SunTrust Realigns Banking Franchise to Support Client-Focused Execution
ATLANTA, March 23 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE: STI) Chairman and Chief Executive Officer James M. Wells III today announced an organizational and leadership realignment of the Company's banking franchise designed to support execution of SunTrust's client-focused growth strategies as the economy improves.
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Highlights of the realignment include leadership of the Company's geographic banking structure, establishment of a broad-based Consumer Banking organization within SunTrust, and repositioning of the Company's Corporate and Investment Banking unit.
"Today's announcement is the latest step in the ongoing evolution of our leadership resources and organizational structure to ensure we're taking maximum advantage of the current and post recession growth opportunities inherent in our franchise," said Mr. Wells.
Highlights of the leadership changes, which are effective April 1, include:
C.T. Hill, 59, Chairman, Mid-Atlantic Banking Group and Retail Line of Business Executive, will lead the new Consumer Banking organization which encompasses the Company's full range of consumer deposit and lending product offerings including mortgages and credit cards.
Thomas G. Kuntz, 53, Chairman, Florida Banking Group and Commercial Line of Business Executive, will lead the Geographic Banking organization which encompasses the Company's 16 primary geography-based operating units comprised of nearly 1,700 branches in 11 states and the District of Columbia.
Amy W. Medendorp, 48, co-head of SunTrust's Corporate and Investment Banking (CIB) line of business, has been named Commercial Line of Business Executive.
Hugh S. (Beau) Cummins III, 47, co-head of the CIB line of business, has assumed leadership responsibility for CIB.
Messrs. Hill, Kuntz and Cummins and Ms. Medendorp will report to SunTrust's President William H. Rogers, Jr. Previously, the CIB unit had reported to SunTrust's Chief Financial Officer.
"The changes we have announced today facilitate the further integration of our client-focused growth strategies across the full range of SunTrust's lines of business," said Mr. Rogers. Mr. Rogers noted that the role of SunTrust's local CEOs and commitment to local market leadership is not changed.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2009, SunTrust had total assets of $174.2 billion and total deposits of $121.9 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.
SOURCE SunTrust Banks, Inc.
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