Where is suntrust based out of

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Frequently Asked Questions. View all. Are you ready? Making of the brand. Contact us. By phone By the mids it had absorbed banks in five of the largest Georgia cities outside Atlanta— Augusta , Columbus, Macon , Rome , and Savannah. Merging in with SunBanks of Florida, the new entity acquired the Third National Corporation, then the second-largest bank-holding company in Tennessee. By , doing business under the name SunTrust, the institution pursued a series of major acquisitions, including the purchase of Crestar Financial Corporation in , which extended SunTrust into Virginia, Maryland, and the District of Columbia.

This largely successful series of acquisitions was marred in May , when chair and chief executive L. Throughout the summer of , in a contest that would cost both banks millions of dollars in advertising and legal fees, First Union and SunTrust tried to woo Wachovia shareholders.

In the end SunTrust was unable to prevent the proposed merger, and shareholders at Wachovia voted in early August to accept the First Union bid. Historically, SunTrust was a trust company—that is, it administered the wills and legacies of a typically wealthy clientele. But it also served as a lender to and an investor in large business ventures, making available large-scale credit to businesses while the South was predominantly rural. In this capacity SunTrust, like many large banks, came to be regarded as a quasi-public institution.

In its early years particularly, the Trust Company played a critical role in recapitalizing the South, which, even four decades after the end of the Civil War , still discouraged investment with prohibitive restrictions on lending. As the South formed an industrial base after World War II, the bank diversified by taking on the critical accounting functions of such larger industrial firms as the Southern Company and the young Dalton Carpet.

Individual officers of the bank enjoyed a close relationship with the city of Atlanta. The Woodruff family, apart from its relationship with Coca-Cola, has been the patron of several philanthropic causes, most visibly on the campus of Emory University. John A. Sibley, chair of the board from to , was called on by Governor Ernest Vandiver in to lead a series of hearings—the so-called Sibley Commission of —that encouraged a limited integration of Georgia public schools.

Borowsky, Bruce. Borowsky, B. SunTrust Banks. An unofficial Twitter poll by American Banker found that more than two-thirds of users "hate" the Truist name. King predicted the new brand will eventually catch on and reminded critics that Verizon VZ was a made-up word, too.

We love it," he said. Elizabeth Warren wants to make it harder for big banks to get bigger. Truist even compromised on the location of its headquarters.

Truist promises no mass layoffs. Bank customers likely haven't noticed a major difference from the merger just yet. The names on local branches haven't changed, and aren't expected to for at least a year.

The Truist deal, the largest since before the financial crisis, is testing the nation's appetite for large bank deals. King argued these concerns are overblown, noting that Truist's balance sheet is dwarfed by that of the largest Wall Street banks.

Still, Senator Elizabeth Warren announced plans last week to introduce legislation that would force regulators to more closely scrutinize bank mergers. The Democratic presidential candidate fears these deals will create Too-Big-To-Fail institutions, like the ones that required massive bailouts during the last crisis.

Warren called out the Federal Reserve for the fact that it did not decline any of the 3, bank merger applications it received between and King, fresh off a month merger review that included public hearings, doesn't see it that way.