SunTrust
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | September 21, 1891 in Atlanta, Georgia, U.S. |
| Defunct | December 6, 2019 |
| Fate | Merged with BB&T to form Truist Financial Corporation |
| Headquarters | Atlanta, Georgia , United States |
Area served | Southeastern United States, Washington, D.C. |
Key people | William H. Rogers Jr. (Chairman, President & CEO 2011–2019) |
| Products | Deposit services, lending, credit cards, trust and investment management, corporate and investment banking, capital markets, mortgage lending, wealth management |
Number of employees | 24,000 |
| Parent | None |
SunTrust Banks, Inc. was a U.S.-based bank holding company with headquarters in Atlanta, managing assets totaling US$199 billion as of March 31, 2018. Its principal subsidiary operated under the name SunTrust Bank.
By September 2016, SunTrust maintained a network of 1,400 branches and 2,160 ATMs spread across 11 states in the southeast region and Washington, D.C.. The company’s primary operations encompassed deposit services, lending, credit card issuance, as well as trust and investment management. Additionally, through its subsidiaries, it provided corporate and investment banking, capital markets activities, mortgage lending, and wealth management solutions. The organization employed close to 24,000 individuals. In 2013, SunTrust agreed to pay $1.5 billion to resolve allegations linked to mortgage lending and foreclosure procedures and later reached a tentative $968 million settlement with the U.S. government in 2014.
In February 2019, SunTrust revealed plans to merge with BB&T in an all-stock transaction valued at $28 billion. This combination created the sixth-largest banking institution in the United States and represented the largest merger in the banking sector since the 2008 financial crisis. The transaction was finalized on December 6, 2019, resulting in the formation of Truist Financial Corporation.
Trust Company of Georgia
The origins of SunTrust trace back to September 21, 1891, when the Trust Company of Georgia was established by the Georgia General Assembly under the name Commercial Travelers' Savings Bank of Atlanta. Founding figures included John M. Green, Joel Hurt, H. L. Atwater, among others.
In November 1893, it transitioned into a trust company and adopted the name Trust Company of Georgia.
Sun Bank
The earliest entity that evolved into Sun Bank began operations in 1911 as The People's National Bank located in Orlando, Florida. It was renamed First National Bank in 1920 but succumbed during the Great Depression. The bank was reorganized in 1934 as First National Bank at Orlando. By 1973, it merged with several other Orlando banks to create SunBanks, which held assets totaling $1.713 billion.
During the early 1980s, anticipating changes in Florida’s interstate banking regulations, SunBanks actively pursued acquisitions. It absorbed Hillsboro Bank from Plant City with $150 million in assets and Florida State Bank based in Tallahassee.
In May 1983, SunBanks announced its acquisition of Flagship Bank Inc., headquartered in Miami and possessing $3.3 billion in assets. This acquisition positioned SunBanks among Florida’s largest bank holding companies and marked its seventh purchase within a twelve-month period.
Trust Company of Georgia merger
In 1985, a merger between Trust Company of Georgia and SunBanks resulted in the creation of SunTrust Banks, Inc., headquartered in Atlanta. Initially, operations continued under Trust Company Bank branding in Georgia and Sun Bank branding in Florida.
The following year, SunTrust acquired Third National Corporation from Nashville, maintaining the Third National brand within Tennessee. By 1995, all subsidiaries were consolidated under the unified SunTrust name.
Expansion continued in 1998 with the acquisition of Crestar Financial Corporation based in Richmond, Virginia, extending SunTrust’s reach into Virginia, Maryland, and Washington D.C. Crestar traced its roots back to 1865 with predecessor institutions dating as far back as 1811.
SunTrust became part of the S&P 500 Index in 1988.
In 2001, acquiring Robinson-Humphrey Company's institutional divisions led to establishing SunTrust Robinson-Humphrey.
The $7 billion acquisition of Memphis-based National Commerce Financial Corporation (NCF) in 2004 significantly expanded SunTrust’s presence into Alabama, North Carolina, South Carolina, West Virginia, and Tennessee. NCF operated under National Bank of Commerce across multiple southern states and as Central Carolina Bank and Trust within North Carolina.
In 2013, SunTrust led a syndicated banking effort financing Comvest Partners’ purchase of BEL USA—the parent company of DiscountMugs—highlighting its role in supporting private equity transactions.
In 2014, SunTrust introduced a medical specialty group designed to serve independent medical practices by enhancing wealth management offerings tailored to this sector.
That same year brought an announcement from the Atlanta Braves that their new stadium located in Cobb County would bear the name SunTrust Park. Completed in 2017 at a cost of $1.1 billion, this venue incorporated The Battery Atlanta—a mixed-use development featuring retail outlets, office space, hotel accommodations, and residential units integrated within the complex. Following the conclusion of the 2020 season, the stadium was renamed Truist Park.
The Robinson-Humphrey Company
Recognized as one of Atlanta's most longstanding and influential enterprises, The Robinson-Humphrey Company was acquired by SunTrust in 2001. SunTrust's interest in Robinson-Humphrey spanned more than eight decades, with its predecessor, the Trust Company of Georgia, attempting to secure a purchase as far back as 1917.
Established in 1894 by Roby Robinson initially as a municipal bond specialist, the firm formally partnered with William G. Humphrey in 1902. Under the leadership of Chairman Justus Martin Jr., the company emerged as the premier investment bank throughout the Southern United States, broadening its connections with Atlanta-based corporations, affluent brokerage families, and European clientele. Martin also spearheaded the development of the Atlanta Financial Center located in Buckhead during the early 1980s.
In 1982, Martin facilitated the sale of Robinson-Humphrey to American Express, then under the direction of fellow Georgia Tech graduate James D. Robinson III. The company operated within Shearson Lehman Brothers Inc. until 1993 when Sandy Weill orchestrated its inclusion in the divestiture of Shearson’s retail division to Primerica Corp’s Smith Barney unit.
Truist Financial Corporation
On February 7, 2019, BB&T Corporation declared its acquisition of SunTrust, creating the sixth-largest bank in the United States with assets totaling $442 billion and a market value near $66 billion. The newly combined institution, headquartered in Charlotte and named Truist Financial Corporation, maintains substantial operational presence in Atlanta. Atlanta functions as Truist’s hub for wholesale banking activities, while Winston-Salem continues to host community banking operations, with potential job growth anticipated in both locations. Historically notable, SunTrust was the final major bank headquartered in Atlanta—long considered the financial capital of the South.
The merger finalized on December 6, 2019, merging SunTrust Bank into BB&T’s Branch Banking and Trust Company to establish Truist Bank as the legal entity. Both BB&T and SunTrust brands remain active until full system integration is completed—an expected process lasting up to two years—during which customers can access either bank’s ATMs without incurring fees.
Pre-Merger Operations and Structure
Prior to merging, the company was organized into three primary divisions: Consumer Banking & Private Wealth Management, Wholesale Banking, and Mortgage.
| Business Segment | Revenue Share |
|---|---|
| Consumer Banking | 32% |
| Corporate & Investment Banking | 20% |
| Commercial & Business Banking | 14% |
| Private Wealth Management | 12% |
| Mortgage | 11% |
| Consumer Lending | 8% |
| Commercial Real Estate | 3% |
By September 2016, SunTrust maintained approximately 1,400 branch locations and operated 2,160 ATMs across multiple states including Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and Washington, D.C. In 2018, the bank announced plans to shut down its final five branches in West Virginia situated within Kroger supermarkets.
Executives
| Name | Role | Tenure |
|---|---|---|
| William H. Rogers Jr. | Chairman, President & CEO | 2011 – 2019 |
| James M. Wells III | Chairman, President & CEO | 2007 – 2011 |
| L. Phillip Humann | Chairman, President & CEO | 1998 – 2007 |
| James B. "Jimmy" Williams | Chairman, President & CEO | 1990 – 1998 |
| Robert M. Strickland | Chairman of SunTrust; President of Trust Company (1973) | 1978 – 1990 |
On April 21, 2011, William H. Rogers Jr. succeeded Jim Wells as CEO after serving as COO; Rogers had been appointed President in 2008. Aleem Gillani assumed the Chief Financial Officer role that same month.
Between 2015 and 2016, two corporate treasurers advanced to CFO positions at prominent regional banks: Kevin Blair at Zions Bancorporation and Paul Burdiss at Synovus. Additionally, Inder M. Singh transitioned from a unit strategy leadership role to become CFO at IT services company Unisys.
Relationship with Coca-Cola
SunTrust maintained a close and influential connection with The Coca-Cola Company. In 1919, Ernest Woodruff, who served as president of the Trust Company from 1904 to 1922, along with W. C. Bradley, purchased Coca-Cola for $25 million and undertook a corporate restructuring. The Trust Company of Georgia played a pivotal role by underwriting Coca-Cola’s initial public offering, accepting shares of the company as compensation. Four years later, Woodruff’s son, Robert W. Woodruff, assumed the presidency of Coca-Cola, a position he held until 1954, and he continued as a board member until 1984.
By 2006, SunTrust held 48.3 million Coca-Cola shares, representing a 3.58% stake, with a GAAP cost basis recorded at $110,000. The original recipe for Coca-Cola was secured in a safe deposit box at a former SunTrust branch in Atlanta from 1925 until 2011, after which it was relocated to a specialized vault at the World of Coca-Cola.
The relationship between the two companies was marked by reciprocal board memberships; executives from Coca-Cola frequently sat on SunTrust’s board, while SunTrust leaders were often members of Coca-Cola’s board, underscoring their intertwined corporate governance.
Starting in May 2007, SunTrust initiated the sale of its Coca-Cola holdings by divesting 4.5 million shares, equating to 9% of its position. In 2008, the bank sold an additional 10 million shares and contributed 3.6 million shares to its charitable foundation. Further reductions were planned for 2014 and 2015.
In September 2012, following regulatory pressure from the Federal Reserve due to a failed stress test and subsequent CCAR resubmission, SunTrust disposed of all remaining Coca-Cola shares. Regulatory capital rules under Basel III classified such equity holdings as detrimental to the bank’s capital adequacy ratios, compelling an expedited exit from these investments.
2014 National Mortgage Settlement
In 2014, federal authorities alongside state attorneys general from 49 states and the District of Columbia reached an agreement requiring SunTrust Mortgage, Inc. to provide $500 million in borrower relief. The U.S. District Court for D.C. issued the Consent Order on September 30, 2014, addressing allegations related to improper mortgage servicing and foreclosure procedures by SunTrust. As part of the settlement, SunTrust created a $40 million compensation fund for approximately 45,000 borrowers who experienced foreclosure between 2008 and 2013 and agreed to implement strengthened homeowner protections. The order also obligated compliance with servicing standards established in the 2012 National Mortgage Settlement involving the five largest banks.
Controversies
In September 2015, SunTrust terminated employment for 100 IT staff members under a severance arrangement that required them to remain available without pay to assist the company for up to two years post-termination. After public criticism arose regarding this condition, SunTrust rescinded the unpaid availability clause on October 23, eliminating the obligation for former employees to be accessible without compensation.
Buildings and branches
The SunTrust Center located at 200 South Orange Avenue stands as the tallest structure in downtown Orlando, Florida. Completed in 1988 at an estimated cost of $100 million, this building encompasses 35 stories and approximately 650,000 square feet. Its construction features reinforced concrete complemented by granite exteriors and marble interior finishes. The facility is equipped with 17 elevators.
See also
External links
- Articles with short description
- SunTrust Banks
- 1891 establishments in Virginia
- 2022 disestablishments in Georgia (U.S. state)
- Banks based in Georgia (U.S. state)
- Banks disestablished in 2022
- American companies established in 1891
- Banks established in 1891
- 2019 mergers and acquisitions
- Companies based in Atlanta
- Companies formerly listed on the New York Stock Exchange
- Economy of Richmond, Virginia
- Economy of the Southeastern United States
- Defunct banks of the United States