SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest commercial banking organizations serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2005, SunTrust had total assets of $179.7 billion and total deposits of $122.0 billion.
The company operates an extensive distribution network primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia, and also serves customers in selected markets nationally.
Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries, the company provides credit cards, mortgage banking, insurance, brokerage, and capital markets services.
A predecessor of SunTrust, the Trust Company of Georgia, helped underwrite the initial public offering of The Coca-Cola Company in 1919. As a result, the bank received some of Coke’s publicly traded stock, and SunTrust retains 48.3 million shares (3.58%) of Coke as of 2004.. Because of this investment in Coca-Cola, Suntrust is often seen as an attractive stock since this substantial holding helps to buffer the company from the cyclical downturns which affect the banking industry. In addition, the original copy of the formula for Coca-Cola is stored in the main vault at the bank’s headquarters in Atlanta
Through its banking subsidiaries, the company provides deposit, credit, trust, and investment services to a broad range of retail, business, and institutional clients. Other subsidiaries provide mortgage banking, credit related insurance, asset management, brokerage, and capital market services.
Atlanta-based SunTrust enjoys leading market positions in some of the highest growth markets in the United States and also serves clients in selected markets nationally.
On October 1, 2004, SunTrust closed its merger with National Commerce Financial Corporation. The company now operates 1,647 retail branches and 2,769 ATMs in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. In addition, SunTrust provides customers with a full aqnge of technology-based banking channels including internet, PC, and Automated Telephone Banking.
Recently, SunTrust Mortgage has announced that Anthony “Tuck” Reed has been named executive vice president and head of secondary marketing. SunTrust Mortgage, Inc. is a wholly owned subsidiary of SunTrust Bank, one of the nation’s largest commercial banking organizations. As of December 31, 2005, SunTrust Banks, Inc. (NYSE: STI) had total assets of $179.7 billion and total deposits of $122 billion. SunTrust Mortgage originates loans through 170 locations in SunTrust markets and adjacent states, maintains correspondent and broker relationships in 49 states, and services mortgage loans in 50 states and the District of Columbia.
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