News Releases

Back to News Releases

LodgeNet Entertainment Names SunTrust as New Manager for Pension Plan Assets

May 7, 2001

SunTrust Banks, Inc. announced that LodgeNet Entertainment Corporation -- a leading provider of interactive television services including video on-demand, network based Nintendo video games, cable television programming and other interactive entertainment and information services to the lodging industry -- has selected SunTrust Retirement Services to manage its $10 million in qualified 401(k) plan assets. Atlanta-based SunTrust will also manage LodgeNet's $500 thousand in non-qualified assets.

The 401(k)-retirement plan of South Dakota-based LodgeNet has more than 540 plan participants.

"The quality of the services and the customized educational programs designed to improve employee communications were key factors in our selection of SunTrust," said Scott Petersen, president of LodgeNet.

SunTrust has been serving pension and corporate retirement needs since 1943. As one of the largest daily-valued, bundled providers in the Southeast, SunTrust Retirement Services manages more than $24 billion in retirement plan assets. Other products provided by SunTrust Retirement Services include investment management, non-qualified, treasury management, trustee and custodial services.

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 $103.7 billion and total deposits of $65.5 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. SunTrust's Internet address is .


SOURCE: SunTrust Banks, Inc.

Contact: Lisa Schultz of SunTrust Banks, Inc., 407-237-6842