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SunTrust Expands Offerings to High Net Worth Clients

New Brokerage Division and Expansion of Asset Management Advisors Reflect Corporate Focus on Growth Market

PRNewswire
ATLANTA
Nov 14, 2001

SunTrust Banks, Inc. today announced two new developments in the continuing enhancement of its capabilities to serve the high net worth market. The moves are:

  *  The creation of a new, full-service retail brokerage unit within
     SunTrust Capital Markets.  The new unit, called Alexander Key, will
     provide personal investment and transaction services for business
     owners, executives and other individuals with $500,000 or more in
     investable assets.  Alexander Key will open an office in Atlanta in
     early 2002 and expects to open seven additional offices in key SunTrust
     markets at a rate of approximately one new office per quarter as market
     conditions permit.

     John Rhett will head Alexander Key.  Mr. Rhett, a Robinson-Humphrey
     veteran who has 23 years of securities industry experience, most
     recently served as manager of a Salomon Smith Barney Atlanta office.

  *  The expansion of SunTrust's Asset Management Advisors (AMA) unit with
     the opening of an office in Atlanta, its second new office since the
     Jupiter, Fla.-based AMA was acquired by SunTrust in April.  AMA later
     opened an office in Orlando.  AMA offers customized financial solutions
     including sophisticated investment and tax expertise to clients with
     $25 million or more in investable assets.

The AMA office in Atlanta is led by David I. Bokman and T. Michael Henderson. Mr. Bokman and Mr. Henderson have extensive experience in meeting the investment management needs of high-net worth individuals. Most recently, both worked at Goldman Sachs in Atlanta.

"The moves announced today are in line with SunTrust's intensifying strategic focus on the high net worth market in general, and in particular, indicate our commitment to dedicate focused resources to serve distinct segments within that market," said L. Phillip Humann, Chairman, President and CEO of SunTrust Banks, Inc.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is the nation's ninth-largest commercial banking organization. As of September 30, 2001, SunTrust had total assets of $103.3 billion and total deposits of $63.1 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 http://www.suntrust.com/ .

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SOURCE: SunTrust Banks, Inc.

Contact: Mike McCoy, +1-404-588-7230, or Carolyn Gosselin,
+1-404-588-8677, both of SunTrust Banks, Inc.