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SunTrust Announces Plans to Divest of Seven Branches; Locations Were Part of Huntington Purchase

PRNewswire
ATLANTA
Dec 4, 2001

SunTrust Banks, Inc. announced today its plans to divest seven of the 106 branches it will purchase from Huntington Bancshares, Inc. . The divestiture represents approximately $160 million in deposits.

  The divested branches will be:
  *  300 S. Main Street,       Wildwood, Florida
  *  2150 E. Edgewood Drive,   Lakeland, Florida
  *  435 S. Combee Road,       Lakeland, Florida
  *  6711 U.S. Hwy 98 North,   Lakeland, Florida
  *  825 W. Main Street,       Avon Park, Florida
  *  1515 Harden Blvd.,        Lakeland, Florida
  *  2631 U.S. Hwy 27 S.,      Sebring, Florida

"This announcement is consistent with our original projections. It will not affect the dynamics of our deal with Huntington and we expect to close on schedule," said George W. Koehn, chairman, president and chief executive officer of SunTrust Banks of Florida. SunTrust announced its plans to purchase Huntington's Florida franchise in September.

Koehn also indicated SunTrust will work quickly to find the right buyer for the divested branches. The company expects to make an announcement shortly.

Following the closing of the Huntington branch purchase and the completion of the business integration process, which is subject to approval by the Federal Reserve Board, the remaining branches will become part of SunTrust's existing Florida banking organization. This process is expected to be complete in mid-February.

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: investors, Gary Peacock, +1-404-658-4879, or media, Carolyn
Gosselin, +1-404-588-8677, both of SunTrust Banks, Inc.