SunTrust 2006 Annual Report Download - page 14

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PART I
Item 1. BUSINESS
General
SunTrust Banks, Inc. (“SunTrust” or the “Company”) one of the nation’s largest commercial banking
organizations is a diversified financial services holding company whose businesses provide a broad
range of financial services to consumer and corporate customers. SunTrust was incorporated in 1984
under the laws of the State of Georgia. The principal executive offices of the Company are located in the
SunTrust Plaza, Atlanta, Georgia 30308.
Additional information relating to our businesses and our subsidiaries is included in the information set
forth in pages 17 through 70 of Item 7, Management’s Discussion and Analysis of Financial Condition
and Results of Operations and Note 22 of the Notes to the Consolidated Financial Statements in Item 8
of this report.
Primary Market Areas
Through its flagship subsidiary SunTrust Bank, the Company provides deposit, credit, and trust and
investment services. Additional subsidiaries provide mortgage banking, credit-related insurance, asset
management, securities’ brokerage and capital market services. SunTrust enjoys strong market positions
in some of the highest-growth markets in the United States and operates primarily within Florida,
Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia.
Within the geographic footprint, SunTrust strategically operates under five business segments. These
business segments are: Retail, Commercial, Corporate and Investment Banking (“CIB”), Mortgage, and
Wealth and Investment Management. In addition, SunTrust provides clients with a selection of
technology based banking channels, including the Internet, automated teller machines, PC and twenty-
four hour telebanking. SunTrust’s client base encompasses a broad range of individuals and families,
high net-worth clients, businesses, and institutions.
Acquisition and Disposition Activity
As part of its operations, the Company regularly evaluates the potential acquisition of, and holds
discussions with, various financial institutions and other businesses of a type eligible for financial
holding company ownership or control. In addition, the Company regularly analyzes the values of, and
may submit bids for, the acquisition of customer-based funds and other liabilities and assets of such
financial institutions and other businesses. The Company may also consider the potential disposition of
certain of its assets, branches, subsidiaries or lines of businesses.
On October 1, 2004, the Company completed its merger with National Commerce Financial Corporation
and on March 31, 2005, SunTrust sold the Receivables Capital Management factoring division. On
September 29, 2006, SunTrust sold its Bond Trustee business. Additional information on these and other
acquisitions and dispositions is included in Note 2 to the Consolidated Financial Statements in Item 8
which are incorporated herein by reference.
Government Supervision and Regulation
As a bank holding company and a financial holding company, the Company is subject to the regulation
and supervision of the Board of Governors of the Federal Reserve System (the “Federal Reserve”).
SunTrust Bank is a Georgia state bank which has branches in Georgia, Florida, Tennessee, Alabama,
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