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| Home » SunTrust Bank » History |
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SunTrust Bank History |
SunTrust Bank History dates back to 1811 when its earliest predecessor was founded in the name of Farmers Bank of Alexandria. However, the Trust Company of Georgia is often considered as the most direct ancestor and it was founded in 1891. Initially, the company operated as a Commercial Travelers' Savings Bank and after two years, it restructured itself to become the Trust Company of Georgia. But the present SunTrust Banks, Inc came into existence after the merger between SunBanks, Inc, based in Florida and the Trust Company of Georgia in 1985. In 1995, all the bank branches and offices adopted the name of the parent company.
Shortly after the merger between Trust Company and the SunBanks, SunTrust acquired Third National Corporation based in Tennessee. In 1998, the bank holding company also purchased Crestar Financial of Virginia. SunTrust Bank also made an unsuccessful attempt to launch a takeover bid of Wachovia in 2001. Moreover, the bank purchased National Commerce Financial Corporation, based in Memphis for $7 billion in 2004. With this acquisition, the bank owns branch locations and assets in Tennessee, North Carolina, Mississippi, South Carolina, Alabama, Arkansas, Georgia, Virginia and West Virginia.
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On November 2007, the bank further announced that they will acquire GB&T Bancshares for $154 million. Today, SunTrust has become one of the largest bank holding companies in the United States and it had total assets of $172.7 billion as on 30th September 30, 2009. The bank is headquartered in Atlanta, Georgia and operates about 1,700 branches across the Southern states of the country. Most of its branches and offices are located in Alabama, Florida, Maryland, North Carolina, Tennessee, Arkansas, Georgia, South Carolina, Mississippi, Washington D.C, Virginia and West Virginia. The SunTrust Center, situated at 200 South Orange Avenue is the tallest building in the entire downtown Orlando, Florida.
SunTrust Bank offers a complete range of banking services and financial products such as retail and commercial banking, trust services, credit cards, mortgage banking, mutual funds, asset management, insurance, dealings, equipment leasing and securities underwriting. The bank holds a good position in several markets of the U.S. The bank also has a strong network of 2,828 ATMs and provides a range of technologically advanced banking channels like online banking, mobile banking and 24 hours customer service centers. The main objective of SunTrust Bank is to help the local people and the institutions to prosper by offering financial services that will meet their needs. Visit the official website of the bank to find more comprehensive details on the services and products made available by the bank holding company.
Website: www.suntrust.com
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