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SunTrust Declares 7.5% Dividend Increase and Appoints Auditor

PRNewswire-FirstCall
ATLANTA
Feb 12, 2002

The Board of Directors of SunTrust Banks, Inc. today announced a 7.5% dividend increase. A quarterly cash dividend of $.43 per common share was declared payable on March 15, 2002 to shareholders of record on February 28, 2002. The indicated annual cash dividend is now $1.72 per common share. This announcement marks SunTrust's 25th consecutive year of dividend increases.

SunTrust also announced that the Board of Directors has appointed PricewaterhouseCoopers as the Corporation's auditor for the 2002 calendar year. This announcement concludes a selection process that was launched in early 2001 as part of an ongoing review of outside service providers.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of December 31, 2001, SunTrust had total assets of $104.7 billion and total deposits of $67.5 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 http://www.suntrust.com/.

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SOURCE: SunTrust Banks, Inc.

Contact: investors, Gary Peacock, +1-404-658-4879, or media, Mike McCoy,
+1-404-588-7230, both of SunTrust Banks, Inc.