SunTrust 2009 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2009 SunTrust annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 186

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186

SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
Note 2 - Acquisitions/Dispositions
During the three year period ended December 31, 2009, SunTrust consummated the following acquisitions and dispositions:
(in millions) Date
Cash or other
consideration
(paid)/received Goodwill
Other
Intangibles
Gain/
(Loss) Comments
2009
Acquisition of assets of Martin Kelly Capital Management 12/22/09 ($1.9) $0.9 $1.0 $- Goodwill and intangibles recorded are tax-deductible.
Acquisition of certain assets of CSI Capital Management 11/30/09 (2.8) 1.1 1.7 - Goodwill and intangibles recorded are tax-deductible.
Acquisition of assets of Epic Advisors, Inc. 24/1/09 (2.0) 5.0 0.6 - Goodwill and intangibles recorded are tax-deductible.
2008
Acquisition of assets of Cymric Family Office Services 212/31/08 (2.9) 1.4 1.4 - Goodwill and intangibles recorded are tax-deductible.
Sale of majority interest in ZCI 10/1/08 7.9 (15.4) 0.9 (2.7) Goodwill and intangibles recorded are tax-deductible.
Purchase of remaining interest in ZCI 9/30/08 (22.6) 20.7 - - Goodwill recorded is tax-deductible.
Sale of TransPlatinum Service Corp. 9/2/08 100.0 (10.5) - 81.8
Sale of First Mercantile Trust Company 5/30/08 59.1 (11.7) (3.0) 29.6
Acquisition of GB&T 15/1/08 (154.6) 143.5 29.5 - Goodwill and intangibles recorded are non tax-deductible.
Sale of 24.9% interest in Lighthouse Investment Partners 1/2/08 155.0 - (6.0) 89.4 SunTrust will continue to earn a revenue share based upon client referrals to the funds.
2007
Acquisition of Inlign Wealth Management, LLC212/31/07 (13.0) 7.3 4.1 - Goodwill and intangibles recorded are non tax-deductible.
Acquisition of TBK Investments, Inc.28/31/07 (19.2) 10.6 6.5 - Goodwill and intangibles recorded are non tax-deductible.
Lighthouse Partners, LLC, a wholly owned subsidiary of GenSpring Holdings, Inc., which is
a wholly owned subsidiary of SunTrust, was merged with and into Lighthouse Investment
Partners 3/30/07 - (48.5) 24.1 32.3 SunTrust received a 24.9% interest in Lighthouse Investment Partners
GenSpring Holdings, Inc. (formerly “AMA Holdings, Inc.”) called minority member owned
interests in GenSpring Family Offices, LLC (formerly “Asset Management Advisors,
LLC”) Various (12.4) 10.2 2.2 -
1On May 1, 2008, SunTrust acquired GB&T, a North Georgia-based financial institution serving commercial and retail customers, for $154.6 million, including cash paid for fractional shares, via the merger of GB&T with and into SunTrust. In
connection therewith, GB&T shareholders received 0.1562 shares of the Company’s common stock for each share of GB&T’s common stock, resulting in the issuance of approximately 2.2 million shares of SunTrust common stock. As a result of
the acquisition, SunTrust acquired approximately $1.4 billion of loans, primarily commercial real estate loans, and assumed approximately $1.4 billion of deposit liabilities. SunTrust elected to account for $171.6 million of the acquired loans at
fair value. The remaining loans are accounted for at amortized cost and had a carryover reserve for loan and lease losses of $158.7 million. The acquisition was accounted for under the purchase method of accounting with the results of operations
for GB&T included in SunTrust’s results beginning May 1, 2008.
2Acquisition by GenSpring Family Offices, LLC a majority owned subsidiary of SunTrust.
94