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All About Suntrust Bank
SunTrust Banks is an American based company. In the Southern United States largest subsidiary is . Primarily it is located in the Southern United States. It was founded in the year 1885 and its headquarters are in Atlanta,and Georgia. The parent company, SunTrust Banks 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. In 2004, SunTrust signed a marketing agreement with NASCAR declaring that SunTrust was the Official Bank of the popular racing circuit.
Products
The bank's offers retail and commercial banking, as well as trust services. It also offers mortgage banking, mutual funds, insurance, equipment leasing, asset management, and securities underwriting and dealing.
HISTORY
The Farmers Bank of Alexandria, Virginia, was founded in 1811. 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. 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.
Suntrust Bank seeks the healthy glow of higher-margin financial services. SunTrust Bank operates approximately 1,700 bank branches across an arc of southeastern states, including Alabama, the Carolinas, Florida, Georgia, Maryland, Tennessee, and Virginia, plus Washington, DC. SunTrust bought National Commerce Financial in 2004 for some $7 billion. In 2005, SunTrust will complete the merger to acquire branches and assets in Tennessee, Arkansas, Mississippi, North Carolina, South Carolina and West Virginia.
A predecessor of helped underwrite the initial public offering of The Coca-Cola Company in 1919. 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.
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