SunTrust Banks
From Wikipedia, the free encyclopedia
| SunTrust Banks Inc | |
 |
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| Type | Public (NYSE: STI) |
|---|---|
| Founded | 1811 |
| Headquarters | Atlanta, Georgia, USA |
| Key people | L. Phillip Humann, Chairman |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Net income |  $2.13 billion USD(2006)[1] |
| Employees | 27,578(2003) |
| Slogan | Seeing beyond money |
| Website | www.suntrust.com |
SunTrust Banks, Inc. (NYSE: STI) is an American bank holding company. The largest subsidiary is SunTrust Bank. SunTrust currently has locations primarily in the Southern United States.
Contents |
[edit] Subsidiaries
[edit] SunTrust Bank
SunTrust Bank is an American bank. It was founded 1885 in Atlanta, Georgia, where its headquarters remain. The parent company, SunTrust Banks, Inc. had over $183.1 billion in assets as of September 30, 2006. 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.
[edit] SunTrust Racing
2006 - 11/18 SunTrust renews role as the official bank of the Grand American Road Racing Association.
2006 - SunTrust Racing #10 takes 3rd in the Daytona Prototype Championship.
2005 - SunTrust Racing #10 clinches Daytona Prototype Championship in only second year for SunTrust Racing.
2005 - SunTrust Racing #10 wins 43rd annual Rolex 24 at Daytona endurance race.
2004 - SunTrust Racing #10 finishes 2nd in Rolex Series Championship, in the first year for SunTrust Racing
2004 - SunTrust is the Official Bank of NASCAR (Note: in 2006, the official bank becomes Bank of America)
SunTrust Racing
[edit] 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.
[edit] History
The earliest predecessor institution, Farmers Bank of Alexandria, Virginia, was founded in 1811. [2] The most direct corporate parent, the Trust Company of Georgia, was founded in 1891 as the Commercial Travelers' Savings Bank. Two years later, it restructured as a Trust company and renamed itself Trust Company of Georgia. [3] The current SunTrust Banks, Inc was the result of a merger between the Trust Company of Georgia and SunBanks, Inc. of Florida in 1985. Branches of the bank adopted the name of the parent entity in 1995. [2]
[edit] Acquisitions
In 1986, shortly after the Trust Company-SunBanks merger, SunTrust purchased Third National Corporation of Tennessee. It purchased Crestar Financial of Virginia in 1998. [2]. In 2001, SunTrust launched a hostile takeover bid for Wachovia, after Wachovia announced its intention to merge with First Union. This attempt was unsuccessful. (See the Wachovia article for more information.)
The company bought Memphis based National Commerce Financial Corporation (NCF) for $7 billion in 2004. This acquisition gave SunTrust branches and assets in North Carolina, South Carolina, Tennessee, Mississippi, Arkansas, Georgia, Virginia and West Virginia. [1]
SunTrust is frequently the target of rumors that it will be acquired by a larger bank. [4]
[edit] Relationship with Coca-Cola
SunTrust has a long-standing relationship with the Coca-Cola Company. The Trust Company of Georgia helped underwrite the initial public offering of The Coca-Cola Company in 1919. [3] 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 2006. This stake, which has a GAAP cost of $110,000, is today worth approximately $2 billion and pays $59 million a year in dividends. In addition, the original copy of the formula for Coca-Cola is stored in the main vault at the bank's headquarters in Atlanta.[2] Ernest Woodruff, president of the Trust Company from 1904 to 1922, was the father of Robert W. Woodruff, Coca-Cola's president from 1923 to 1954 and board member until 1984. As of 2006, two Coca-Cola executives sit on SunTrust's board [3] and a former SunTrust CEO sits on Coca-Cola's board. [4].
[edit] Notes
- ^ SunTrust Banks, Inc. (19 January 2007). SunTrust Reports Record Earnings For 2006, Up 7% From 2005. Press release.
- ^ a b c SunTrust Banks, Inc. Historical Highlights (English) (PDF). SunTrust Banks (October 2004). Retrieved on 2006-12-10.
- ^ a b Borowsky, Bruce (2005-03-11). SunTrust Banks (Trust Company Bank). New Georgia Encyclopedia. Georgia Humanities Council. Retrieved on 2006-12-10.
- ^ "SunTrust remains stubbornly independent", The Atlanta Journal-Constitution, 2006-09-04.
[edit] External links
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