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ATLANTA, March 27 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE: STI) announced today that it has agreed to assist the Federal Deposit Insurance Corporation (FDIC) as it works through the closing of Omni National Bank, headquartered in Atlanta.
Specifically, SunTrust has received from the FDIC approximately $400 million in FDIC-insured deposits of Omni National Bank of Atlanta. SunTrust will provide banking services to former Omni National Bank customers, including staffing Omni Bank's six branches beginning on Monday, March 30 for a four-week transition period after which the branches will be closed. Omni operated two branches in Georgia (Atlanta and Dalton), and one branch in each of the following cities: Tampa, Fla., Houston and Dallas, Texas, and Chicago, Ill.
"We are pleased to be in a position to support the FDIC in its effort to resolve a problematic situation. This announcement broadly reflects our interest in helping stabilize our industry. In addition, it underscores our commitment to the Florida and Georgia markets in which we operate," said William H. Rogers, Jr., President of SunTrust Banks, Inc. "We certainly look forward to establishing relationships with former Omni Bank clients in Tampa, Atlanta and Dalton, and we are pleased to offer our assistance to former Omni Bank clients in Texas and Illinois as they transition their banking relationships to new institutions."
SunTrust will be offering special promotions on selected products for former Omni Bank clients in Georgia and Florida transitioning to SunTrust accounts. SunTrust representatives will be available in the former Omni Bank branches throughout the 30-day transition period to assist clients in moving to SunTrust products or, in the case of the Illinois and Texas branches, moving their funds to another institution.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2008, SunTrust had total assets of $189.3 billion and total deposits of $113.4 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.
DATASOURCE: SunTrust Banks, Inc.
CONTACT: Mike McCoy, +1-404-408-8390, or Barry Koling, +1-404-276-5565
Web Site: http://www.suntrust.com/
Buy on the way down, sell on the way up. Anyone have a problem with that?
I agree, something is completely off w/ STI, looking at that chart and comparing to other financials in the sector, this one is looking absolutely terrible...
Pred
last weeks downgrade...
S&P lowers ratings on SunTrust Banks
Associated Press, 01.27.09, 12:13 PM EST
Standard & Poor's Ratings Services on Tuesday lowered its ratings on SunTrust Banks Inc. one notch, citing concerns over asset quality deterioration.
S&P reduced its long-term counterparty credit rating on the bank holding company to "A" from "A+," and on the lead bank to "A+" from "AA-." All ratings are investment grade. The outlook is negative.
The downgrade reflects continued credit deterioration at the Atlanta-based bank, S&P said, which led it to report a loss for the fourth quarter.
Up until the fourth quarter, asset quality problems had largely been contained to home equity and Alt-A loans, S&P said, but are now spreading to other areas like SunTrust's large portfolio of first mortgage loans on residential properties. Alt-A loans are loans given to customers with minor credit problems or who did not have the documentation to get traditional, prime mortgages.
The negative outlook is based on expectations that the company's financial performance will remain weak throughout this year.
"We expect loan-loss provisions and other credit costs to remain elevated, causing more pressure on profitability in 2009," S&P said.
Last week, the regional bank posted a fourth-quarter loss of $379.2 million, or $1.08 per share, compared with a profit of $3.3 million, or a penny per share, during the fourth quarter of 2007.
SunTrust also cut its quarterly dividend to 10 cents a share from 54 cents.
SunTrust shares dipped 7 cents to $13.43 in midday trading.
Prior to this not a huge short position...
http://www.shortsqueeze.com/?symbol=sti
Yes, very much so ...
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SunTrust Banks Inc.
303 Peachtree Street NE
Atlanta, GA 30308
Phone: 404-588-7711
Fax: 404-827-6173
Share Price: $14.43 4/14/2009
52 Week High: $64.00
52 Week Low: $6.00
Dividend: .100 (2.83%)
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Market Capitalization (Mid Cap) | $5.0B |
Shares Outstanding | 356.7M |
Shares Held By Institutions | 65% |
as of 4/09/2009
Web Site: http://www.suntrust.com
SunTrust Banks, Inc. operates as a financial holding company. It provides various financial services to consumer and corporate customers in the United States. The company operates through five segments: Retail, Commercial, Corporate and Investment Banking, Wealth and Investment Management, and Mortgage. The Retail segment offers loans, deposits, and other fee-based services to consumer and business clients. The Commercial segment provides financial products and services, including commercial lending, treasury management, financial risk management, and corporate bankcards. It also offers insurance premium financing, as well as manages community development projects that generate tax credits. The segment’s customers include commercial, middle market, commercial real estate, and government/not-for-profit entities. The Corporate and Investment Banking segment involves in corporate banking, investment banking, capital market, commercial leasing, and merchant banking businesses. The Wealth and Investment Management segment provides wealth management products and professional services to both individual and institutional clients. The Mortgage segment offers residential mortgage products through its retail, broker, and correspondent channels. SunTrust Banks also offers investment securities portfolio, long-term debt, capital, derivative instruments, short-term liquidity and funding activities, and balance sheet risk management services. In addition, the company provides Internet, personal computer, and telephone banking services. SunTrust Banks offers its products and services in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. As of December 31, 2005, the company operated 1,657 branches and 2,782 automated teller machines. SunTrust Banks was founded in 1891 and is headquartered in Atlanta, Georgia.
[img]stockcharts.com/c-sc/sc?s=sti&p=D&yr=0&mn=6&dy=0&i=p73865551556&r=1541[/img]
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