SunTrust Banks Inc (fka STI)

[fixedops]

yep here is the link
http://www.fdic.gov/news/news/press/2009/pr09050.html

[53chevy]

Upcoming key events:

4-2-09: FASB vote on relaxing M2M.

4-8-09: SEC vote on reinstating uptick rule.

4-30-09: Completion of bank stress tests.

[53chevy]

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, [phone], or Barry Koling, [phone]


Web Site: http://www.suntrust.com/

[BBALLGUY]

Buy on the way down, sell on the way up. Anyone have a problem with that?

[dannie30]

strong day comes here

[dannie30]

rebound started this stock is oversold

[AlgoTrader]

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

[MWM]

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.

[MWM]

Prior to this not a huge short position...

http://www.shortsqueeze.com/?symbol=sti

[MWM]

Grabbed some puts her, something is not right...

[originunknown]

Yes, very much so ...

[MrSparex]

Growing aren't we...