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SunTrust Acquires Asset Management Advisors

Apr 16, 2001

SunTrust Banks, Inc. announced today the acquisition of Asset Management Advisors, a specialized wealth management firm located in Jupiter, FL. The company will continue to operate under its own name and current management. The financial terms of the acquisition were not disclosed.

"This partnership furthers SunTrust's high net worth line of business strategy and enhances our ability to serve this market," said William H. Rogers, Jr., executive vice president and head of Private Client Services, the SunTrust unit that encompasses its trust and investment lines of business. "AMA has a personalized and holistic approach to managing their clients' human, intellectual and financial capital needs. We believe it is the model that meets our vision for satisfying clients. We are also attracted to the company's leading-edge technological and investment capabilities and, of course, to their seasoned management team. AMA is a great fit with SunTrust."

Asset Management Advisors has been successfully serving wealthy families since its inception in 1990. The company employs 25 people who are located in Jupiter, Florida, Jackson, Wyoming, and Philadelphia, Pennsylvania.

"We are excited about joining the SunTrust family," said Henry "Hap" Perry, chairman and chief executive officer, Asset Management Advisors. "Our shared vision of the future of the industry will allow us to achieve AMA's two major goals. First, it will allow us to retain our superior hands-on client focus. Second, it will afford our clients the benefits of the substantial resources of SunTrust as a financial institution to enhance AMA's development of leading-edge products and services for our clients."

SunTrust Banks, Inc. has a long and successful history in the trust and investment business, and has approximately $130 billion in total trust assets and $90 billion in discretionary assets under management.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is the nation's ninth-largest commercial banking organization. As of March 31, 2001, SunTrust had total assets of $103.5 billion and total deposits of $69.5 billion. The company operates through an extensive distribution network in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services.

SOURCE: SunTrust Banks, Inc.

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