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SunTrust Banks, Inc. Reaches 25 Percent Customer Penetration With Internet and PC Banking Services

Mar 20, 2001

SunTrust Banks, Inc. announced today that as of February 28, 2001 it had acquired more than 475,000 Internet and PC banking customers representing 25 percent of all SunTrust checking account customers. According to the TowerGroup, an authority on the impact of technology on financial services, approximately 12 to 14 percent of all US households bank over the Internet, illustrating SunTrust's high penetration in this area.

"We have worked hard to attract customers to our Internet and PC banking services because we believe we offer some of the most convenient and responsive services available on line," said John McGuire, managing director of SunTrust Online. "The fact that our numbers have doubled since 1999 is a testament to this."

SunTrust introduced PC banking in 1995 and was the first bank in the country to interface with Quicken, one of the most popular financial software packages used by consumers. PC banking allows a customer to manipulate data and produce financial reports through the Quicken software. In 1999, the company introduced Internet banking which allows customers to view detailed account balances, transfer funds and pay bills online. SunTrust averages 22,000 new PC or Internet banking customers per month.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is the nation's ninth-largest commercial banking organization. As of December 31, 2000, SunTrust had total assets of $103.5 billion and total deposits of $69.5 billion. The company provides a wide range of services to meet the financial needs of its growing customer base in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services.

Additional information about SunTrust and access to an Internet banking demonstration may be found at .

Note: TowerGroup delivers "thought leadership" on the impact of information technology on the financial services industry, and has recently published a "Note" about SunTrust's online banking capabilities. The "Note" is available by calling Mike McCoy at 404-588-7230. Additionally, Ray Graber, the editor, is available for comment by calling 781-292-5347.

SOURCE: SunTrust Banks, Inc.

Contact: Carolyn B. Gosselin of SunTrust Banks, Inc., 404-588-8677