announced Sept. 6, according to a Truist release.

BankDirect brings life insurance, new team members and enhanced risk management solutions to Truist, Chief Executive William H. Rogers said in the release.

“BankDirect’s focus on technology and digitization to enhance client experience also mirrors our strategic initiatives at Truist Insurance Holdings,” Truist Chief Insurance Officer John Howard said in the release.

The $3.4 billion all-cash acquisition, which closed on Nov. 1, added $3.1 billion of loans to Truist’s portfolio, according to the bank’s Q4 earnings presentation.

“We also deployed 10 basis points of capital as a result of strong organic loan growth and the BankDirect acquisition,” Rogers said during the bank’s Q4 earnings call. “Our capital position remains strong relative to our risk and profitability profile, and we remain confident in our ability to withstand and outperform in a range of economic scenarios.”

The bank plans to continue investing in its insurance business, Rogers said.

“We want the insurance business to grow … We want to make sure that we have all the flexibility and capability to create capital and support all of our businesses and their growth,” he said.

Truist also closed the following acquisitions in 2022: insurance agency BenefitMall, financial literacy app Long Game and data governance platform Zaloni Arena.

Truist’s Chief Information Officer Bryce Elliott and Head of Truist Foundry Lindsay Holden will speak at the Bank Automation Summit US 2023 on March 2-3 in Charlotte, N.C. Learn more and register for Bank Automation Summit US 2023.