**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, 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.
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.jpg) SunTrust Plaza, the former headquarters of SunTrust in Atlanta, Georgia. | |
| Company type | Subsidiary |
|---|---|
| NYSE: STI | |
| Industry | Banking |
| Founded | 1985 |
| Defunct | December 6, 2019 (as an independent corporation) February 18, 2022 (as a brand) |
| Fate | Merged with BB&T to form Truist |
| Successor | Truist Financial |
| Headquarters | SunTrust 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 |
| Products | Financial services |
Number of employees | 22,899 (2018) |
| Website | www |
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.