SunTrust Banks 1348866 218099471 2008-06-09T04:00:54Z Zorrobot 7218328 robot Adding: [[no:SunTrust Banks]] {{Infobox_Company | name = SunTrust Banks Inc. | company_logo = [[Image:Suntrust-2005logo.gif|SunTrust Banks Inc. logo]] | type = [[Public company|Public]] ({{nyse|STI}}) | slogan = ''Seeing beyond money''<ref>{{cite web|url = https://www.suntrust.com/|title = SunTrust Banks, Inc.|accessdate = 2007-10-20|quote = SunTrust and ''Seeing beyond money'' are federally registered service marks of SunTrust Banks, Inc.}}</ref> | foundation = 1811<ref name="historicalhighlights"/> | location = [[Atlanta, Georgia]], [[United States|USA]] | key_people = James "Jim" M. Wells, III, President, CEO and Chairman of the Board<br /> | net_income = {{profit}}$2.13 billion [[United States dollar|USD]](2006)<ref name="2006 earnings">{{cite press release| publisher = SunTrust Banks, Inc. | date = [[19 January]] [[2007]] | title = SunTrust Reports Record Earnings For 2006, Up 7% From 2005| url = http://library.corporate-ir.net/library/82/822/82273/items/227510/STI_Releasewtables.pdf}}</ref> | num_employees = 27,578(2003) | industry = [[Banking]] | products = [[Financial Services]] | homepage = [https://www.suntrust.com/ www.suntrust.com] }} [[Image:SunTrust Plaza 1.jpg|thumb|SunTrust headquarters at [[SunTrust Plaza]] in Atlanta, GA.]] '''SunTrust Banks, Inc.''' ({{nyse|STI}}) is an [[United States|American]] [[bank holding company]]. The largest subsidiary is SunTrust Bank. It had $182.2 billion in assets as of [[December 31]], [[2006]].<ref name="2006 earnings"/> SunTrust Bank's most direct corporate parent was established in 1891 in [[Atlanta, Georgia]], where its headquarters remain.<ref name="historicalhighlights"/> SunTrust Bank operates approximately 1,700 bank branches across southeastern states, including [[Alabama]], [[Arkansas]], [[Florida]], [[Georgia (U.S. state)|Georgia]], [[Maryland]], [[Mississippi]], [[North Carolina]], [[South Carolina]], [[Tennessee]], [[Virginia]], [[West Virginia]], and [[Washington, DC]].<ref>{{cite web | title = SunTrust in brief | publisher = SunTrust Banks, Inc. | date = 2007-07-30 | url = https://www.suntrust.com/portal/server.pt/gateway/PTARGS_0_2_227_866_0_43/http%3B/portlet-ice.suntrust.com/Portlets/iwcc/IWCCDisplay.aspx?gid=PVq7H3Qn0ICf9KFX3d7vcpbpkWKySguy4jMM1uL3XR4%2Bu4vhdkkX0TEcA%3D%3D | accessdate = 2007-10-20 }}</ref> ==Products== The bank's offerings include retail and commercial banking, as well as [[Trust (law)|trust]] services, [[mortgage]] banking, credit cards, [[mutual funds]], [[insurance]], [[equipment leasing]], [[asset management]], and [[Security (finance)|securities]] [[underwriting]] and dealing. ===Credit cards=== On [[December 12]], [[2006]], it was announced that SunTrust signed an agreement with [[InfiCorp Holdings]] of Atlanta to manage SunTrust's consumer credit card portfolio. The portfolio had been managed under an agreement with [[MBNA Corporation]] since 1999, but MBNA was acquired by SunTrust's competitor [[Bank of America]] on [[June 30]], [[2005]]. SunTrust will retain the option to purchase card assets from InfiCorp if it desires to add to its own loan portfolio. [[InfiCorp Holdings]] is a subsidiary of [[First National of Nebraska]].<ref>{{cite press release | title = SunTrust Signs Agreement with InfiCorp for Consumer Credit Cards | publisher = SunTrust Banks, Inc. | date = 2006-12-12 | url = https://www.suntrust.com/portal/server.pt/gateway/PTARGS_0_2_224_866_0_43/http%3B/phx.corporate-ir.net/phoenix.zhtml?c=82273&p=irol-newsArticle&ID=941461&highlight= | accessdate = 2007-04-08 }}</ref> On [[February 5]], [[2007]], SunTrust rolled out its very own credit card that was offered to current SunTrust clients and potential SunTrust clients. By May 2007, there were already 75,000 new SunTrust credit cards.{{fact|date=October 2007}} == History == The earliest predecessor institution, Farmers Bank of Alexandria, Virginia, was founded in 1811.<ref name="historicalhighlights">{{cite web| url = https://www.suntrust.com/portal/server.pt/gateway/PTARGS_0_2_227_866_0_43/http%3B/portlet-ice.suntrust.com/Portlets/iwcc/IWCCDisplay.aspx?gid=PleRBZamgzMxbPtB8tKlh3OQ7J4wH4wArZZ| title = SunTrust Banks, Inc. Historical Highlights| accessdate = 2006-12-10| year = 2004| month = October| format = PDF| publisher = SunTrust Banks| language = English }}</ref> The most direct corporate ancestor, 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.<ref name="nge">{{cite web| url = http://www.newgeorgiaencyclopedia.com/nge/Article.jsp?path=/BusinessIndustry/Business/BankingFinancialLegalServices-1/InsuranceCompanies&id=h-1746| title = SunTrust Banks (Trust Company Bank)| accessdate = 2006-12-10| last = Borowsky| first = Bruce| date = 2005-03-11| work = New Georgia Encyclopedia| publisher = Georgia Humanities Council }}</ref> 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.<ref name="historicalhighlights"/> [[Image:SunTrustCenter.jpg|thumb|SunTrust Center in [[Orlando, Florida]]]] ===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.<ref name="historicalhighlights"/> In 2001, SunTrust launched a hostile takeover bid for [[Wachovia]], after Wachovia announced its intention to merge with [[First Union]].<ref>{{cite press release | title = Wachovia Comments On SunTrust's Unsolicited Proposal | publisher = Wachovia Corporation | date = 2001-05-14 | url = http://www.wachovia.com/inside/page/0,,134_307%5E190,00.html | accessdate = 2007-10-20 }}</ref> This attempt was unsuccessful. The company bought [[Memphis, Tennessee|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, Alabama, Georgia, Virginia and West Virginia.<ref>{{cite news | title = SunTrust to buy National Commerce Financial | url = http://atlanta.bizjournals.com/atlanta/stories/2004/05/03/daily60.html | publisher = Atlanta Business Chronicle | pages = 2 | page = 1 | date = 2004-05-09 | accessdate = 2007-04-08}}</ref> On [[November 2]], [[2007]], SunTrust Bank announced that it will acquire GB&T Bancshares for $154 million. Under the agreement, GB&T shareholders would receive 0.1562 shares of SunTrust stock for each share of GB&T stock held. SunTrust doesn't anticipate the transaction, expected to close in the second quarter of 2008, to affect 2008 earnings. If completed, the merger would integrate the GB&T franchise primarily into SunTrust's Atlanta banking region, where it operates 212 branches. SunTrust is frequently the target of rumors that it will be acquired by a larger bank.<ref name="ajc">{{cite news | first = PÉRALTE | title = SunTrust remains stubbornly independent | work = [[The Atlanta Journal-Constitution]] | date = 2006-09-04}}</ref> ===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.<ref name="nge"/> 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 a [[safe deposit box]] of a SunTrust location in Atlanta.<ref>{{cite web | last = Mikkelson | first = Barbara | title = Have a Cloak and a Smile | publisher = Urban Legends Reference Pages | date = 2007-03-13 | url = http://snopes.com/cokelore/formula.asp | accessdate = 2007-04-08 }}</ref> [[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 2007, two Coca-Cola executives sit on SunTrust's [[board of directors]]<ref>{{cite web | title = Officers & Directors | publisher = SunTrust Banks, Inc. | url = https://www.suntrust.com/portal/server.pt?space=Opener&control=OpenObject&cached=true&parentname=CommunityPage&parentid=4&in_hi_ClassID=512&in_hi_userid=2&in_hi_ObjectID=1487&in_hi_OpenerMode=2& | accessdate = 2007-04-08 }}</ref> and a former SunTrust CEO sits on Coca-Cola's board.<ref>{{cite web | title = Board Of Directors | publisher = The Coca-Cola Company | url = http://www2.coca-cola.com/ourcompany/board.html | accessdate = 2007-04-08}}</ref> On [[May 15]], [[2007]] SunTrust announced that it had sold 4.5 million shares, or 9%, of its 48.2 million shares of Coca-Cola. The company plans by year end to decide what to do with the remaining shares it owns.<ref>[http://www.cnbc.com/id/18677410 SunTrust Sells Coca-Cola Shares It's Held 88 Years] ([[CNBC]])</ref><ref>[http://www.ajc.com/business/content/business/coke/stories/2007/05/15/0515bizsuntrust.html SunTrust unloads 9% of Coke stock, may sell more] ([[Atlanta Journal-Constitution]])</ref> ==SunTrust Center== Located at 200 South Orange Avenue, The SunTrust Center is the tallest building in downtown [[Orlando, FL]]. The 35 story, {{convert|650000|sqft|m2|abbr=on}} building was built in 1988 at a price of approximately $100,000,000. It is constructed of reinforced concrete and granite with marble finishes and features 17 elevators. The building features panoramic views of the city of Orlando. ==Sponsorships== ===SunTrust Racing=== {{Cleanup-section| date=October 2007 }} In 2006 - 11/18 [http://www.suntrust-racing.com/press/20061118.asp SunTrust renews role] as the official bank of the [[Grand American Road Racing Association]].<br> 2006 - SunTrust Racing #10 takes 3rd in the Daytona Prototype Championship.<br> 2005 - SunTrust Racing #10 clinches Daytona Prototype Championship in only second year for SunTrust Racing.<br> 2005 - SunTrust Racing #10 wins 43rd annual Rolex 24 at Daytona endurance race.<br> 2004 - SunTrust Racing #10 finishes 2nd in Rolex Series Championship, in the first year for SunTrust Racing<br> 2004 - SunTrust is the ''Official Bank'' of [[NASCAR]] (Note: in 2006, the official bank becomes [[Bank of America]])<br> SunTrust has been the title sponsor of the [[SunTrust Indy Challenge]], an [[IndyCar Series]] race at [[Richmond International Raceway]] since its inception in 2001. <br> Between 1984 and 1990, under its former name, Sunbank became the title sponsor of [[24 Hours of Daytona]], therefore it became known as ''Sunbank 24 Hours of Daytona'' [http://www.suntrust-racing.com SunTrust Racing] ==References== {{reflist|2}} ==External links== *[http://www.suntrust.com/ SunTrust Banks, Inc. - official site] *[http://biz.yahoo.com/ic/11/11416.html Yahoo! - SunTrust Banks, Inc. Company Profile] {{US Banks}} {{Atlanta companies}} [[Category:Banks of the United States]] [[Category:Companies based in Atlanta, Georgia]] [[Category:Economy of Richmond, Virginia]] [[Category:Companies established in 1811]] [[de:SunTrust Banks]] [[no:SunTrust Banks]] [[pt:SunTrust Banks]]