SunTrust is the largest subsidiary of SunTrust Banks, Incorporated. In June of 2008, this bank had nearly two billion dollars in assets. The SunTrust Bank headquarters are located in Atlanta, Georgia, where they have been since 1891, as SunTrust’s parent company began here. You can find SunTrust Bank locations in the southern states. Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia are all home to SunTrust Bank locations. In the following article, we will review more information and history about the SunTrust Bank.
In the early 1800’s, the Farmer’s Bank of Alexandria, Virginia was chartered, and this was the earliest form of that would become the Bank. The Farmer’s Bank was the direct corporate relative of the Trust Company of Georgia. When this financial institution was founded, it was called the Commercial Traveler’s Savings Bank, a name it only held for two years. After this time it was renamed the Trust Company of Georgia, to be more in-line with the increased stature and additional services it was able to offer its clients. The Bank as it is today is a result of a merger. In 1985, the Trust Company of Georgia and SunBanks, from Florida became one, thus making what is now known as SunTrust Banks, Inc. The branches of this bank, other than the original Florida SunBanks, did not switch over to the name of the parent company until late in the 1990’s.
After the union in 1985, SunTrust Banks, Corporation started to purchase other banks and banking concerns. In 1986, SunTrust purchased Third National Corporation of Tennessee. In 1998, SunTrust bought Crestar Financial of Virgina and in 2001 SunTrust attempted to takeover Wachovia, but they were unsuccessful. Instead, Wachovia merged with another bank, First Union. In 2004, SunTrust bought the National Commerce Financial Corporation, which was based out of Memphis. They made this purchase for about seven billion dollars. Once this purchase was made, it gave SunTrust branches in both North and South Carolina, Mississippi, Alabama, Tennessee, Virginia, West Virginia and Georgia. SunTrust has more recently purchased GB&T Bancshares for just under $154 million. GB&T will now mainly be folded into the SunTrust Atlanta, Georgia banking region. SunTrust has been working diligently to strengthen its assets since its birth in 1985. As of now, there are rumors going around that SunTrust may be taken over by a larger bank in the near future. There is no date that is set in stone when it will be known whether or not SunTrust will be taken over. And with the state-of-affairs the bank holding companies have become very conservative in their acquisitions.
Coke and Suntrust have been cousins of sorts for years. The original financing for Coca-Cola was handled by SunTrust’s predecessor The Trust Company of Georgia. Right now the number one company secret in the world - the Coca-Cola Formula - resides in the SunTrust safe in Atlanta. SunTrust also puts its money where its mouth is - that is they own about 50 million shares of the Coke Company - another safe bet, recently the stock, even in this down market was selling in the high $40’s - a nice chunk of money.
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