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SunTrust's Alexander Key Purchases Richmond Brokerage Office

PRNewswire-FirstCall
ATLANTA
May 29, 2002

SunTrust Banks, Inc. , announced today it has purchased the assets and operations of the Richmond, Virginia retail brokerage office of Deutsche Bank Alex Brown. The office will become an Alexander Key Investments retail brokerage office. The branch manager and several key staff members will become employees of Alexander Key. Terms of the transaction were not disclosed.

"When we launched Alexander Key last year as part of SunTrust's expanding high-net-worth initiative, the Richmond market was identified as one of the top tier markets for early growth and expansion," said John Rhett, managing director of Alexander Key. "We viewed this as a timely opportunity to acquire a healthy, established presence to grow and build upon. We are also pleased to be able to add these highly qualified and experienced advisors to our Alexander Key team."

SunTrust announced the formation of Alexander Key Investments in November of 2001, and its first office opened in Atlanta in March of this year. The unit, which is a part of SunTrust Capital Markets, Inc., provides asset management; financial and estate planning; corporate services including retirement planning and alternative investments specifically designed for high-net-worth individuals.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of March 31, 2002, SunTrust had total assets of $106.2 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. SunTrust's Internet address is http://www.suntrust.com/ .

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SOURCE: SunTrust Banks, Inc.

CONTACT: Hugh Suhr of SunTrust Banks Inc., +1-404-827-6813