Advertisement
YOU ARE HERE: LAT HomeCollectionsSuntrust Banks Inc
IN THE NEWS

Suntrust Banks Inc

FEATURED ARTICLES
BUSINESS
July 11, 2002 | Bloomberg News
SunTrust Banks Inc., the first of the 10 largest U.S. banks to report second-quarter earnings, said profit fell 1% after it set aside more money for loans that won't be paid back. Net income totaled $343.7 million, or $1.20 a share, down from $347.1 million, or $1.19, in the same period last year. Higher investment banking fees and a rise in deposits helped offset $111 million the Atlanta-based bank reserved for loan losses, almost triple the amount in the same quarter last year.
ARTICLES BY DATE
BUSINESS
December 21, 2007 | From Times Wire Services
SunTrust Banks Inc., the country's seventh-largest bank company, said it had bought $1.4 billion of mortgage-tainted securities from two money market funds it manages, becoming at least the seventh company to rescue customers from losses on an investment traditionally billed as one of the safest. The bailout by the Atlanta-based firm was intended to keep the money funds from falling below the $1 a share promised to investors.
Advertisement
BUSINESS
May 15, 2001 | Reuters
SunTrust Banks Inc. said it launched an unsolicited $13.5-billion bid for fellow regional bank Wachovia Corp., topping an earlier offer from First Union Corp., in a drive to widen its reach in the Southeast. SunTrust's surprise bid, which values Winston Salem, N.C.-based Wachovia at $64.86 a share, is about 6% higher than a rival offer of $61.16 a share from No. 6 U.S. bank holding company First Union.
BUSINESS
April 18, 2006 | From Times Staff and Wire Reports
Citigroup Inc. and other large U.S. banks posted higher first-quarter profits on Monday as strength in investment banking and trading offset slowing growth in consumer banking. East West Bancorp, a large community bank based in Pasadena, said earnings rose 36%, beating Wall Street expectations. Profit rose 4% at Citigroup, the largest U.S. bank. Wachovia Corp., the No. 4 bank, posted a 7% increase, its slowest growth rate in five years. SunTrust Banks Inc., the No.
BUSINESS
May 11, 2004 | From Associated Press
SunTrust Banks Inc. said that administrative positions could be affected but that it did not expect significant job cuts from its nearly $7-billion purchase of National Commerce Financial Corp., which is known for its outlets in supermarkets and retail stores. The deal announced Sunday would make SunTrust the nation's seventh-largest bank, with $148 billion in assets and $97 billion in deposits.
BUSINESS
May 23, 2001 | Associated Press
Wachovia Corp.'s board of directors voted to reject a "hostile" $13.7-billion acquisition proposal from SunTrust Banks Inc., reaffirming previous plans to merge with First Union Corp. "We looked long and hard, and on multiple occasions, at a combination with SunTrust and concluded it would not work," Wachovia Chairman L.M. Baker said. Shares of Winston-Salem, N.C.-based Wachovia rose 55 cents to $65.70; Atlanta-based SunTrust climbed 80 cents to $61.84; and First Union, of Charlotte, N.C.
BUSINESS
October 12, 2004 | From Associated Press
SunTrust Banks Inc. said it expected to restate earnings higher for the first and second quarters of 2004 because of an error in entering the data used to calculate loan-loss allowances. It also said it planned to delay its third-quarter earnings release pending completion of an audit committee review. The firm has placed its chief credit officer and its controller on paid administrative leave. For the first quarter, earnings are expected to rise by $17.4 million, or 7 cents a share.
BUSINESS
July 21, 1998 | From Reuters
SunTrust Banks Inc. agreed to buy Crestar Financial Corp. for $8.6 billion in stock, creating the nation's 10th-largest bank, the companies said Monday. The deal will expand the reach of SunTrust, which already operates in Florida, its home state of Georgia and Tennessee, into Virginia, Maryland and the District of Columbia. It is the latest in a series of mergers and acquisitions that have swept the U.S.
BUSINESS
August 1, 2001 | Reuters
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
BUSINESS
April 11, 2002 | Bloomberg News
SunTrust Banks Inc., the 10th-biggest U.S. bank, said first-quarter profit dropped 9.7% on a jump in bad loans, including losses related to Enron Corp. The bank is eliminating jobs to cut costs. Net income fell to $304.9 million, or $1.06 a share, from $337.5 million, or $1.15 a share, in the same period last year. The Atlanta-based bank reported a 79% rise, to $118.5 million, in loans that can't be collected. The results for SunTrust, the first of the 10 largest U.S.
BUSINESS
October 12, 2004 | From Associated Press
SunTrust Banks Inc. said it expected to restate earnings higher for the first and second quarters of 2004 because of an error in entering the data used to calculate loan-loss allowances. It also said it planned to delay its third-quarter earnings release pending completion of an audit committee review. The firm has placed its chief credit officer and its controller on paid administrative leave. For the first quarter, earnings are expected to rise by $17.4 million, or 7 cents a share.
BUSINESS
May 11, 2004 | From Associated Press
SunTrust Banks Inc. said that administrative positions could be affected but that it did not expect significant job cuts from its nearly $7-billion purchase of National Commerce Financial Corp., which is known for its outlets in supermarkets and retail stores. The deal announced Sunday would make SunTrust the nation's seventh-largest bank, with $148 billion in assets and $97 billion in deposits.
BUSINESS
July 11, 2002 | Bloomberg News
SunTrust Banks Inc., the first of the 10 largest U.S. banks to report second-quarter earnings, said profit fell 1% after it set aside more money for loans that won't be paid back. Net income totaled $343.7 million, or $1.20 a share, down from $347.1 million, or $1.19, in the same period last year. Higher investment banking fees and a rise in deposits helped offset $111 million the Atlanta-based bank reserved for loan losses, almost triple the amount in the same quarter last year.
BUSINESS
April 11, 2002 | Bloomberg News
SunTrust Banks Inc., the 10th-biggest U.S. bank, said first-quarter profit dropped 9.7% on a jump in bad loans, including losses related to Enron Corp. The bank is eliminating jobs to cut costs. Net income fell to $304.9 million, or $1.06 a share, from $337.5 million, or $1.15 a share, in the same period last year. The Atlanta-based bank reported a 79% rise, to $118.5 million, in loans that can't be collected. The results for SunTrust, the first of the 10 largest U.S.
BUSINESS
February 13, 2002 | From Reuters
SunTrust Banks Inc. said Tuesday that its board decided to drop Andersen, its auditor of about 60 years, and hire rival PricewaterhouseCoopers, becoming one of the first major companies to sever ties with the accounting firm since the Enron Corp. scandal broke. But the Atlanta-based bank said its decision to switch auditors for 2002 had nothing to do with Andersen's controversial audits of Enron or the quality and integrity of Andersen's previous audits.
BUSINESS
August 1, 2001 | Reuters
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
BUSINESS
February 13, 2002 | From Reuters
SunTrust Banks Inc. said Tuesday that its board decided to drop Andersen, its auditor of about 60 years, and hire rival PricewaterhouseCoopers, becoming one of the first major companies to sever ties with the accounting firm since the Enron Corp. scandal broke. But the Atlanta-based bank said its decision to switch auditors for 2002 had nothing to do with Andersen's controversial audits of Enron or the quality and integrity of Andersen's previous audits.
BUSINESS
December 21, 2007 | From Times Wire Services
SunTrust Banks Inc., the country's seventh-largest bank company, said it had bought $1.4 billion of mortgage-tainted securities from two money market funds it manages, becoming at least the seventh company to rescue customers from losses on an investment traditionally billed as one of the safest. The bailout by the Atlanta-based firm was intended to keep the money funds from falling below the $1 a share promised to investors.
BUSINESS
May 23, 2001 | Associated Press
Wachovia Corp.'s board of directors voted to reject a "hostile" $13.7-billion acquisition proposal from SunTrust Banks Inc., reaffirming previous plans to merge with First Union Corp. "We looked long and hard, and on multiple occasions, at a combination with SunTrust and concluded it would not work," Wachovia Chairman L.M. Baker said. Shares of Winston-Salem, N.C.-based Wachovia rose 55 cents to $65.70; Atlanta-based SunTrust climbed 80 cents to $61.84; and First Union, of Charlotte, N.C.
BUSINESS
May 15, 2001 | Reuters
SunTrust Banks Inc. said it launched an unsolicited $13.5-billion bid for fellow regional bank Wachovia Corp., topping an earlier offer from First Union Corp., in a drive to widen its reach in the Southeast. SunTrust's surprise bid, which values Winston Salem, N.C.-based Wachovia at $64.86 a share, is about 6% higher than a rival offer of $61.16 a share from No. 6 U.S. bank holding company First Union.
Los Angeles Times Articles
|