SunTrust Banks

SunTrust Banks, Inc.
Company typeSubsidiary
NYSE: STI
IndustryBanking
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,
Atlanta, Georgia
,
United States
Number of locations
1,218 branches
2,082 ATMs[1]
Area served
Southeastern United States
Key people
William H. Rogers Jr.
Chairman and CEO
ProductsFinancial services
Number of employees
22,899 (2018)
Websitewww.suntrust.com (Now redirects to the Truist website)
SunTrust locations in the United States

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.[2] The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.

As of September 2016, SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 11 southeastern states and Washington, D.C.[3] 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,"[4] and it reached a preliminary $968 Million settlement with the US government in 2014.[5]

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.[6] On December 6, 2019, the merger between BB&T and SunTrust closed, forming Truist Financial Corporation.[7]

  1. ^ "SunTrust Corporate Profile". Yahoo! Finance. Retrieved 2019-02-26.
  2. ^ "FDIC Institution Directory: SunTrust Bank". 2.fdic.gov. Archived from the original on 2010-06-13. Retrieved 2017-08-10.
  3. ^ "SunTrust Corporate Profile". SunTrust.com. Retrieved 23 September 2016.
  4. ^ Cumming, Chris (October 11, 2013). "SunTrust to Pay $1.5B to Settle Mortgage Claims". American Banker. Vol. 178, no. F340. p. 13. Retrieved August 7, 2017 – via EBSCO.
  5. ^ Zibel, Alan; Johnson, Andrew R. (June 17, 2014). "U.S. Reaches $968 Million Mortgage Settlement With SunTrust". The Wall Street Journal. Retrieved October 27, 2018. The pact also doesn't resolve an investigation by federal authorities of SunTrust's participation in a U.S. Treasury Department mortgage-modification program. The bank said in the February filing that it could face "substantial penalties" stemming from that probe.
  6. ^ "BB&T and Suntrust to combine in an all-stock merger of $66 billion". CNBC. Reuters. February 7, 2019. Retrieved February 7, 2019.
  7. ^ "BB&T-SunTrust merger creating Truist Financial set to close at midnight". www.bizjournals.com. Retrieved 2019-12-07.