SunTrust Banks
Encyclopedia : S : SU : SUN : SunTrust Banks
SunTrust Banks, Inc. NYSE: [STI]
Subsidiaries
SunTrust Bank
SunTrust Bank is an American bank. It was founded 1891 in Atlanta, Georgia, where its headquarters remain. The parent company, SunTrust Banks, Inc. had over $128 billion in assets as of June 30, 2004. SunTrust Bank operates approximately 1,700 bank branches across southeastern states, including Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and Washington, DC.The company bought Memphis based National Commerce Financial Corporation (NCF) for $7 billion in 2004. In 2005, SunTrust will complete the merger to acquire branches and assets in Tennessee, Arkansas, Mississippi, North Carolina, South Carolina and West Virginia.
A predecessor of SunTrust, the Trust Company of Georgia, helped underwrite the initial public offering of The Coca-Cola Company in 1919 (see [link]). 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.
In 2004, SunTrust signed a marketing agreement with NASCAR declaring that SunTrust was the Official Bank of the popular racing circuit.
Products
The bank's offerings include retail and commercial banking, as well as trust services, mortgage banking, mutual funds, insurance, equipment leasing, asset management, and securities underwriting and dealing.Financials
2003- Revenue: $7.071 billion
- Employees: 27,578
External links
Data
| Commercial banks in the United States |
|
|---|---|
| Bank of America | JPMorgan Chase | Wachovia | Wells Fargo | Washington Mutual | Citibank | US Bancorp | SunTrust | HSBC | World Savings Bank | Regions | PNC Bank | Keybank | Merrill Lynch | Branch Banking and Trust Company | Comerica | Union Bank of California | The Bank of New York | North Fork Bank | Sovereign Bank | ING | Fifth Third Bank | AmSouth Bank | Manufacturers and Traders Trust Company | National City | LaSalle Bank | Treasury Bank | MBNA | Bank of the West | Citizens Bank | The Huntington National Bank | First Tennessee | Harris | M&I Marshall and Iisley Bank | Chase Bank USA | Commerce Bancorp | Charter One | TD Banknorth | Compass Bank | Branch Banking and Trust Company of Virginia | Discover Card | Capital One Bank | UBS Bank | USAA | |