SunTrust
Former U.S. regional banking group whose 2019 merger with BB&T created Truist Financial.
Last updated October 14, 2026
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Overview
SunTrust was an American regional banking group headquartered in Atlanta, Georgia. Its corporate lineage reached back to the Trust Company of Georgia, chartered in Atlanta in 1891, and to a separate Florida banking lineage that began with People's National Bank in Orlando in 1911. The SunTrust identity was created in 1985 when Trust Company of Georgia and SunBanks combined. The merged company operated under different local bank names for several years before consolidating them under the SunTrust brand in 1995. Before its combination with BB&T, SunTrust Banks operated principally through SunTrust Bank and related subsidiaries. Its activities included consumer deposits and lending, checking and savings accounts, credit cards, residential mortgages, commercial banking, corporate and investment banking, capital-markets services, trust administration, brokerage, and wealth management. The group also maintained a mortgage business and an institutional investment-banking operation known as SunTrust Robinson Humphrey. In September 2016, SunTrust Bank had approximately 1,400 branches and 2,160 ATMs across the southeastern United States and Washington, D.C., with nearly 24,000 employees. Its three principal business groupings were Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage. The company expanded through a series of regional acquisitions. It bought Third National Corporation of Nashville in 1986, acquired Crestar Financial Corporation in 1998, purchased the institutional businesses of Robinson-Humphrey in 2001, and acquired National Commerce Financial Corporation in 2004. These transactions extended SunTrust's presence beyond Georgia and Florida into Virginia, Maryland, the District of Columbia, Tennessee, Alabama, the Carolinas, Mississippi, Arkansas, and West Virginia. The Crestar transaction also connected the organization to a much older Virginia banking lineage, including Farmers Bank of Alexandria, founded in 1811. SunTrust had a particularly notable historical relationship with The Coca-Cola Company. Trust Company of Georgia helped finance Coca-Cola's early corporate development, and the bank later held a large Coca-Cola shareholding. For decades, Coca-Cola executives and SunTrust executives served on one another's boards. The original Coca-Cola formula was kept in a safe-deposit box at an Atlanta banking location associated with the Trust Company of Georgia and SunTrust from 1925 until 2011. SunTrust eventually sold its remaining Coca-Cola shares in 2012 after regulatory capital considerations and a Federal Reserve stress-test setback accelerated the planned divestment. The bank also faced substantial legal and regulatory consequences relating to mortgage origination, servicing, and foreclosure practices. In 2013, it was ordered to pay $1.5 billion to resolve federal claims concerning alleged mortgage-related misconduct. A separate 2014 consent order under the National Mortgage Settlement required SunTrust Mortgage to provide approximately $500 million in borrower relief, including a $40 million fund for certain borrowers whose homes had been foreclosed during the covered period, and to adopt specified servicing standards. Other controversies included criticism of a 2015 severance agreement that required laid-off information-technology workers to remain available without pay; SunTrust withdrew the disputed provision after public criticism. On February 7, 2019, BB&T announced an all-stock agreement to combine with SunTrust in a transaction valued at approximately $28 billion. The deal was described as the largest U.S. bank merger since the 2008 financial crisis and was intended to create the country's sixth-largest commercial bank by assets. The merger closed on December 6, 2019, forming Truist Financial Corporation. BB&T was the legal surviving corporation, while the banking entities were combined as Truist Bank. SunTrust and BB&T names continued temporarily during systems integration, bu…
History
SunTrust's direct corporate ancestry began in Atlanta in 1891, when the Georgia legislature chartered the Commercial Travelers' Savings Bank of Atlanta. The institution reorganized as a trust company in 1893 and adopted the name Trust Company of Georgia. It developed into one of Atlanta's most important financial institutions and maintained a long relationship with the region's business community, including The Coca-Cola Company. The other principal lineage began in Orlando, Florida, where People's National Bank was established in 1911. It became First National Bank in 1920, failed during the Great Depression, and was reorganized in 1934. Through additional combinations, the Florida organization became SunBanks in 1973. During the late 1970s and early 1980s, Sun expanded through Florida acquisitions, including Hillsboro Bank, Florida State Bank of Tallahassee, and Flagship Bank of Miami. The Flagship transaction, announced in 1983, made Sun one of Florida's largest bank holding companies. Trust Company of Georgia and SunBanks merged in 1985 to create SunTrust Banks, Inc. The new group remained headquartered in Atlanta and initially preserved separate operating names: Trust Company Bank in Georgia and Sun Bank in Florida. SunTrust expanded into Tennessee by purchasing Third National Corporation of Nashville in 1986, while retaining the Third National name there for a period. In 1995, the company completed a broad naming consolidation and rebranded its banking subsidiaries as SunTrust. A major geographic expansion followed the 1998 acquisition of Crestar Financial Corporation of Richmond, Virginia. This transaction added operations in Virginia, Maryland, and Washington, D.C., and linked SunTrust to banking institutions with roots extending to Farmers Bank of Alexandria, founded in 1811. In 2001, SunTrust acquired the institutional businesses of Atlanta investment bank Robinson-Humphrey, creating SunTrust Robinson Humphrey. Robinson-Humphrey had originated as a municipal-bond firm in 1894 and had developed into a prominent Southern investment-banking business. SunTrust acquired National Commerce Financial Corporation for approximately $7 billion in 2004. The purchase added banking operations across Alabama, the Carolinas, West Virginia, Tennessee, Mississippi, Arkansas, and Georgia, substantially increasing the company's southeastern footprint. At its height, SunTrust provided retail and commercial banking, mortgage services, wealth management, investment banking, capital-markets services, trust administration, and related financial products through a broad branch and ATM network. The group's Coca-Cola relationship was both financial and symbolic. Trust Company of Georgia helped underwrite Coca-Cola's early public financing, and SunTrust later held a significant Coca-Cola position. The original Coca-Cola formula was stored in a safe-deposit box at a SunTrust-associated Atlanta location from 1925 to 2011. SunTrust began reducing its Coca-Cola holdings in 2007 and sold its remaining shares in 2012 after regulatory capital rules and Federal Reserve stress-test requirements made the investment less advantageous to retain. Mortgage practices became a major source of legal exposure. Federal and state authorities pursued claims relating to alleged shortcomings in SunTrust's mortgage lending, servicing, and foreclosure processes. The company entered a large resolution in 2013 and a further National Mortgage Settlement consent order in 2014, which required borrower relief and new servicing standards. In 2015, SunTrust also faced criticism over an unpaid-availability clause in severance agreements for laid-off technology employees; the provision was subsequently withdrawn. In 2019, BB&T and SunTrust agreed to combine in an all-stock transaction. The merger closed on December 6, 2019, creating Truist Financial Corporation. BB&T was the nominal legal survivor, and the combined bank became Truist Bank. The legacy SunTrust and BB&T brands remained in use for a transitional period while systems were integrated, but SunTrust ceased to operate as an independent banking brand. SunTrust Park, the Atlanta Braves' stadium opened in 2017, was renamed Truist Park for the 2020 season.
- 2019
Merger with BB&T completed
[1]The transaction closed on December 6, forming Truist Financial and ending SunTrust's independent corporate existence.
- 2017
SunTrust Park opened
[1]The Atlanta Braves began playing at the newly constructed SunTrust Park.
- 2004
National Commerce Financial acquired
[1]The approximately $7 billion acquisition materially expanded SunTrust's southeastern branch network.
- 2001
SunTrust Robinson Humphrey established
[1]SunTrust purchased Robinson-Humphrey's institutional businesses and created SunTrust Robinson Humphrey.
- 1998
Crestar acquired
[1]The acquisition of Crestar Financial expanded SunTrust into Virginia, Maryland, and Washington, D.C.
- 1995
Banking subsidiaries unified under SunTrust
[1]The company retired the Trust Company Bank, Sun Bank, and Third National names in favor of SunTrust.
- 1985
SunTrust Banks created
[1]Trust Company of Georgia and SunBanks merged, forming SunTrust Banks, Inc.
- 1973
SunBanks formed
[1]A combination of Orlando-area banks produced SunBanks.
- 1911
Florida predecessor founded
[1]People's National Bank was established in Orlando, beginning the principal Florida lineage that later became SunBanks.
- 1891
Trust Company of Georgia lineage established
[1]The Commercial Travelers' Savings Bank of Atlanta, the direct corporate ancestor of Trust Company of Georgia, received its charter.
Products and positioning
A large southeastern U.S. regional bank emphasizing broad consumer, commercial, wealth-management, mortgage, and capital-markets capabilities, with a strong historical base in Georgia and Florida.
Retail banking
Consumer Banking
SunTrust's consumer franchise offered deposit accounts, checking and savings products, consumer loans, credit cards, and related everyday banking services through a large southeastern branch and ATM network.
Mortgage lending
Mortgage Banking
The mortgage business originated and serviced residential loans and formed one of SunTrust's three principal operating groups. It later became subject to significant regulatory and legal scrutiny concerning servicing and foreclosure practices.
Investment banking · 2001
SunTrust Robinson Humphrey
SunTrust Robinson Humphrey provided institutional investment-banking, advisory, capital-markets, and related corporate-finance services after SunTrust acquired the institutional businesses of Robinson-Humphrey in 2001.
Wealth management
Wealth and Trust Services
SunTrust provided trust administration, brokerage, investment, and private wealth-management services for individuals, families, institutions, and businesses.
Controversies
2015
Controversial technology-worker severance clause
A severance agreement for laid-off information-technology employees required unpaid availability for up to two years. SunTrust withdrew the provision after criticism.
2014
National Mortgage Settlement consent order
SunTrust Mortgage was required to provide approximately $500 million in relief, including a $40 million fund for certain foreclosed borrowers, and to implement enhanced servicing protections.
2013
Mortgage lending and foreclosure practices settlement
SunTrust paid $1.5 billion to resolve federal claims concerning alleged deficient mortgage lending, servicing, and foreclosure practices.
Marketing campaigns
- 2014SunTrust Park naming partnership
Atlanta metropolitan area · United States
SunTrust entered a naming relationship connected with the Atlanta Braves' new Cobb County stadium, announced in 2014 and opened for the 2017 season. The surrounding development included The Battery Atlanta.
Outcome. The venue operated as SunTrust Park until it was renamed Truist Park in 2020.
Brand decisions
2019
Combine with BB&T to create TruistM&ABackground
SunTrust and BB&T pursued scale in a consolidating U.S. banking sector.
Action taken
The companies agreed to an all-stock combination, which closed on December 6, 2019.
Aftermath
Truist Financial Corporation was created, SunTrust ceased to exist as an independent company, and its brand was eventually retired.
announced transaction value. approximately US$28 billion (2019)
2012
Accelerate divestment of Coca-Cola sharesStrategyBackground
Federal Reserve capital requirements and the bank's stress-test results made retained equity holdings less attractive from a regulatory-capital perspective.
Action taken
SunTrust sold its remaining Coca-Cola shares and resubmitted its capital plan.
Aftermath
The divestment ended a long-standing cross-company financial relationship and removed the equity position from the bank's balance-sheet strategy.
2004
Acquire National Commerce FinancialM&ABackground
SunTrust aimed to increase scale and fill geographic gaps across the southeastern United States.
Action taken
The company acquired National Commerce Financial Corporation.
Aftermath
SunTrust entered Alabama, the Carolinas, and West Virginia and strengthened its presence in several existing markets.
transaction value. approximately US$7 billion (2004)
1998
Acquire Crestar FinancialM&ABackground
SunTrust sought to extend its regional presence northward from its Georgia and Florida base.
Action taken
SunTrust acquired Richmond-based Crestar Financial Corporation.
Aftermath
The transaction expanded the group into Virginia, Maryland, and Washington, D.C.
1985
Merge Trust Company of Georgia with SunBanksM&ABackground
The two banking lineages had strong positions in Georgia and Florida and sought to form a larger regional banking group.
Action taken
They combined to create SunTrust Banks, Inc., headquartered in Atlanta.
Aftermath
The company initially preserved separate local bank names before adopting SunTrust throughout its banking network in 1995.
Recent events
Reported
SunTrust agrees to divest 30 branches for BB&T merger approval[2]
SunTrust agreed to divest 30 branches with about $2.4 billion in deposits to win approval from one regulator for its merger with BB&T. The article does not identify the regulator or state that the divestiture was completed.
- Unconfirmed
Reported
Suntrust partners with Operation Smile Philippines Foundation to support surgeries[3]
Suntrust's Team Seascape Hydra partnered with Operation Smile Philippines Foundation to support children with cleft lip and palate by sponsoring their surgeries.
- Unconfirmed
Reported
SunTrust wins MBA diversity and inclusion award[4]
SunTrust was recognized as a Market Outreach Strategies Award winner in the Mortgage Bankers Association's 2019 Residential Diversity and Inclusion Leadership Awards for its Inclusive Lending/CRA Strategy.
Reported
Suncity Group acquires a 51% stake in SunTrust[5]
Suncity Group's wholly owned subsidiary acquired 1.1475 billion SunTrust shares, representing a 51% interest, for PHP 1.101 billion. SunTrust became a 51%-owned subsidiary of Suncity Group following the acquisition.
Sources5 sources
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