is a
Bank Holding Company . The largest subsidiary is SunTrust Bank.
SunTrust Bank is an
American bank. It was founded
1891 in
Atlanta, Georgia , where its headquarters remain. The parent company, had over $128 billion in assets as of June 30, 2004. SunTrust Bank operates approximately 1,700 bank branches across southeastern states, including Alabama, North Carolina, Florida, Georgia, Maryland, South Carolina, Tennessee, Virginia, West Virginia, and Washington, DC.
The company bought
Memphis based
National Commerce Financial Corporation (NCF) for $7 billion in 2004. In
2005 , SunTrust will complete the merger to acquire branches and assets in Tennessee,
Arkansas ,
Mississippi ,
North Carolina , and
South Carolina .
A predecessor of SunTrust, the Trust Company of Georgia, helped underwrite the initial public offering of . Because of this investment in Coca-Cola, Suntrust is often seen as an attractive stock since this substantial holding helps to buffer the company from the cyclical downturns which affect the
Banking Industry . In addition, the original copy of the formula for Coca-Cola is stored in the main vault at the bank's headquarters in Atlanta.
In
2004 , SunTrust signed a marketing agreement with
NASCAR declaring that SunTrust was the ''Official Bank'' of the popular racing circuit.
The bank's offerings include retail and commercial banking, as well as trust services, mortgage banking, mutual funds, insurance, equipment leasing, asset management, and securities underwriting and dealing.
2003
- Revenue: $7.071 billion
- Employees: 27,578
