By Colin Kellaher

Truist Financial Corp. on Tuesday said it agreed to buy BankDirect Capital Finance, the insurance premium finance unit of Texas Capital Bancshares Inc., for $3.4 billion in cash.

Charlotte, N.C., financial-services company Truist said the deal adds more than $3 billion in loans to the premium-finance business of its Truist Insurance Holdings Inc. unit while expanding its business into the life-insurance arena.

Dallas financial-services firm Texas Capital said the sale strengths its balance sheet, simplifies its business model and frees up resources that it plans to redeploy to its core businesses.

The deal is slated to close by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 06, 2022 08:37 ET (12:37 GMT)

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