SunTrust 2008 Annual Report Download - page 17

competition. Because non-banking financial institutions are not subject to the same regulatory restrictions as banks and bank
holding companies, they can often operate with greater flexibility and lower cost structures. Although non-banking financial
institutions may not have the same access to government programs enacted under EESA or the TLGP, those non-banking
financial institutions may elect to become financial holding companies and gain such access. Securities firms and insurance
companies that elect to become financial holding companies may acquire banks and other financial institutions. This may
significantly change the competitive environment in which the Company conducts business. Some of the Company’s
competitors have greater financial resources or face fewer regulatory constraints. As a result of these various sources of
competition, the Company could lose business to competitors or be forced to price products and services on less
advantageous terms to retain or attract clients, either of which would adversely affect the Company’s profitability.
As a result of recent economic events, there has been an increase in the number of failures and acquisitions of commercial
and investment banks, including large commercial and investment banks. This has allowed certain larger financial
institutions to acquire a presence in our footprint. Additionally, certain large financial institutions that were formerly engaged
primarily in investment banking activities have amended their charters to become regulated commercial banks, thereby
increasing the direct competitors to the Company. Consequently, merger activity has increased within the banking industry.
The Company’s ability to expand into additional states remains subject to various federal and state laws. See “Government
Supervision and Regulation” for a more detailed discussion of interstate banking and branching legislation and certain state
legislation.
Employees
As of December 31, 2008, there were 29,333 full-time equivalent employees within SunTrust. None of the domestic
employees within the Company are subject to a collective bargaining agreement. Management considers its employee
relations to be good.
Additional Information
See also the following additional information which is incorporated herein by reference: Business Segments (under the
captions “Business Segments” in Item 7, the MD&A, and “Business Segment Reporting” in Note 22 to the Consolidated
Financial Statements in Item 8, Financial Statements and Supplementary Data); Net Interest Income (under the captions “Net
Interest Income/Margin” in the MD&A and “Selected Financial Data” in Item 6); Securities (under the caption “Securities
Available for Sale” in the MD&A and Note 5 to the Consolidated Financial Statements); Outstanding Loans and Leases
(under the caption “Loans” in the MD&A and Note 6 to the Consolidated Financial Statements); Deposits (under the caption
“Deposits” in the MD&A); Short-Term Borrowings (under the captions “Liquidity Risk” and “Other Short-Term Borrowings
and Long-Term Debt” in the MD&A and Note 10 “Other Short-Term Borrowings and Contractual Commitments” to the
Consolidated Financial Statements); Trading Activities in the MD&A and Trading Assets and Liabilities (under the caption
“Trading Assets and Liabilities” in the MD&A and “Trading Assets and Liabilities” and “Fair Value Election and
Measurement” in Notes 4 and 20, respectively, to the Consolidated Financial Statements); Market Risk Management (under
the caption “Market Risk Management” in the MD&A); Liquidity Risk Management (under the caption “Liquidity Risk” in
the MD&A); and Operational Risk Management (under the caption “Operational Risk Management” in the MD&A).
SunTrust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments
to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (“the Exchange
Act”) are available on the Company’s website at www.suntrust.com under the Investor Relations Section as soon as
reasonably practicable after the Company electronically files such material with, or furnishes it to the SEC. The public may
read and copy any materials the Company files with the SEC at the SEC Public Reference Room at 100 F Street, NE,
Washington, DC 20549. The public may also obtain information on the operation of the Public Reference Room by calling
the SEC at 1-800-SEC-0330. The SEC also maintains an Internet site that contains reports, proxy, and information
statements, and other information regarding issuers that file electronically with the SEC. The SEC’s website address is
www.sec.gov. In addition, SunTrust makes available on its website at www.suntrust.com under the heading Corporate
Governance its: (i) Code of Ethics; (ii) Corporate Governance Guidelines; and (iii) the charters of SunTrust Board
committees, and also intends to disclose any amendments to its Code of Ethics, or waivers of the Code of Ethics on behalf of
its Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, on its website. These corporate
governance materials are also available free of charge in print to shareholders who request them in writing to: SunTrust
Banks, Inc., Attention: Investor Relations, P.O. Box 4418, Mail Code GA-ATL-634, Atlanta, Georgia 30302-4418.
The Company’s Annual Report on Form 10-K is being distributed to shareholders in lieu of a separate annual report
containing financial statements of the Company and its consolidated subsidiaries.
5