ATLANTA, Sept. 19, 2016 /PRNewswire/ -- This week 125 years ago, the Georgia State Legislature approved the incorporation of the Commercial Travelers' Savings Bank, the earliest Georgia forerunner to what is now SunTrust Banks, Inc. (NYSE: STI).
Founded by 24 people from all walks of life with various business backgrounds, the institution became known as Trust Company of Georgia in 1893 and changed its focus from a savings and loan institution to managing trusts and engaging in investment banking and underwriting securities.
In 1985, Trust Company of Georgia merged with SunBanks, Inc. of Florida to form SunTrust Banks, Inc., representing the Southeast's first regional interstate bank merger. The company's headquarters was established, and continues to be, in Atlanta.
Today, SunTrust Banks, Inc. is now a top ten U.S. bank employing nearly 24,000 people and operating three business segments: Consumer and Private Wealth Management, Wholesale Banking and Mortgage. Its retail branches are concentrated in the Southeast and Mid-Atlantic states, with other business operating nationally.
Throughout the years, SunTrust's history has been woven into Atlanta's – from the high-rise buildings and growth of businesses into international entities, to the organizations that serve the most basic needs of the community.
"Celebrating 125 years in our hometown marks a significant milestone in serving this exceptional community," said SunTrust Chairman and Chief Executive Officer William H. Rogers, Jr. "While we are proud of our rich heritage, we also are looking forward to a promising future – for our company and those who count on us for their success. Ultimately, our legacy is built by our teammates, our clients, our shareholders and our community. And none of this would be possible without the people and businesses that have trusted us to put their needs first."
To help commemorate its founding in Atlanta 125 years ago, the company hosted an anniversary ceremony at the Atlanta History Center. As part of that event, student council representatives from nine Atlanta-area high schools attended the program themed, You're Never Too Young to Impact Your Community's History. SunTrust made a $1,000 donation to each school's student council. SunTrust also revealed the contents of a time capsule from 1972. In addition, the bank invited the students to contribute items to a new time capsule, which will be sealed for 25 years and opened in 2041.
"As a purpose-driven company, we believe that everyone can achieve the financial confidence to pursue a life well spent. Earlier this year, we launched the onUp movement to encourage people to take that important first step toward financial confidence," said Rogers. "Our first 125 years serves as a launching point for SunTrust as we work to deepen relationships with our clients and communities for the next century and beyond."
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2016, SunTrust had total assets of $199 billion and total deposits of $153 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
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SOURCE SunTrust Banks, Inc.