SunTrust 2011 Annual Report Download - page 129
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Notes to Consolidated Financial Statements (Continued)
113
NOTE 2 - ACQUISITIONS/DISPOSITIONS
During the three year period ended December 31, 2011, the Company consummated the following acquisitions and dispositions:
(Dollars in millions)
2011
Acquisition of certain
additional assets of CSI Capital
Management
2010
Disposition of certain money
market fund management
business
2009
Acquisition of assets of Martin
Kelly Capital Management
Acquisition of certain assets of
CSI Capital Management
Acquisition of assets of Epic
Advisors, Inc.
Date
5/9/2011
various
12/22/2009
11/30/2009
4/1/2009
Cash or other
consideration
(paid)/ received
($19)
7
(2)
(3)
(2)
Goodwill
$20
—
1
1
5
Other
Intangibles
$7
11
1
2
1
Gain
$—
18
—
—
—
Comments
Goodwill and intangibles
recorded are tax-deductible.
Goodwill and intangibles
recorded are tax-deductible.
Goodwill and intangibles
recorded are tax-deductible.
Goodwill and intangibles
recorded are tax-deductible.
In January 2012, the Company announced the signing of a definitive agreement to acquire substantially all of the assets of an
online lender, FirstAgain, LLC. Pending customary regulatory approvals, the Company expects the acquisition to be completed
in the second quarter of 2012 and does not expect the impact on the Company’s financial position, results of operations, or EPS
to be material.
NOTE 3 - SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
Securities purchased under agreements to resell were $792 million and $1.1 billion at December 31, 2011 and 2010, respectively.
These agreements are collateralized by U.S. government or agency securities, and are carried at the amounts at which securities
will be subsequently resold. The Company takes possession of all securities under agreements to resell and performs the appropriate
margin evaluation on the acquisition date based on market volatility, as necessary. It is the Company's policy to obtain possession
of collateral with a fair value between 95% to 110% of the principal amount loaned under resale agreements. The total market
value of the collateral held was $806 million and $1.1 billion at December 31, 2011 and 2010, of which $247 million and $165
million was repledged, respectively.