Major bank cuts 205 jobs, exits decades old lending business

For banks, cutting costs increasingly means deciding which businesses are worth keeping.

Truist is the latest major lender to make that choice.

It has decided to exit a longtime auto-finance operation as it narrows its focus on businesses that can generate stronger returns and deeper customer relationships.

And this decision will come with a human cost.

Regional Acceptance Corporation, an auto-finance company affiliated with Truist Bank, plans to permanently close its facility at 1351 East Bardin Road in Arlington, Texas, according to a Worker Adjustment and Retraining Notification (WARN) reviewed by TheStreet.

Approximately 205 full-time employees are expected to lose their jobs as a result of the closure.

The first separations are expected around Nov. 30, with all employment losses completed by Feb. 28, 2027, when the facility is expected to completely cease operations.

The Arlington closure is tied to Truist's decision to substantially sell all of Regional Acceptance's near-prime auto-loan portfolio.

This marks another step in the bank's pullback from parts of consumer lending it considers less attractive.

Truist exits $5.5 billion auto-loan business

Truist said it had agreed to sell $5.5 billion in near-prime auto loans, representing substantially all of Regional Acceptance's assets.

Regional Acceptance specializes in financing vehicle purchases for borrowers generally outside the strongest prime-credit segment and has operated in auto lending for more than four decades.

Truist expects the transaction to produce approximately $5.2 billion in net proceeds as well as a $535 million recapture of loan-loss reserves.

The sale was expected to close on Sept. 15.

The Arlington WARN notice confirms that the facility closure is related to the asset sale and that Regional Acceptance will cease operations at the location following the transaction.

For Truist, the move is about more than reducing its workforce.

Regional Acceptance produced approximately break-even pretax earnings during the first six months of 2026, while Truist said exiting the business would improve its credit profile and free up capital.

The transaction is expected to create approximately $945 million of common equity tier 1 capital, while reducing both nonperforming loans and annualized net charge-offs.