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44-589: SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$ 199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta , where it was headquartered. As of September 2016, SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 11 southeastern states and Washington, D.C. The bank's primary businesses included deposits, lending, credit cards, and trust and investment services. Through its various subsidiaries,

88-579: A trust company and renamed itself Trust Company of Georgia. The earliest predecessor of Sun Bank was founded in 1911 as The People's National Bank in Orlando, Florida . In 1920, it became the First National Bank. In the early 1930s, during the Great Depression , the First National Bank and Trust Company failed. It was reorganized on Valentine's Day 1934 as the First National Bank at Orlando. In 1973,

132-518: A $ 1.94 billion "merger of equals" with Durham, North Carolina -based CCB , which had 208 branches and $ 8.2 billion in assets in March 2000. NCBC would be the surviving corporation. Corporate headquarters would stay in Memphis but Durham would be the operational headquarters. NCBC chairman and chief executive officer Garrott would become chairman, while CCB chairman and CEO Ernest C. Roessler would become CEO of

176-556: A bank". All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System . The Federal Reserve Board of Governors , under Regulation Y ( 12 CFR 225 ) has responsibility for regulating and supervising bank holding company activities, such as establishing capital standards , approving mergers and acquisitions and inspecting

220-540: A deal for Shearson's retail division, and Robinson-Humphrey was included in the sale, using the Smith Barney unit of Primerica Corp. On February 7, 2019, BB&T Corporation reported that it would acquire SunTrust to create the sixth-largest US bank, with assets of $ 442 billion and market capitalization around $ 66 billion. BB&T will be the nominal survivor, but the merged bank will be headquartered in Charlotte under

264-790: A former UCB in Raleigh, North Carolina ; at that time 110 of its 130 branches were inside Kroger stores, 23 of those in North Carolina. In 1999, BankINVESTOR named NCBC the top financial institution in the United States in terms of five-year results. That same year, NCBC bought First Financial Corporation of Mount Juliet, Tennessee and entered the Charleston, West Virginia market. NCBC also joined Standard & Poor's MidCap 400 Bank Index. In 2000, NCBC bought Piedmont Bancorp. of Hillsborough, North Carolina . Later that same year, NCBC agreed to

308-531: A new name, Truist Financial Corporation . However, Truist will retain significant operations in Atlanta. It was subsequently announced that Atlanta will be Truist's headquarters for wholesale banking, while Winston-Salem will be the headquarters for community banking. This could mean more jobs in both cities. SunTrust had been the last major bank headquartered in Atlanta, which had been the South's financial capital for much of

352-521: A plan to sell more shares in 2014 and 2015. However, in September 2012, SunTrust sold all of its Coke shares at the behest of its primary regulator, the Federal Reserve. SunTrust was forced to resubmit its capital plan – known as Comprehensive Capital Analysis and Review (CCAR) – after it failed part of the stress test in March 2012. The Coke shares (or any stock holding) held by SunTrust would weigh on

396-520: A strategy of one free-standing branch for every three in-store locations. NCBC had $ 7.3 billion in assets and 162 National Bank of Commerce (NBC) branches in Tennessee , Georgia , Mississippi , Virginia , West Virginia , Arkansas and North Carolina . In April 2001, National Commerce Bancorporation changed its name to National Commerce Financial Corporation. In July 2001, National Commerce Financial Corporation received approval to list its stock on

440-469: A tax free basis, borrow money, acquire other banks and non-bank entities more easily, and issue stock with greater regulatory ease. It also has a greater legal authority to conduct share repurchases of its own stock. The downside includes responding to additional regulatory authorities, especially if there are more than 2,000 shareholders (note: prior to the Jobs Act or Jumpstart Our Business Startups Act ,

484-629: A transition into the CEO role previously held by Jim Wells, who retired December 31, 2011. Formerly SunTrust's COO, Rogers assumed the title of CEO on June 1, 2011. Rogers had been named President in 2008. At that time, the current Chief Financial Officer (CFO) is Aleem Gillani was named in April 2011. In 2015 and 2016, two corporate treasurers have gone on to become CFOs at large regional banks, including Kevin Blair at Zions Bancorporation and Paul Burdiss at Synovus , and

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528-541: A unit strategy head, Inder M. Singh, became CFO at IT firm Unisys . SunTrust had a long-standing relationship with The Coca-Cola Company . In 1919, Ernest Woodruff , president of the Trust Company from 1904 to 1922, and W. C. Bradley bought The Coca-Cola Company for $ 25 million and restructured. The Trust Company of Georgia helped underwrite the initial public offering, accepting shares of Coke in exchange for its services. Four years later, his son, Robert W. Woodruff ,

572-654: A year. In 1985, Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc. The merged company was headquartered in Atlanta, and continued to operate as Trust Company Bank in Georgia and Sun Bank in Florida. The newly merged company made its first major deal a year later, when it purchased Third National Corporation of Nashville . However, it continued to use the Third National name in Tennessee. In 1995, SunTrust retired

616-511: Is a company that controls one or more banks , but does not necessarily engage in banking itself. The compound bancorp ( banc / bank + corp[oration] ) or bancorporation is often used to refer to these companies as well. In the United States, a bank holding company , as provided by the Bank Holding Company Act of 1956 ( 12 U.S.C.   § 1841 et seq. ), is broadly defined as "any company that has control over

660-536: The Atlanta Braves announced the name of their new Cobb County stadium: SunTrust Park . SunTrust Park, which opened for the 2017 season as their new home. The $ 1.1 billion construction project in Cobb County included The Battery Atlanta , a district of restaurants, shops, offices, a hotel, and residential spaces directly connected to the park, all built during the construction of stadium itself. The name SunTrust Park

704-862: The Atlanta, Georgia market with 30 Kroger branches, and the Savannah, Georgia market with four. As a result of the First Union-Wachovia merger , NCF bought twelve branches of the former First Union and Wachovia banks in Georgia and Virginia which would become NBC branches. 25 other branches became CCB locations as of February 15, 2002, and one became a First Bank . When Garrott announced his retirement in April 2002, NCF had 447 branches, 156 of them in stores, in nine states. In 2003, NCF and Wal-Mart started Wal-Mart Money Centers, located inside Wal-Marts. In April 2004, NCF announced it would locate 70 NBC branches inside Wal-Marts in Florida and Georgia, marking

748-1077: The Federal Reserve 's credit facilities. National Commerce Financial Bank of Commerce & Trust began in 1873. Its limestone Classical Revival building was built in 1929. The 31-story One Commerce Square was completed in 1973 and has also been called the NBC Building and the SunTrust Building. In 1982, when Thomas M. Garrott became president of National Bank of Commerce and its parent company National Commerce Bancorporation (NCBC), NBC had 24 branches in Memphis. In 1985, NCBC made an arrangement with Kroger , which resulted in NBC branches being located inside grocery stores in Tennessee , Kentucky , Missouri , Arkansas , Mississippi and Alabama . The first in-store branch opened in Germantown, Tennessee later that year. During 1985 and 1986, NBC entered

792-499: The Nashville, Tennessee and Knoxville, Tennessee markets under the names "Nashville Bank of Commerce" and "NBC Knoxville Bank". By 1988, NBC had 48 branches, 33 inside stores. At the end of 1992, NCBC had total assets of $ 2.3 billion. Garrott became chairman when Bruce Campbell retired. In 1993, NCBC bought the charter of First Federal Savings Bank of Belzoni, Mississippi , allowing NCBC to operate in more than one state. Later in

836-749: The New York Stock Exchange using the symbol NCF. Later in July 2001, NCF announced the $ 126 million purchase of SouthBanc Shares, Inc. of Anderson, South Carolina , which had 11 branches and $ 671 million in assets, $ 508 million in loans and $ 452 million in deposits in the Greenville-Spartanburg area. Also in 2001, NCF bought First Vantage Bank of Knoxville, Tennessee , and announced a plan to locate ten branches inside Bi-Lo stores in South Carolina. Later in 2001, NCF announced it would enter

880-493: The 20th century. The merger closed on December 6, 2019. On that day, SunTrust Bank merged into BB&T's banking unit, Branch Banking and Trust Company, forming Truist Bank as the merged company's legal banking entity. However, the merged bank will continue to operate under the BB&;T and SunTrust names until the two banks' systems are combined, a process that could take up to two years. Customers of either company will be able to use

924-544: The Carolinas, and West Virginia for the first time, and substantially increased its footprint in the other states. In 2013, the bank led a bank group that included Fifth Third Bank and Florida Community Bank that helped finance the acquirement of BEL USA, the parent company that owns DiscountMugs , by Comvest Partners, a private equity firm. In 2014, SunTrust announced it would launch a medical specialty group to work with independent medical practices. On September 16, 2014,

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968-615: The District of Columbia entered the Consent Order on September 30, 2014. The consent order addressed SunTrust's alleged misconduct regarding its mortgage servicing and foreclosure practices. SunTrust was also required to create a 40 million dollar fund for the approximately 45,000 SunTrust borrowers who were foreclosed upon between January 1, 2008 and December 31, 2013. In addition, SunTrust was required to adhere to significant new homeowner protections. The consent order required that SunTrust follow

1012-574: The Trust Company Bank, Sun Bank and Third National names and rebranded all of its banking subsidiaries as SunTrust. SunTrust purchased Crestar Financial Corporation of Richmond, Virginia in 1998, expanding the company's footprint into Virginia, Maryland, and the District of Columbia. Crestar was founded in 1865 as State Planters Bank of Commerce and Trusts in 1865, becoming United Virginia Bank in 1969 and Crestar in 1987. Crestar's (and SunTrust's) earliest predecessor, Farmers Bank of Alexandria ,

1056-471: The bank merged with other Orlando banks to become SunBanks. As of December 31, 1973, it had three bank-related subsidiaries and total assets of $ 1.713 billion. In the early 1980s, the bank pursued further mergers, positioning itself for the state of Florida to eventually allow interstate banking. It incorporated 81-year-old Hillsboro Bank, based in Plant City , an institution with $ 150 million in assets and then

1100-591: The bank's capital ratio under new capital rules within Basel III . Thus, SunTrust decided to accelerate its plan and sold the Coke shares earlier than expected. In 2014, the Federal government together with state attorneys general in 49 states and the District of Columbia reached a settlement requiring SunTrust Mortgage, Inc., to provide $ 500 million in various forms of relief to mortgage borrowers. The United States District Court for

1144-499: The company provided corporate and investment banking, capital market services, mortgage banking, and wealth management — with nearly 24,000 employees. In 2013, it was ordered to pay $ 1.5 billion "to resolve claims of shoddy mortgage lending, servicing and foreclosure practices," and it reached a preliminary $ 968 Million settlement with the US government in 2014. In February 2019, SunTrust Banks announced its pending purchase by BB&T for $ 28 billion in an all-stock deal, creating

1188-501: The company's entry into Florida. Three-fourths of the branches would be in Florida, in such areas as Jacksonville , Orlando and Tampa - St. Petersburg . NBC already operated Wal-Mart branches in the Chattanooga, Tennessee area. At the time, the planned NBC branches were not being called Wal-Mart Money Centers. NCF had about 1250 employees and nearly 500 branches. In May 2004, NCF announced it would merge with SunTrust, making SunTrust

1232-522: The course of my employment with SunTrust and/or about which I have knowledge as a result of my employment with SunTrust." Located at 200 South Orange Avenue, The SunTrust Center is the tallest building in downtown Orlando, Florida . The 35 story, 650,000 sq ft (60,000 m) building was constructed in 1988 at a cost of approximately $ 100 million. It is constructed of reinforced concrete and granite with marble finishes and features 17 elevators. Bank holding company A bank holding company

1276-463: The new company. The combination would give NCBC "market capitalization of about $ 4.2 billion, combined assets of $ 15 billion, deposits of $ 11.3 billion and 370 branches in eight states". Wachovia Securities vice president John B. Moore pointed out that NCBC "is the first major out-of-state bank to come into North Carolina, which is a highly competitive, very concentrated market." Unlike CCB, which grew by buying other banks, NBC added new markets, with

1320-635: The operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation . Becoming a bank holding company makes it easier for the firm to raise capital than as a traditional bank. The holding company can assume debt of shareholders on

1364-665: The other's ATMs without charge during the process. The company operated three primary business units: Consumer Banking & Private Wealth Management, Wholesale Banking, and Mortgage. As of September 2016, SunTrust Bank operates 1,400 bank branches and 2,160 ATMs across including Alabama , Arkansas , Florida , Georgia , Maryland , Mississippi , North Carolina , South Carolina , Tennessee , Virginia , West Virginia , and Washington, D.C. The bank announced in 2018 that it will close its last five West Virginia branches, all in Kroger stores. On April 21, 2011, William H. Rogers Jr., began

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1408-495: The servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks. In September 2015 SunTrust laid off one hundred IT professionals with a controversial severance agreement clause by SunTrust that required laid-off employees to be available to help without pay for a period of two years. On October, 23rd Suntrust reversed course and removed the clause: "to make myself reasonably available to SunTrust regarding matters in which I have been involved in

1452-556: The seventh-largest bank in the United States. Several Kroger branches in the Nashville, Tennessee and Durham, North Carolina areas were merged into U.S. Bank branches. Also announced at that time were the fates of NCF's major executives. NCF chief operating officer Richard Furr would head the Carolinas group. Scott Edwards, chief administrative officer, would become head of credit for the Carolinas and be based in Durham. Robert Jones would succeed

1496-550: The shareholder number was 300), at which point the bank holding company is forced to register with the Securities and Exchange Commission . There are also added expenses of operating with an extra layer of administration. As a result of the 2007–2008 financial crisis , many traditional investment banks and finance corporations such as Goldman Sachs , Morgan Stanley , American Express , CIT Group and GMAC (now Ally Financial ) converted to bank holding companies to gain access to

1540-910: The sixth largest U.S. lender, being the biggest bank deal since the 2007-2008 financial crisis . On December 6, 2019, the merger between BB&T and SunTrust closed, forming Truist Financial Corporation . On September 21, 1891, SunTrust's most direct corporate ancestor, the Trust Company of Georgia, was granted a charter by the Georgia General Assembly as the Commercial Travelers' Savings Bank of Atlanta. The founders were John M. Green, Joel Hurt , H. L. Atwater, W. A. Hansell, T. J. Hightower, J. G. Oglesby, J. D. Turner, John B. Daniel, Joseph Hirsch, Leon Lieberman, Louis Wellhouse, A. J. McBride, D. O. Dougherty, W. A. Gregg, W. W. Draper, A. C. Hook, W. T. Ashford, George W. Brooke, C. I. Branan, and C. D. Montgomery. In November 1893, it restructured as

1584-401: The third-oldest state-chartered bank. It also bought Florida State Bank of Tallahassee, with which it had tried to merge with in 1973, when the economy soured. In May 1983, Sun announced a deal for Miami-based Flagship Bank Inc., with $ 3.3 billion in assets, that positioned Sun to be one of the Florida's largest bank holding companies. The Flagship deal was the seventh struck by Sun in less than

1628-657: The two companies owned jointly, with branches in Ukrop's Super Markets. This marked the company's entry into Richmond, Virginia . That same year, the company opened its first Wal-Mart branches. At the end of the year, NCBC had $ 4.7 billion in assets and 128 branches, 109 in stores. In 1998, NCBC bought First Citizens Bancshares Company of Marion, Arkansas ; Bancshares of West Memphis in West Memphis, Arkansas ; and First Community Bancorp of Cartersville, Georgia . NBC opened its first free-standing North Carolina branch May 1, 1998 in

1672-547: The year, NBC entered Roanoke, Virginia . In 1994, NCBC began a consulting subsidiary and entered the Raleigh-Durham, North Carolina market. In 1995 and 1999, U.S. Banker named NCBC the number one financial institution of the top 100 in the United States. In 1996, NBC entered the Greensboro/Winston-Salem, North Carolina market and north Georgia . In 1997, NCBC and Ukrop's started First Market Bank, which

1716-478: Was at the helm when Robinson-Humphrey commissioned the building of the bold Atlanta Financial Center in city's tony Buckhead business district in the early 1980s. In 1982, Martin sold Robinson-Humphrey to American Express , which was then run by another Atlanta deal maker and fellow Georgia Tech grad, James Robinson (no relation to Roby Robinson). Under AmEx, the firm operated as part of Shearson Lehman Brothers Inc. In 1993, deal maker Sandy Weill orchestrated

1760-429: Was elected Coca-Cola's president, a title he would hold until 1954 and was a board member until 1984. As a result, SunTrust owned 48.3 million shares (3.58%) of Coke as of 2006, which had a GAAP cost basis of $ 110,000. In addition, the original copy of the formula for Coca-Cola was stored in a safe deposit box of an eventual SunTrust location in Atlanta (originally a Trust Company Bank location) from 1925 to 2011. It

1804-541: Was eventually moved to a purpose built vault in the World of Coca-Cola , also in Atlanta. Over the years, Coca-Cola executives would sit on SunTrust's board of directors and SunTrust execs would sit on Coca-Cola's board. SunTrust started to divest Coke shares in May 2007, when it sold 4.5 million, or 9% of its position. In 2008, the bank sold another 10 million shares, donated 3.6 million to SunTrust's charitable foundation, and crafted

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1848-471: Was founded as a municipal bond shop by Roby Robinson in 1894. Robinson and William G. Humphrey, a bond trader from Toledo, Ohio, eventually incorporated The Robinson-Humphrey Co. in 1902. It blossomed into the leading investment banking firm in the South under Chairman Justus Martin Jr., who helped broaden its ties to Atlanta corporations, European clients and the firm's wealthy families who were brokerage clients. Martin

1892-706: Was founded in 1811. In 1988, Suntrust was added to the S&;P 500 Stock Price Index. In 2001, SunTrust purchased the institutional businesses of the Robinson-Humphrey Company, LLC. creating SunTrust Robinson-Humphrey. The company bought Memphis -based National Commerce Financial Corporation (NCF) for $ 7 billion in 2004. The bank operated as National Bank of Commerce in South Carolina, Tennessee, Mississippi, Arkansas, Alabama, Georgia, Virginia, and West Virginia and as Central Carolina Bank and Trust in North Carolina. This acquisition allowed SunTrust to enter Alabama,

1936-420: Was used until the 2020 season when it was renamed Truist Park . The Robinson-Humphrey Company, one of Atlanta's oldest and important companies, was acquired by SunTrust in 2001. However, SunTrust had long coveted Robinson-Humphrey, reportedly having pursued it for more than 80 years. Trust Company of Georgia, the oldest progenitor of SunTrust, was rebuffed in an effort to buy Robinson-Humphrey in 1917. The firm

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