SunTrust 2013 Annual Report Download - page 17

1
PART I
Item 1. BUSINESS
General
The Company, a Georgia corporation and a bank holding company and a financial holding company, is one of the nation's
largest commercial banking organizations whose businesses provide a broad range of financial services to consumer, business,
and corporate clients. SunTrust was incorporated in 1984 under the laws of the State of Georgia. The principal executive
offices of the Company are located in SunTrust Plaza, Atlanta, Georgia 30308.
Additional information relating to our businesses and our subsidiaries is included in the information set forth in Item 7,
Management's Discussion and Analysis of Financial Condition and Results of Operations, and Note 20, “Business Segment
Reporting,” to the Consolidated Financial Statements in Item 8 of this Form 10-K.
Primary Market Areas
Through its principal subsidiary, SunTrust Bank, the Company offers a full line of financial services for consumers and
businesses including deposit, credit, mortgage banking, and trust and investment services. Additional subsidiaries provide
asset management, securities brokerage, and capital market services. SunTrust operates primarily within Florida, Georgia,
Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia and enjoys strong market positions
in these markets. In certain businesses, SunTrust also operates in select markets nationally. SunTrust provides clients with a
selection of branch-based and technology-based banking channels, including the internet, mobile, ATMs, and telebanking.
SunTrust's client base encompasses a broad range of individuals and families, businesses, institutions, and governmental
agencies. Within its geographic footprint, SunTrust operated the following business segments during 2013, with the remainder
in Corporate Other: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking.
Acquisition and Disposition Activity
As part of its operations, the Company evaluates, when deemed appropriate, the potential acquisition of financial institutions
and other business types eligible for financial holding company ownership or control. Additionally, the Company regularly
analyzes the values of and may submit bids for 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.
The Company entered into an agreement for the sale of its Ridgeworth asset management subsidiary during the fourth quarter
of 2013, which it expects will close in the second quarter of 2014. During 2012 and 2011, the Company acquired the assets
of an online lender, and the Company's PWM business acquired the assets and liabilities of an asset manager, respectively.
Additional information on these acquisitions and dispositions is included in Note 2, “Acquisitions/Dispositions,” to the
Consolidated Financial Statements in Item 8 of this Form 10-K, which is 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 Federal Reserve, and as a Georgia-chartered bank holding company, by the Georgia Department of Banking and Finance.
The Company's banking subsidiary, SunTrust Bank, is a Georgia state-chartered bank with branches in Georgia, Florida, the
District of Columbia, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, West Virginia, Mississippi,
and Arkansas. SunTrust Bank is a member of the Federal Reserve System and is regulated by the Federal Reserve, the FDIC,
and the Georgia Department of Banking and Finance.
The Company's banking subsidiary is subject to various requirements and restrictions under federal and state law, including
requirements to maintain cash reserves against deposits, restrictions on the types and amounts of loans that may be made and
the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services
that may be offered. Various consumer laws and regulations also affect the operations of SunTrust Bank and its subsidiaries.
In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve as
it attempts to control the money supply and credit availability in order to influence the economy.
The Company's non-banking subsidiaries are regulated and supervised by various other regulatory bodies. For example, STRH
is a broker-dealer registered with the SEC and is a FINRA member. STIS is also a broker-dealer and investment adviser
registered with the SEC and a member of FINRA. RidgeWorth and several of RidgeWorth's subsidiaries are investment advisers