SunTrust Banks, Inc. , is the parent company of American banks. The largest subsidiary is SunTrust Bank. It has US $ 199 billion in assets on March 31, 2018. SunTrust's parent company was the most directly established in 1891 in Atlanta, where its headquarters remained.
As of September 2016, SunTrust Bank operates 1,400 bank branches and 2,160 ATMs in 11 southeastern states and Washington, D.C. The main business of the bank includes deposits, loans, credit cards, and investment services and trust. Through its subsidiaries, the company provides corporate and investment banking, capital market services, mortgage banking, and wealth management. It has nearly 24,000 employees. In 2013, he paid $ 1.5 billion "to settle claims from bad mortgage loans, service and foreclosure practices."
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History
Trust Company Georgia
On September 21, 1891, SunTrust's most direct ancestor, the Trust Company of Georgia, was granted a charter by the Georgia General Assembly as a Commercial Traveler Savings Bank. Its founders are John M. Green, Joel Hurt, HL Atwater, WA Hansell, TJ Hightower, JG Oglesby, JD Turner, John B. Daniel, Joseph Hirsch, Leon Lieberman, Louis Wellhouse, AJ McBride, Dougherty DO, WA Gregg, WW Draper , AC Hook, WT Ashford, George W. Brooke, CI Branan, and Montgomery CD.
In November 1893, he was restructured as a trust company and renamed the Trust Company of Georgia.
Sun Bank
The predecessor of the oldest Sun Bank was founded in 1911 as the National People's Bank. In 1920, he became First National Bank. During the Great Depression, First National Bank and Trust Company failed in the early 1930s. It was reorganized on Valentine's Day 1934 as First National Bank in Orlando. In 1973, the bank joined other Orlando banks to become Sun Banks. It has three subsidiaries associated with the bank and total assets of $ 1.713 billion as of December 31, 1973.
In the early 1980s, Sun went on a buying action that raised at least a few eyebrows, as he positioned the bank for the state of Florida to finally allow banking between countries. It rolled out the 81-year-old Hillsboro Bank, based in Plant City, an institution with $ 150 million in assets and then a leased third country bank. He also bought Florida State Bank of Tallahassee, which had tried to join Sun in 1973, but the deal fell apart when the economy deteriorated.
Then, in May 1983, Sun announced an agreement for Flagship Bank Inc. which is headquartered in Miami, with $ 3.3 billion in assets, which catapulted Matahari into one of Florida's largest bank holding companies. The Prize Agreement is the seventh by Sun in less than a year.
Merge transformation
In 1985, the Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc. The joint venture operated as Trust Company Bank in Georgia and Sun Bank in Florida until 1995, when all banks took the name SunTrust.
In 1986, shortly after the SunBank-Trusted Companies merger, SunTrust purchased the Third National Corporation of Nashville, although it continued to use the Third National name in Tennessee to merge its entire banking network under the name SunTrust in 1995.
SunTrust bought Crestar Financial Corporation from Richmond, Virginia in 1998 expanding its footprint to Virginia, Maryland, and the District of Columbia. Early Crestar (and SunTrust's) predecessor, Farmers Bank of Alexandria, was founded in 1811.
In 1988, Suntrust was added to the S & amp; P 500.
In 2001, SunTrust bought the institutional business Robinson-Humphrey Company, LLC. creating SunTrust Robinson-Humphrey.
The Company purchased Memphis National Financial Financial Corporation (NCF) based in Memphis for $ 7 billion in 2004. The bank operates as National Bank of Commerce in South Carolina, Tennessee, Mississippi, Arkansas, Alabama, Georgia, Virginia, and West Virginia and as the Central Carolina Bank and Trust in North Carolina. This acquisition allows SunTrust to enter Alabama, Carolina, and West Virginia for the first time, and substantially increase its footprint in other countries.
In 2013, the bank led a group of banks including Fifth Third Bank and Florida Community Bank that helped finance the acquisition of BEL USA, the holding company that owns DiscountMugs, by Comvest Partners, a private equity firm.
By 2014, SunTrust announced it will launch a group of medical specialists to work with independent medical practice.
On September 16, 2014, Atlanta Braves announced the name of their new Cobb County stadium: SunTrust Park. SunTrust Park, which is expected to be launched in time for the first pitch of the 2017 season, will serve as the new home of the Atlanta Braves. The $ 1.1 billion construction project at Cobb County will include restaurants, shops, offices, hotels and residential spaces connected directly to the park. The Braves organization made history by building development at the same time the stadium is under construction.
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Current operation and structure
The Company operates three main business units: Consumer Banking & amp; Personal Wealth Management, Wholesale Banking, and Mortgage.
In September 2016, SunTrust Bank operates 1,400 bank branches and 2,160 ATMs in including Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington, DC Bank announced in 2018 that he will close his last five branches in West Virginia, all in Kroger stores.
Executive
On April 21, 2011, William H. Rogers, Jr. started the transition to the role of CEO previously held by Jim Wells, who retired December 31, 2011. Previously SunTrust COO, Rogers took over as CEO on June 1, 2011. Rogers was named President in 2008. At that time, the current Chief Financial Officer (CFO) is Aleem Gillani named in April 2011.
In 2015 and 2016, two corporate treasurers have become CFOs in major regional banks, including Kevin Blair at Zions Bancorporation and Paul Burdiss at Synovus, and unit chief strategist, Inder M. Singh, becoming CFOs at IT company Unisys.
Relationship with Coca-Cola
SunTrust has a long-term relationship with The Coca-Cola Company. In 1919, Ernest Woodruff, president of the Trust Company from 1904 to 1922, and W. C. Bradley purchased The Coca-Cola Company for $ 25 million and restructured. The Trust Company of Georgia helps secure an initial public offering, receiving Coke shares in exchange for its services. Four years later, his son, Robert W. Woodruff, was elected president of Coca-Cola, a title he would hold until 1954 and a board member until 1984.
As a result, SunTrust has 48.3 million shares (3.58%) Coke in 2006, which has a GAAP cost base of $ 110,000. In addition, the original copy of the formula for Coca-Cola was stored in a safe deposit box from the SunTrust location in Atlanta (originally the Trust Company Bank location) from 1925 to 2011. It was eventually transferred to the World Coca-Cola vault, also in Atlanta.
For years, Coca-Cola executives will sit on the SunTrust board of directors and SunTrust executives will sit in the Coca-Cola board.
SunTrust began releasing Coke shares in May 2007, when it sold 4.5 million, or 9% of its positions. In 2008, the bank sold 10 million other shares, contributed 3.6 million to the SunTrust charity foundation, and drew up plans to sell more shares in 2014 and 2015.
However, in September 2012, SunTrust sold all Coke shares on the orders of its main regulator, the Federal Reserve. SunTrust is forced to resubmit its capital plan - known as Comprehensive Capital Analysis and Review (CCAR) - after failing part of the stress test in March 2012. SunTrust's Coke (or share ownership) stock will weigh the bank's capital ratio under capital rules new in Basel III. Thus, SunTrust decided to expedite its plans and sell Coke shares earlier than expected.
2014 National KPR Settlement
In 2014, the federal government along with state general prosecutors in 49 states and the District of Columbia reach a settlement requiring SunTrust Mortgage, Inc., to provide $ 500 million in various forms of assistance to mortgage borrowers. The United States District Court for the District of Columbia enters the Order Agreement on September 30, 2014. The consent order is directed to alleged violations of SunTrust in relation to the practice of assault and mortgage seizure. SunTrust is also required to create a 40 million dollar fund for approximately 45,000 SunTrust borrowers taken over between January 1, 2008 and December 31, 2013. In addition, SunTrust is required to comply with significant new homeowners protection. The consent order requires SunTrust to follow the service standards set by the 2012 National KPR Settlement (NMS) with the five largest banks.
Controversy
In September 2015 SunTrust laid off a hundred IT professionals with a controversial termination agreement clause by SunTrust that requires laid-off employees to be available to help without paying for two years. In October, the 23rd Suntrust reverses its direction and removes the clause: "to make myself available enough for SunTrust on matters where I have been involved in my work with SunTrust and/or about which I have knowledge as a result of my work with SunTrust. "
Buildings and branches
Located on 200 South Orange Avenue, The SunTrust Center is the tallest building in downtown Orlando, Florida. Building 35, 650,000 sq ft (60,000 m 2 ) was built in 1988 at a cost of about $ 100 million. It is constructed of reinforced concrete and granite with a marble finish and features 17 elevators.
References
External links
- SunTrust Banks, Inc. - the official site
- Yahoo! - SunTrust Banks, Inc. Company Profile
Source of the article : Wikipedia
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