SunTrust Banks, Inc. is one of the largest American holding companies. Its largest subsidiary, SunTrust Bank based in Atlanta, Georgia, has approximately $174.8 billion assets.
SunTrust operates approximately 1,700 retail branches and 2,506 ATMs primarily in the southern US states.
The History of SunTrust Bank
SunTrust was originally founded in 1811 by it’s predecessor, Farmers Bank of Alexandria, Virginia. Its most direct corporate forefather was the Commercial Travelers’ Savings Bank, founded in 1891 which two years later renamed itself the Trust Company of Georgia.
SunTrust and Coca-Cola
In 1919, the Trust Company of Georgia secured the underwriting of the initial public offering of Asa Candler’s Coca-Cola Company. The deal resulted in SunTrust today possessing over 48 million shares of Coca-Cola. SunTrust has the only written formula of the original Coca-Cola in a vault at its main office in Atlanta.
SunTrust’s Expansion in the Late 20th Century
The bank’s most substantial change occured in 1985 when the current SunTrust Banks, Inc. was a result of a merger between the Trust Company of Georgia and Sunbanks, Inc. of Florida (the name SunTrust was adopted in 1995). A series of major acquisitions were to follow, including the purchase of the Third National Corporation of Tennessee in 1986. The purchase of Crestar Financial Corporation in 1998, resulted in SunTrust expanding into Maryland, Virginia and the District of Columbia.
SunTrust and the 21st Century
In 2001, SunTrust failed in a hostile bid for the Wachovia Corporation. The bid itself was a last minute means of preventing a merger between the Wachovia Corporation and First Union both of which were strong rivals.
SunTrust acquired the National Commerce Financial Corporation (NCF) in 2004 for $7 billion, resulting in SunTrust branching out into North and South Carolina, Tennessee, Mississippi, Arkansas, Alabama, Georgia, West Virginia and Virginia.
In November 2007, SunTrust disclosed the possibility of the aquisition of GB&T Bancshares for $154 million, if accomplished GB&T franchise would mainly merge into SunTrust’s Atlanta banking region.
SunTrust’s Products and Services
SunTrust focuses on the areas of Personal Finance, Business Banking and Corporate and Institutional Services. Providing deposit, credit, trust and investment to a wide range of retail, business and institutional companies through its banking subsidiaries. Mortgage, bank brokerage, investment management, equipment leasing and capital market services are provided by a number of its other subsidiaries.
All SunTrust banking and financial functions can be carried either in person at a SunTrust Bank branch, online via Internet banking or over the phone through Automated Telephone Banking
Fair Lending
SuntTrust Bank operates a “Fair Lending” policy to all its customers. Its Code of Conduct states explicitly that all customers will be treated consistently and fairly regardless of religion, race, origin, gender, age or physical ability. This is borne out by SunTrust’s monitoring of the lending process whereby credit policy and customer service is continually assessed for fairness. SunTrust Bank also ensures that its marketing and advertising activities comply with fair lending law.