SunTrust 2010 Annual Report Download - page 5

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We have been and will continue to invest in people and
businesses to support our future growth. At the same time, we
recognize the value of returning capital to shareholders; in that
regard, our priorities are repaying TARP and, in due time after
that, increasing the common dividend.
More complete details of our 2010 financial results are
presented in the 10-K that comprises the bulk of this annual
report. The remainder of this year’s letter will describe the
strengths we believe distinguish SunTrust in the marketplace,
and the strategies and plans we’re employing to drive improved
financial performance.
What Distinguishes SunTrust. Throughout this period of
significant challenge, we have never lost sight of the fact that
at the core, our business is about serving clients. Client service
differentiates banks and drives financial performance. Better-
served clients lead to improved individual and business financial
conditions, as well as to market share growth and bank revenue.
Both are critical to success in the post-recession environment.
We serve our clients with a broad array of capabilities and
are committed to local delivery and decision making. Our 16
geographic units and experienced line-of-business management
teams are fully committed to their markets.
Our Company has a number of core strengths:
• Our large diversified franchise, strengthened credit and risk
profile, and strong capital position continue to provide a
stable base and solid foundation for future growth.
• Our Southeastern and Mid-Atlantic footprint is still arguably
the best in banking, with population growth expected to
exceed the national average.
• We have leading positions in more than 80 percent of our
largest markets (with an average deposit market share of
14 percent), giving us both the scale to compete and the
opportunity to grow.
• Our business and product mix is well diversified and centered
around our mission to help people and institutions prosper.
• We are active members of the communities in which we are
privileged to live and work, investing millions of philanthropic
and community development dollars — and our teammates’
volunteer time — to support the needs, financial awareness,
and economic development of communities across our region.
We strongly believe that the growth of our Company will be
driven by three guiding principles — One Team, Client First, and a
focus on Profitable Growth. These principles provide a consistent
decision-making framework and remind us of the undeniable
link between highly engaged teammates, outstanding service,
and profitable growth for our Company. We continue to remain
focused on the future, and to investing in our people, capabilities,
and technology to ensure that we are well positioned for growth
beyond this cycle. Last year, such investments resulted in the
introduction of new tools and products, completion of more
than one million hours of teammate development programs,
and the launch of streamlined business solutions for clients and
teammates. At the same time, we are continuing to seek ways to
run our businesses more efficiently and improve our industry-
leading service levels.
SunTrust’s “Live Solid. Bank Solid.” campaign and its
messaging are resonating strongly with our clients and the
marketplace. We have enhanced products and services and are
offering convenient tools — including LiveSolid.com — that are
indicative of our commitment to making it easier for clients to
manage their money and focus on what matters to them.
Those efforts are paying off. Competitive studies indicate
that the service we provide through our branches and call center
agents is among the best in the industry.
Our work to help educate clients about the new choices they
have due to regulatory reform, such as new overdaft regulations,
also drew high marks from our clients — and reduced the
negative effect on the Company’s results. Broader recognition by
organizations such as the Gallup Organization, The Reputation
Institute, Greenwich Associates, J.D. Power and Associates, and
Forrester Research further underscored the strength of our brand
and the overall quality of our client service and product delivery.
We talk to many of our clients every night to gain their
feedback and insights, and continue to implement changes
that will deliver extraordinary service and a more solid banking
experience to our clients by making it faster, easier, and simpler
to do business with SunTrust.
As we see it, our success in this area, combined with
the long-term economic prospects of our markets, positions
SunTrust for solid growth and a bright future as economic
conditions improve.
2010
Throughout this period of significant challenge, we have never lost sight of the fact that
at the core, our business is about serving clients.
SunTrust 2010 Annual Report