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SunTrust Banks

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**History and Acquisitions**:
– Trust Company of Georgia founded in 1891 in Atlanta.
– Sun Bank founded in 1911, later merged with other banks to become SunBanks.
– Trust Company of Georgia and SunBanks merged in 1985 to form SunTrust Banks, Inc.
– SunTrust acquired Crestar Financial Corporation in 1998.
– SunTrust purchased National Commerce Financial Corporation in 2004.
– SunTrust acquired The Robinson-Humphrey Company in 2001.
– BB&T acquired SunTrust in 2019, creating the Truist Financial Corporation.

**Corporate Structure and Operations**:
– SunTrust operated three primary business units: Consumer Banking & Private Wealth Management, Wholesale Banking, and Mortgage.
– As of September 2016, SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 12 states.
– SunTrust Bank executives included William H. Rogers Jr., James M. Wells III, L. Phillip Humann, James B. Jimmy Williams, and Robert M. Strickland.

**Relationships and Controversies**:
– SunTrust had a long-standing relationship with The Coca-Cola Company.
– SunTrust owned 48.3 million shares (3.58%) of Coke.
– SunTrust was involved in the 2014 National Mortgage Settlement.
– SunTrust faced controversies like the layoff of IT professionals with controversial severance agreements.

**Buildings and Branches**:
– SunTrust Center in Orlando, Florida, is the tallest building downtown.
– SunTrust Plaza is in Atlanta, Georgia, and SunTrust Tower in Jacksonville, Florida.
– SunTrust has branches in various locations like Gaithersburg, Maryland, and Durham, North Carolina.

**Financial Activities and Rebranding**:
– SunTrust sold Coke shares in 2007.
– SunTrust’s profit soared due to the sale of Coke stock.
– SunTrust merged with BB&T to form Truist Financial.
Truist Financial became the new identity for the combined entities.

SunTrust Banks (Wikipedia)

SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.

SunTrust Banks, Inc.
Company typeSubsidiary
Founded1985 (1985)
DefunctDecember 6, 2019; 4 years ago (2019-12-06) (as an independent corporation)
February 18, 2022; 2 years ago (2022-02-18) (as a brand)
FateMerged with BB&T to form Truist
SuccessorTruist Financial
HeadquartersSunTrust Plaza
303 Peachtree Street NE, ,
Number of locations
1,218 branches
2,082 ATMs
Area served
Southeastern United States
Key people
William H. Rogers Jr.
Chairman and CEO
ProductsFinancial services
Number of employees
22,899 (2018) (Now redirects to the Truist website)
SunTrust locations in the United States

As of September 2016, SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 11 southeastern states and Washington, D.C. The bank's primary businesses included deposits, lending, credit cards, and trust and investment services. Through its various subsidiaries, the company provided corporate and investment banking, capital market services, mortgage banking, and wealth management — with nearly 24,000 employees. In 2013, it was ordered to pay $1.5 billion "to resolve claims of shoddy mortgage lending, servicing and foreclosure practices," and it reached a preliminary $968 Million settlement with the US government in 2014.

In February 2019, SunTrust Banks announced its pending purchase by BB&T for $28 billion in an all-stock deal, creating the sixth largest U.S. lender, being the biggest bank deal since the 2007-2008 financial crisis. On December 6, 2019, the merger between BB&T and SunTrust closed, forming Truist Financial Corporation.

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