October 12, 2004 |
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.
May 11, 2004 |
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.
July 11, 2002 |
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.
April 11, 2002 |
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.
August 1, 2001 |
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.
May 23, 2001 |
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.