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SunTrust Banks, Inc. (NYSE: STI (http://www.nyse.com/about/listed/lcddata.html?ticker=STI)) is a bank holding company. The largest subsidiary is SunTrust Bank.
Subsidiaries
SunTrust Bank
SunTrust Bank is an American bank. It was founded 1811 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, the Carolinas, Florida, Georgia, Maryland, South Carolina, Tennessee, Virginia, and Washington, DC.
The company bought Memphis based National Commerce Financial Corporation (NFC) for $7 billion in 2004. In 2005, SunTrust will complete the merger to acquire branches and assets in Tennessee, Arkansas, Mississippi, North Carolina, and South Carolina.
A predecessor of SunTrust, the Trust Company of Georgia, helped underwrite the initial public offering of The Coca-Cola Company in 1919 (see [1] (http://finance.yahoo.com/q/mh?s=STI)). 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
Products
The bank's offerings include retail and commercial banking, as well as trust services, credit cards, mortgage banking, mutual funds, insurance, equipment leasing, asset management, and securities underwriting and dealing. SunTrust's brokerage subsidiary, Alexander Key, caters to wealthy individuals and families.
Financials
2003
- Revenue: $7.071 billion
- Employees: 27,578
External links
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