The company bought Memphis-based National Commerce Financial Corporation (NCF) for $7 billion in 2004. In 2001, SunTrust purchased the institutional businesses of the Robinson-Humphrey Company, LLC. In 1988, Suntrust was added to the S&P 500 Stock Price Index.
Crestar's (and SunTrust's) earliest predecessor, Farmers Bank of Alexandria, was founded in 1811. 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. SunTrust purchased Crestar Financial Corporation of Richmond, Virginia in 1998, expanding the company's footprint into Virginia, Maryland, and the District of Columbia. In 1995, SunTrust retired the Trust Company Bank, Sun Bank and Third National names and rebranded all of its banking subsidiaries as SunTrust. However, it continued to use the Third National name in Tennessee.
The newly merged company made its first major deal a year later, when it purchased Third National Corporation of Nashville. The merged company was headquartered in Atlanta, and continued to operate as Trust Company Bank in Georgia and Sun Bank in Florida. In 1985, Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc. The Flagship deal was the seventh struck by Sun in less than a year. 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. It also bought Florida State Bank of Tallahassee, with which it had tried to merge with in 1973, when the economy soured. It incorporated 81-year-old Hillsboro Bank, based in Plant City, an institution with $150 million in assets and then the third-oldest state-chartered bank. In the early 1980s, the bank pursued further mergers, positioning itself for the state of Florida to eventually allow interstate banking. As of December 31, 1973, it had three bank-related subsidiaries and total assets of $1.713 billion. In 1973, the bank merged with other Orlando banks to become SunBanks. It was reorganized on Valentine's Day 1934 as the First National Bank at Orlando. In the early 1930s, during the Great Depression, the First National Bank and Trust Company failed. In 1920, it became the First National Bank. The earliest predecessor of Sun Bank was founded in 1911 as The People's National Bank in Orlando, Florida.
In November 1893, it restructured as a trust company and renamed itself Trust Company of Georgia. Daniel, Joseph Hirsch, Leon Lieberman, Louis Wellhouse, A. 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. On December 6, 2019, the merger between BB&T and SunTrust closed, forming Truist Financial Corporation. lender, being the biggest bank deal since the 2007-2008 financial crisis. In February 2019, SunTrust Banks announced its pending purchase by BB&T for $28 billion in an all-stock deal, creating the sixth largest U.S. 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. Through its various subsidiaries, the company provided corporate and investment banking, capital market services, mortgage banking, and wealth management - with nearly 24,000 employees. The bank's primary businesses included deposits, lending, credit cards, and trust and investment services. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.Īs of September 2016, SunTrust Bank operated 1,400 bank branches and 2,160 ATMs across 11 southeastern states and Washington, D.C. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018.
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