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SunTrust Banks, Inc. is an American bank holding company. The largest subsidiary is SunTrust Bank. It had US$175 billion in assets as of December 31, 2013. SunTrust Bank’s most direct corporate parent was established in 1891 in Atlanta, where its headquarters remain.
SunTrust is one of the nation’s largest and strongest financial services companies. As a purpose-driven organization, it is dedicated to lighting the way to financial well-being. They are passionate about helping people and businesses move from financial stress to financial confidence, and it offers counsel and solutions daily through all of our lines of business and online channels. As it celebrates the 125th year since its founding and remain rooted in a client-first culture, it believes that SunTrust is uniquely positioned to have a significant impact on the people and communities it serves.
Through its flagship SunTrust Bank subsidiary, this company operates some 1,400 branches in about a dozen southeastern and mid-Atlantic states. With total assets of about $199 billion and total deposits of over $150 billion, the bank offers standard retail and commercial services, such as credit, deposit, and investment services. The annual revenue of Sun Trust Bank Inc. is 8.2 billion USD. The SunTrust Foundation provided $14.1 million to more than 1,500 organizations, and SunTrust teammates and retirees pledged more than $6.3 million to the United Way.
SunTrust Banks, Inc. (NYSE: STI) reported net income available to common shareholders of $519 million, or $1.00 per average common diluted share. This compares to $0.89 per share in the prior quarter and $1.06 and $0.81 per share in the third quarter of 2014, on a reported and adjusted basis, respectively. $0.07 per share favorably impacted the current quarter in discrete tax benefits and $0.04 per share in recoveries related to the resolution of previous mortgage matters. Earnings per share, when excluding the net $0.11 per share benefit of these items, grew 10% compared to the adjusted level a year ago. For the first nine months of 2015, earnings per share were $2.67 compared to $2.51 per share for the same period last year. Prior year earnings included a $0.16 per share net benefit related to a tax item and the gain on sale of RidgeWorth, partially offset by the resolution of specific legacy mortgage-related matters.
How it originated?
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking. As of September 30, 2016, SunTrust had total assets of $205 billion and total deposits of $159 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence.
A holding company formed by Trust Company of Georgia in 1985, SunTrust Banks Inc. had total assets of $55.5 billion in 1997, making it the 19th largest bank in the United States. In a city that had seen its large financial institutions overtaken by NationsBank and Wachovia during the 1980s and 1990s, SunTrust remained the only major banking company with headquarters in Atlanta. At the heart of the bank’s stability are its 48.3 million shares of common stock in Atlanta’s most famous commercial enterprise, Coca-Cola, a relationship that dates back to the company’s origins.
How does it work?
On Sept. 16, 2014, the Atlanta Braves announced the name of its new Cobb County stadium: SunTrust Park. SunTrust Park, which is expected to be unveiled 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 in Cobb County will include restaurants, shops, offices, a hotel and residential spaces directly connected to the park. The Braves organization is making history by building out the development at the same time the stadium is being constructed.
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